Banking Excellence Across Africa

A checking account is primarily for daily transactions and easy access to your money. It’s often linked to a debit card and is not designed for earning significant interest. In contrast, a savings account is meant for accumulating money over time. It typically has withdrawal limits but earns interest, helping your money grow. 

Typically, you’ll need a valid, government-issued photo ID (like a passport or driver’s license), a Social Security or Taxpayer ID number, proof of address (such as a utility bill), and sometimes a minimum initial deposit. Requirements vary, so it’s best to check with the specific bank. 

The process varies by bank, but you generally need to provide notice and withdraw all funds. Some banks may not charge a fee for closing an account, but it’s important to ask. 

Banks use various security measures to protect your accounts. These often include encryption, multi-factor authentication (passwords, tokens, and one-time codes), and fraud monitoring. Most banks confirm that customer information is not stored on your device.