Special offers for students, seniors, newcomers to Canada and more. Find the Right Bank to Open a Business Account. In Quebec, this can only be used if you volunteer it when asked for identification. We also make it easier for you to bank the way you want, when you want – online, mobile, or in-person. If they’re young enough, their birth certificate will likely be fine in lieu of a photo ID. To open a bank account, start by making sure you meet the eligibility requirements, such as being 18 years of age or older, possessing a valid identification, and having the minimum amount of money to start the account, which can vary based on the bank and the type of account you’re opening. What ID do I need to open a bank account? If you have an SSN, bring your Social Security card with you to the bank so the representative can verify the document. Proving your identity is simple. Before you are able to open a bank account, you will need to provide a range of documents. There are generally very few eligibility requirements for checking accounts. You have the option of receiving this information in writing or electronically. Most banks require business customers to provide their employer identification number (EIN) in order to open a business checking account or savings account, though some … Don’t have money to put in the account right away. Checking accounts generally come with very few eligibility requirements. You'll need your bank account sort code and account number, and your NatWest Bank debit card if you have one. The bank needs your Social Security number or individual taxpayer identification number so it can report any interest income you earn to the IRS. How to open a kids bank account. In Canada, you have the right to open a bank account at a bank or a federally regulated credit union as long as you show proper identification. You may decide to switch your personal account from one financial institution to another if they offer a product that better suits your needs. Internal Revenue Service. It must also explain where a customer can get more information about the new or increased charges. To ensure the process of opening your checking account goes smoothly and efficiently, you need to bring the appropriate documents with you to the bank. Checking accounts are deposit accounts that allow you to store your cash, make withdrawals and transfers, write checks, and pay your bills. Use the Account Comparison Tool to find the account that best suits your needs. You’ll also need your Social Security number or individual taxpayer identification number, along with something that has your address on it, such as a utility or cable bill. Learn about how you may get this information electronically. Your most recent utility bill, cable bill, credit card statement, or even a cell phone bill should suffice. Step 4: Go to the bank and open your account. How Much Money Do You Need To Open a Bank of America Account? These include white papers, government data, original reporting, and interviews with industry experts. To open a bank account you usually have to fill in an application form. You must get this information at least 30 days before the change takes effect. First off, you need to bring at least one form of photo ID. Though if you plan to open an interest-earning bank account, you will need to present a SIN. If you didn’t learn about changes to fees or new fees before they came into effect, you can make a complaint. Check with your bank or credit union to see if they will accept this form. Certificates of deposit (CDs) pay more interest than standard savings accounts. Keep a copy of your account agreement for your records. You can also agree to have this information sent electronically. However, the process isn’t simple and will take a few days. A cashier’s check is a check written by a financial institution on its own funds, signed by a representative, and made payable to a third party. Interested in day-to-day banking? While not all banks require every one of these documents, it is better to have them with you even if you don’t need them. All financial institutions must have a process in place to handle complaints. Student accounts come with low or no fees and may also have other perks, such as discounted rates for credit cards and other debts. You can open chequing or different types of savings accounts at financial institutions, such as a: It’s a good idea to review your banking package from time to time to make sure it still meets your needs. Immigration, Refugees and Citizenship Canada (IRCC) also issue form IMM 5688 as a Confirmation of Permanent Residence (CoPR). From the Accounts Summary page, select "More Payment Options" on the right side of the page. Unlike a driver’s license, you don’t need to pass a test in order to get one. Opening a checking account is a fairly simple process, but you need to make sure you bring the right documentation with you. You can do so by filling out and submitting Form W-7 to the Internal Revenue Service (IRS). Remember, it can take several weeks to get it. For joint accounts make sure the other person is also present, so you can both use the account right away. Your bank or financial institution will also provide you with a debit card so you can do your banking at automated teller machines (ATM). The agency will investigate your complaint to make sure the financial institution is following federal laws and honouring its public commitments. Opening a bank account if you’re not a Canadian citizen, Identification you need to open a bank account, What to consider before opening a bank account, When a financial institution refuses to open an account for you, Your rights and responsibilities when you open a bank account, Use the Account Comparison Tool to find the account that best suits your needs, don’t have money to put in the account right away, provide an acceptable form of identification, valid Canadian driver’s licence (as permitted by provincial law), Old Age Security card issued by the Government of Canada, provincial or territorial health insurance card that can be used as ID under provincial or territorial law, Certificate of Canadian Citizenship or Certification of Naturalization, Permanent Resident card or an Immigration, Refugees and Citizenship Canada (, Insurance Corporation of British Columbia, Department of Service Nova Scotia and Municipal Relations, Department of Transportation and Infrastructure of the province of Prince Edward Island, Service NL of the province of Newfoundland and Labrador, Department of Transportation of Northwest Territories, Department of Community Government and Transportation of Nunavut, show one piece of ID from the following List B, employee ID card with your picture on it that has been issued by an employer well known in your area, debit card or bank card with your name and signature on it, Canadian credit card with your name and signature on it, client card from the Canadian National Institute for the Blind with your picture and signature on it, have someone in good standing with the financial institution or in the community confirm your identity, how you'll use the account, for saving or making payments, interest you'll earn on the money in your account, if your deposits are protected by deposit insurance in case your financial institution fails, you’re not making the same payments twice, it believes you plan to use the account for illegal or fraudulent purposes, you have a history of illegal or fraudulent activity with financial service providers during the past seven years, it believes you knowingly made false statements in the information you gave, it believes you might cause physical harm to, harass or abuse other customers or its employees, you don’t already have an account and it only offers accounts which must be linked to an existing account with another financial institution, you don’t allow it to take steps to verify that the identification you presented is valid, give you contact details for the Financial Consumer Agency of Canada, the interest rate you’ll earn on the account, if any, a list of fees and details about all charges related to the account, details about how you'll be contacted about any increase in those charges or the addition of any new charges, details on its complaint-handling process. 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