Opening a Bank Account

It is essential that your clients and suppliers have a sense of confidence when interacting with your company. They will immediately feel more at ease by making payments to and from a business account instead of a personal account  Unless you have an independent business account, some banks will not lend you money for your company.

A financial account simplifies your tax preparation. You or your bookkeeper can connect your business bank account transaction records with accounting software when every one of your business’s income and expenses flow through a single bank account. Therefore in this way, regardless of whether you hire a tax adviser or prepare your taxes yourself, you will save endless hours when sifting through your finances during tax season.

When you have made the decision to create an account with a bank for your company. The following information must be prepared:
Documents identifying the owners and signatories.
Three-month-old proof of residence.
Company registration documents, if the company is registered. Then, visit your preferred bank.

7 steps to opening a savings account;

1. Choose how to apply   
Depending on the institution, you may submit an application online, over the phone, in person, or by mail. The application process can take 10 to 20 minutes if submitted online.

2. Gather your identification documents
You will likely be required to provide your Social Security number (or tax ID number) and a government-issued ID, such as a driver’s license or passport number, on the application.

3. Provide contact details
Expect to enter your contact information, such as your first and last name, phone number, and address, in addition to your ID number; in most cases, you must reside in the country where you apply from. You may also be requested to provide your email address and date of birth.

4. Choose an individual or joint account
Indicate to the institution whether you will be opening the account alone or in conjunction with another individual. For everyone else whose name will be on the account, you’ll need the information from the previous steps.

5. Agree to the terms of service
Here, the bank will ask you to confirm that you have read the disclosure documentation describing account fees, liabilities, and the interest calculation method. Ideally, you have chosen a bank account with high interest rates and no or low monthly fees. Here is your opportunity to confirm.

6. Fill out an application
When you apply online, you may receive an acknowledgement within minutes, but it may take the bank between two and five business days to verify your information, open your account, and grant you access.

7. Fund the new account
Many banks require a minimum initial deposit, commonly ranging from $25 to $100 (R500 -R2000 in South Africa), while others do not. Even if you are not required to fund your account when you open it, it is preferable to do so as soon as possible. Consequently, you can begin earning interest sooner.
Typically, you can transfer funds from an existing account at another bank or make a cash or check deposit. Additionally, you may be able to schedule a wire transfer from another institution. Once you have funded your account, you should consider setting up direct deposits and automatic transfers from your checking account to your savings account, which will help your balance grow over time with minimal effort.

Please click on the following link to speak with one of our agents who will personally guide you through the process if you have followed the steps outlined above and your proceedings have not been successful