CURRENT ACCOUNTS INFORMATION

Please see information on Current Accounts below.

        

Current Accounts

What is a Current Account?

A current account is the most popular type of bank account offered by banks and online providers. Current accounts are used for daily transactions and everyday spending. They allow you to withdraw money, make deposits and transfer money to other accounts. It is likely that your salary will go into this account and is from where you pay your bills. You may also be able to link it to a credit or debit card.

They are offered by variety of banks across South Africa and there are hundreds to choose from but shopping around to find out which one suits you is vital. You can apply for these accounts by visiting your local branch, online, by telephone or by post.

Are there additional Benefits?

You may be offered an overdraft with a current account but the exact amount of this facility will vary and is usually set by the bank and will depend on your personal circumstances.

You could also be given the option of a credit card in conjunction with your current account but this will again depend on the account provider you choose.

You might be given an online banking facility which means you can access your account whenever you want and make payments and transfers easily online.

Can I open a Current Account?

Almost anyone can get a current account. Each account provider may have their own set of criteria which can be a minimum income or a minimum age. In some instances a credit check may be carried out but different banks will vary so make sure you find out about this in advance.

To apply for a current account you will need to provide identification and proof of address.

        


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