Opening your first bank account is an important step towards achieving financial independence. You have several options to consider, so it's helpful to know what type of bank account will work best for you and what you'll need to do during the application process.
Benefits of having a bank account
Bank accounts are an easy way to manage your finances, and a safe place to keep your money. Without one, many of the simplest everyday money issues you may have to deal with can become much more complicated.
Easily deposit your wages
These days, many jobs prefer not to pay your wages in cash. Instead, they will deposit your money into your account on a regular basis. This is a quick and easy process, meaning you shouldn't have to worry about when your next pay cheque is arriving.
Withdraw cash and make purchases
When you open a bank account or chequing account with us, you'll receive a unique debit card which you can use to make instant purchases or to withdraw cash from a local ATM.
Access to online and mobile banking
You don't need to visit one of our branches to manage your money with an HSBC bank account. Our online and mobile banking services allow you to access your accounts 24 hours a day, 7 days a week, from anywhere in the world.
Keep your money safe
We provide advanced security measures to ensure nobody can access your accounts without your permission. For example, when you receive your debit card you will also be given a unique four-digit Personal Identification Number (PIN) which you will need to enter any time you wish to withdraw cash.
Our online and mobile banking platforms are also password-protected, and you can sign up for email or SMS alerts if we notice any suspicious-looking activity on your account.
Send and receive funds
A bank account creates an easy way for you to transfer cash to friends and family at home or around the world, or for them to send money to you. You can do this through our online banking services or by asking for help in your nearest local branch.
Start building your credit history
Provided you use it responsibly, having a bank account can help you to build your credit history. This is something you'll need if you wish to borrow money or get a mortgage in the future. If you consistently make payments on time and don't exceed your arranged overdraft limit, this will show lenders that you are able to manage your money responsibly.
Your account options
When it comes to opening your first account, you have a few options you could choose from...
Our standard bank account comes with a debit card and access to online and mobile banking for all your everyday spending and saving needs.
A chequing account comes with all the same benefits as a standard bank account, and also gives you access to personal cheques that you can use to make payments.
MySavings Youth Account
If you are aged 7 to 17*, you can open a MySavings Youth Account with a minimum deposit of just $25. This account does not come with a debit card.
*Children of Premier customers can extend their Youth Account privileges up to age 24.
What you'll need
To open a bank account in Bermuda, you’ll need to provide:
A valid form of identification
This could be your Passport, a Bermuda Driver's Licence, a Bermuda Voter's Registration Card or Special Person's Card. The document should be current and must contain your full name.
Proof of your current address
This could be your Driver's Licence, a lease agreement, a utility bill, pay stub, home insurance document, bank statement or a letter from an individual who lives with you, including a copy of their valid ID. All documents should be dated from within the last three months. Temporary residents can supply a work permit or employment letter.
Your initial deposit
To open a Bermuda bank account, you need to deposit a minimum of $100 BMD or equivalent currency. If you are opening a MySavings Youth Account, this is reduced to $25.
Online and mobile banking
Once you've opened your first bank account, make sure you register for online and mobile banking to access your accounts 24/7 without the need to visit one of our branches. You can download our mobile banking app from most app stores including Apple and Google Play.
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