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Opening your first Bank Account
06 Sep 2022

When the time comes to opening your first bank account, the process might seem daunting. You’ll need to evaluate several factors to make the best choices.

By taking a few simple steps to plan ahead, this can be a very straightforward process.

Why should you open a bank account?

Bank accounts come with an array of benefits that are difficult to replace.

A bank account will primarily provide you with an element of security. If you’re used to carrying a high amount of cash with you, there’s always the risk of losing it. By opening a bank account, you’re trusting a credible entity to safeguard your finances while enabling you to easily access them at any time you may need.

Your first bank account is also key to your first financial relationship. This step will introduce you to a gateway of financial products that can assist you at every stage of your life. From debit / credit cards, your first home loan, the business loan you need to develop your start-up, your retirement plan and much more.

What type of account do you need?

You can opt for different types of accounts. Start off by determining the purpose for the bank account you want to open.

People going for their first bank account are usually students and still in their early financial stages. At this point the focus is to have a basic savings account where you receive your stipend, save up on any salary you get from that summer job and deposit any monetary presents from Christmas and birthdays.

What documents do you need to open a bank account?

The bank will ask you for some basic details and information so they can set up their relationship with you. Here are some of the documents you will need to present:

  • Identification document – this can be an ID Card, Passport, Driving License or Residency Document
  • Tax Identification Number (where applicable)
  • Estimated Annual Income
  • FATCA form

 

The bank may request additional documentation if deemed necessary.

How do you start using your first bank account?

Here are some tips for you to get started with your first bank account:

- Set up direct transfers so your employer or any entity can deposit any income directly into your account;

- Once you receive your debit / credit card, activate it, carefully save your pin number and start using it properly. Choose cards over cash and get used to digital ways of managing your finances;

- Download any digital banking platforms to start handling your finances from your own phone, easily and conveniently;

- Set up transaction notification alerts so that you can be notified when a transaction is affected from your account;

- Set up a well-thought savings plan to work towards achieving your desired financial goals;


If you’re looking to open your first bank account, BOV Club is here to kickstart your financial journey. Click
here to start now!

 

 

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).