How old must you be to open a bank account in South Africa?

Whether applying to open a resident or non-resident bank account, applicants need to be over 18 years of age.

Can a 16 year old open a bank account in South Africa?

Age 16 – 18, have a valid SA smart identity card or passport with a valid SA permit. Under 16, the youth will need their parent’s or legal guardian’s valid barcoded South African identity document or smart identity card or passport with a valid permit and child’s birth certificate.

Can I open a bank account at 16 by myself?

Since minors generally can’t open bank accounts by themselves, you’ll typically need to be a joint owner of the account, which may actually be a good thing. … For instance, there are joint teen checking accounts that allow you to receive alerts every time your child makes a transaction.

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How old must you be to open a bank account at capitec?

For minors under 16, bring a valid birth certificate. A certified copy of the birth certificate is acceptable. For minors 16 years and older, bring a valid South African ID book or ID card.

Can you open a bank account at 17 without a parent?

When they ask for allowance or want to buy a coveted toy, it makes sense to open a bank account and start teaching them money management basics – and values around spending and saving. Minor children by law can’t open a savings account. They need a parent or guardian to set up a custodial or joint account.

Which bank has the best children’s account in South Africa?

FNB MyFirstSavings (WINNER)

It offers the highest interest rate compared to ANY youth bank account in South Africa (based on my research), AND there’s no monthly maintenance account fee.

Can a 16 year old open a bank account at capitec?

Open a savings account for them

For example, at Capitec Bank you can ​open an account for children under 16. You can also open a tax-free savings account to save for their education.

Can a 16 year old open a bank account without parents?

If You Are Age 18 Years or Older

No matter what the reason, if you are 18 years old, it is possible, and relatively easy, to open a bank account without your parents knowing. If you are not over 18 years old, it is possible to open up a bank account with another relative, such as an aunt or uncle, or older sibling.

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What happens to my bank account when I turn 18?

Once they turn 18 years old, their minor account will be automatically converted to a Savings account.

Can a 13 year old open a bank account without parents?

As long as you’re a minor, bank needs your parents documents and also one of your parents will be the signatory. So, no option to open an account without letting them know.

Can you open a Capitec account with a passport?

Open an Account

To open a Capitec account from anywhere in minutes, you need: A valid SA ID or passport. An up-to-date email address and SA cellphone number.

Does capitec have a student account?

Capitec does not offer a standalone student account, but with its Global One account Capitec does offer a Savings Account option that is open to students.

Can you apply for ID card at capitec bank?

People can apply for their smart ID through the Department of Home Affairs or they can get their smart ID at a bank. … Members of the public can also get thier passport from banks like FNB, Capitec and Nedbank.

What is the best bank for a 17 year old?

What Are the Top 10 Checking Accounts for Teens?

  • Chase Bank.
  • Union Bank & Trust.
  • USAA.
  • Alliant Credit Union.
  • Citizen’s Bank.
  • Bank of America.
  • First National Bank and Trust.
  • Your Local Community Bank.

Can a 14 year old open a bank account with parents?

Minor’s can only open a savings account jointly with an adult, usually a parent, grandparent, or guardian. Parents should include the teenager’s name and the account. It’s that easy. With a joint account, both names remain on the bank account for as long as it is open.

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Where can I open a bank account at 17?

If you’re between 17-24 years and have a Social Security number you can open your College Checking account online or go to a Chase branch to open an account.

Hai Afrika!