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 South Africa 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?

Mzansi Account

This account is available at all South African banks and was designed to cater for people who don’t have a regular income and have never opened a bank account before. Bank charges for withdrawals are the same at all South African ATMs. Although this is a basic bank account, it can be used for cash deposits, withdrawals and includes a Maestro card that can be used at selected stores to make swipe payments that are deducted from your account balance.

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 green ID book or a temporary ID book
• His/her proof of residence

You must take:

• Your green ID book or your birth certificate
• Money to open the account
  

IF YOU’RE 18 OR OLDER:
You must take:

• Your green ID book or a temporary ID book
• 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 a R20 or R30 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.