How do I Open a Current Account?

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  • Written By: Angela Crout-Mitchell
  • Edited By: Allegra J. Lingo
  • Last Modified Date: 14 September 2018
  • Copyright Protected:
    Conjecture Corporation
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The process used to open a current account with a bank is relatively straight forward and involves choosing a bank, showing proper identification, and depositing money. A checking account applicant will need to fill out the proper paperwork in order to establish a functioning account. Most people use current accounts to deposit income checks, manage their finances, and as a convenient way to pay household bills. There are several types of accounts available and the client often has a variety of choices associated with the account, including receiving an automated teller machine (ATM) or debit check card attached to the account. Every checking account client will be given a check book and ledger to record their financial transactions.

In order to open a current account, the applicant must choose an appropriate bank. Many people consider such factors as the nearest locations of the bank, the bank's general reputation, and the types of accounts offered, such as high interest current accounts and transitional accounts. It is not unusual for potential clients to learn more about the various banking establishments from online consumer organizations as well as from word of mouth referrals from coworkers, family, and friends.


Once a bank or other financial institution has been selected, the applicant is required to visit a branch of the bank and request the appropriate paperwork to open a current account. Standard information such as the person's name and address is needed to properly complete the documents. Some banks or countries may require additional information such as place of business, regular income amounts, other financial records and, in the United States, a social security number. It is common for the banks to vary some in regards to the required information asked of prospective clients.

Along with the necessary forms, the bank will also require the new applicant to show some kind of legal identification (ID) to open a current account. Most banks will accept a driver's license or state issued ID card. Passport identification may be accepted as well. Any identification used will need to have a photo of the applicant in addition to other relevant information.

The final step to setting up a new checking account is making the first deposit. It is not uncommon for banks to require a specific money amount to start the account. Most financial experts recommend learning more about the required deposit minimum various banks request before choosing which banks to apply to. It is common practice to make the first deposit in cash, though some banks will accept other forms of deposit.



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