Opening a Bank Account

One of the ways to better manage your money and work towards achieving your financial goals is to open an account at a bank or credit union. When you have a bank or credit union account, your money is safe, and you will be in a good position to access personal, car and student loans. Many employers prefer to deposit your salary to your bank account as opposed to paying you directly by cheque or cash. You will also find that if you are doing work for the government, you may be required to provide your bank account number so that payment for your services can be made. 

There are many other good reasons to open a bank or credit union account. Most banks offer online banking, so you will be able to pay your bills or transfer money even while the banks are closed. You will also receive a bank statement that will show you what you are spending your money on. You can use this statement to help you manage your money better. 

There are different kinds of bank accounts, and the various banks and credit unions offer a wide range of savings options that each have different benefits. Feel free to consult with the different banks and credit unions and compare what they are offering. This will help you to determine the savings option or options that are best for you. 

Below are some general requirements for opening a bank or credit union account. Bear in mind that different banks have different requirements so it is a good idea to check with the bank as well to see if there is any additional information that might be needed. 

General Requirements

  1. Completed Application Form
  2. Proof of identification. This may be your passport, National ID or Driver's Licence. Check the Essential Documents page to find out how you can get these forms of identification if you do not already have them.
  3. Taxpayer Registration Number (TRN). Click here to find out how you can obtain a TRN if you do not already have one. 
  4. Two references. You will need to provide the names, contact numbers and occupations of these persons. Some banks have a reference form that the individuals will need to complete. In most cases, references may come from a Bank Manager, Justice of the Peace, Minister of Religion, your employer, or a long-standing customer of that bank or credit union. 
  5. Proof of address. This may be a utility bill (e.g. JPS or National Water Commission bill) or a postmarked letter addressed to you. If a postmarked letter is being used, it should not be older than 6 months.
  6. Opening deposit. Each bank or credit union has a minimum amount that you must deposit in order to start the account. Check with the bank or credit union to find out what this amount is. 
  7. Photograph. Some banks or credit unions will also ask you to provide them with a passport sized photograph for their files.