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Open a bank account

Opening a bank account can be a straightforward process. You can start the application online and in your own time. We share the personal information and documents needed by most banks to complete the opening of an account.

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What do you need to apply for a bank account online?

For you to open a bank account, you first need to apply for one. While you can still submit a manual application form, most people prefer the ease and convenience of applying directly online.

To typically start the application process, you need only to submit your name and ID or passport number and provide your contact details, such as your mobile number or email address.

Keep in mind, at this point you have only registered or enrolled to open an account –there are still a few more steps to follow.

What do you need to open a bank account?

If you need to know what documents are required to open a bank account online in South Africa, here are the most important personal details a bank may ask for:

  1. Details about your income and employment (recent payslips, letter of employment and/or bank statements showing regular deposits).
  2. Stamped or verified copies of your most recent bank statements (anything from three to six months).
  3. Copies of relevant documents to satisfy Financial Intelligence Centre Act (FICA) requirements. This is typically your green South African identity document or smart card ID. You will also need to show proof of residence by submitting a utility bill (water, electricity, or rates and taxes) not older than three months, or a copy of a lease agreement. All documents must clearly display your name and residential address.
  4. If a bank requires proof of your qualifications as banking criteria, you may also have to submit these documents as part of the process. Learn more about the private banking requirements that may apply,

What is the process to open?

Account details

The bank will confirm the details of your account, usually via email.

Debit orders

You will be responsible for transferring any debit or stop orders to your account.

Credit

If you have applied for a line of credit or credit card, the bank will also send you the specifics of any loan or credit agreement.

Online banking and card

You will have the opportunity to set up your online banking profile and download a banking app for digital banking access. You will receive or collect your bank or credit cards.
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Account details

The bank will confirm the details of your account, usually via email.

Debit orders

You will be responsible for transferring any debit or stop orders to your account.

Credit

If you have applied for a line of credit or credit card, the bank will also send you the specifics of any loan or credit agreement.

Online banking and card

You will have the opportunity to set up your online banking profile and download a banking app for digital banking access. You will receive or collect your bank or credit cards.

Keep in mind, these steps may vary depending on the specific bank and their procedures.

How long does it take to open a bank account?

It usually takes 3-5 business days to open a bank account, depending on the bank, how complex your application is and your financial history.  If you're opening an account with a new bank, learn more about how to change bank accounts and transfer your banking arrangements.

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Thank you for considering Investec Private Banking.

Based on the information provided, you do not currently meet the qualifying criteria for Investec Private Banking.

❋ To qualify, you need to earn more than R800,000 a year if you’re 30 or older, or more than R600,000 a year if you’re under 30 and hold a recognised qualification. Lower income thresholds may apply for certain qualifications.

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  • Investec processing such personal information in accordance with Applicable Laws and Investec’s Data Protection Statement; and 
  • Investec using such information to create a personalised experience in respect of products, services, and other offerings which Investec believes may be relevant and beneficial to me. 

I warrant that all information provided to Investec as included in this consent form or otherwise provided by me is true, accurate and complete in every aspect.

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By providing information, including Personal Information, to Investec as included in this consent form or otherwise provided by me, I consent to:

  • Investec using such information to obtain further information from external and public sources and to verify any information through Information Verification Suppliers who may perform background screening checks including checks related to but not limited to, identity, address, income, credit, qualifications, criminal record, employment references and fraud prevention; 
  • Investec processing such personal information in accordance with Applicable Laws and Investec’s Data Protection Statement; and 
  • Investec using such information to create a personalised experience in respect of products, services, and other offerings which Investec believes may be relevant and beneficial to me. 

I warrant that all information provided to Investec as included in this consent form or otherwise provided by me is true, accurate and complete in every aspect.

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If you need any assistance with your application, you are welcome to call us on +27 (11) 291 3803 or email ApplicationAssist@investec.com.

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