Opening a bank account is an important step in taking control of your finances. Banks offer many services to help you secure and manage your money and many employers insist that you have a bank account into which they can deposit a salary.
There are many different types of bank accounts, such as savings, cheque or current accounts. These different accounts serve different functions in managing your money. The best way to find out which bank account will best suit your needs is to go into the bank and talk to a customer consultant who will ask you questions about your banking needs. The different banks in Botswana offer different versions of the basic bank account types and it is good to research what the interest rates and charges are at the different banks on the type of account you wish to open. It’s important that you’re comfortable with the bank and account you choose and understand what charges you will be paying to use the bank and what interest they will pay on a positive balance.

Questions that will determine which
type of account you should open

• How often you will be making withdrawals and deposits?
• How much money will you use to open the account?
• Do you have a job with a regular salary?
• Are you a student?
• Why do you want to open the account, e.g. savings, allowing an employer to deposit a salary or internet banking?

Botswana Savings Bank (BSB) - Ordinary Savings Account

This account is available to all Botswana citizens and is designed to cater for the low income and non-salaried persons. The account can be opened and operated at any Post Office within the country. A holder of this account may make deposits and withdrawals at any Post Office or at the headquarters of BSB. The maximum withdrawal on demand that can be made at any Post Office is P500. Withdrawals exceeding P500 should be referred to BSB headquarters. Charges are substantially lower than those of other banks. Minimum opening balance is P50.

What to take to the bank:

IF YOU’RE UNDER 18:
You will need to go to the bank with your parent/guardian.
Parent/guardian must take:

• His/her ID card or passport or a temporary ID
• His/her proof of residence

You must take:

• Your ID card or passport or your birth certificate
• Money to open the account
  

IF YOU’RE 18 OR OLDER:
You must take:

• Your ID card or passport or a temporary ID
• Your proof of residence
• Money to open the account

The amount you need to open the account will depend on the type of account you want to open. Most entry-level savings accounts require about a P50 opening balance.

Proof of residence

• An electricity or phone bill with your name and address on it. Any utility bill will do.
• OR a letter from someone you stay with explaining that you live at the same address.
  A bill in that persons name will need to be supplied with the letter.
• OR if you don’t have a formal address, you can write a letter explaining where you live, take it to a police station and ask for an affidavit as proof of residence. A police officer can then stamp your letter and it will act as a formal statement, or affidavit, of where you live. Most banks will accept this as a proof of residence.