How to Open a Bank Account

 
 
Do you want to open your first bank account? Or do you already know how it works but you want to learn the words that you need for it in English? Then this is just the unit for you! With the help of videos, vocabulary lists and exercises I will teach you all you need to know!
What do you know about opening a bank account so far? Try to find pairs in the memory game below.
 
 
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Cash Machine
You get money from it by using a credit card.
Credit Card
You need this to get money from the cash machine.
Bank Account
This is where you bring your money and where you keep it safe.
Teller
This is what you call a person that works in a bank.
 
 
 
You might already know the basic vocabulary for banks, but do you know everything? In this video you will learn some more specific words.
 
Take a look at the table below. Try to memorise the new words that came up in the video!
 
   
Word
 
   
Definition
 
   
Übersetzung
 
teller
 
Someone who works in a bank and receives or pays out money.
 
 
customer
 
Someone who wants to purchase something is a customer (in a shop, in a bank…).
 
 
to purchase
 
to buy something
 
erwerben
 
bank account
 
There are different kinds of bank accounts, but the idea for all of them is to put your money there to keep it safe.
 
 
checking account
 
You put the money that you need now or soon here (e.g. for paying bills).
 
 
savings account
 
Here, you put the money that you do not plan to use for a long time (to save money for later).
 
 
ATM
 
This is short for "cash machine" – this is where you get your money from.
 
 
 
Now that the vocabulary of the video should be clear, can you answer the questions below? If you want, you can .
 
  •  
    • Who is Mrs Lee?
       
      • She is the branch manager.
         
      • She is the teacher.
         
      • She is one of the students.
         
       
     
     
  •  
    • What is the difference between a savings account and a checking account?
       
      • You put the money that you need now in a savings account and you put the money you need later in a checking account.
         
      • You put the money that you need now in a checking account and you put the money you need later in a savings account.
         
      • You put the money that you get in a checking account and money that you don't have in a savings account.
         
       
     
     
  •  
    • Where does the teacher put her salary?
       
      • Under her mattress.
         
      • In her savings account.
         
      • In her checking account.
         
       
     
     
  •  
 
Now watch the second part of the video! Pay special attention to the new vocabulary!
 
Now fill in the gaps in the text below with the words from the video!
 
  •  
    •  Putting money into an account is called a 
       .

       
     
     
  •  
    •  When you take money out of an account, you call that a 
       .

       
     
     
  •  
    •  You can only write 
       for the money that you have in the bank.

       
     
     
  •  
    •  Withdrawals can be made with tellers or at the 
       .

       
     
     
  •  
 
Before we start watching more videos and going through the process of how to open a bank account step by step, you have to learn some more words. They are very important if you want to open a bank account: You will need them to tell the staff in the bank what you want and to be able to understand what they offer you.
 

Word List:

    • bank account(noun)
    • Definition:
      • a fund deposited by a customer (the depositor) in a bank from which they can make withdrawals
    • Example:
      • I want to open a bank account.
    • cash(noun)
    • Definition:
      • money in the form of notes/bills and coins, as opposed to cheques/checks or electronic transactions
    • Example:
      • You can only pay in cash here.
    • check(noun)
    • Definition:
      • an order to a bank to pay money to a named person or entity; a cheque (UK, Canada)
    • Example:
      • I was not carrying cash, so I wrote a check for the amount
    • access(verb)
    • Definition:
      • a way or means of approaching or entering; an entrance; a passage
    • Example:
      • Will I have internet access from there?
    • ATM machine(noun)
    • Definition:
      • a device that provides bank customers with cash withdrawal and other services without the need for a bank teller
    • Example:
      • I will go and get some cash from the ATM.
    • finances(pronoun)
    • Definition:
      • funds or other financial resources
    • Example:
      • He has to get his finances straight.
    • teller(noun)
    • Definition:
      • a bank clerk who receives and pays out money
    • Example:
      • The teller said I need some more paperwork.
    • banker(noun)
    • Definition:
      • one who conducts the business of banking; one who, individually, or as a member of a company, keeps an establishment for the deposit or loan of money, or for traffic in money, bills of exchange, etc.
    • Example:
      • John works as a Banker for HSBC now.
    • fee(noun)
    • Definition:
      • a monetary payment charged for professional services
    • Example:
      • He has to pay a large fee.
    • charge(verb)
    • Definition:
      • to require payment (for goods, services, etc.)
    • Example:
      • Will I get charged for this service?
    • bank card(noun)
    • Definition:
      • a card issued by a bank, which may perform a variety of services such as credit card, debit card or withdrawal of cash from ATM
    • Example:
      • I think I have lost my bank card!
    • debit card(noun)
    • Definition:
      • a card much like a credit card, but which takes money directly from the bank account, rather than borrowing the money from the issuer of the card
    • Example:
      • I use my debit card to get money from the ATM.
    • opening hours(noun)
    • Definition:
      • the regular times of day when a shop, office or similar is open to the public
    • Example:
      • What are the opening hours for this shop?
    • transaction(noun)
    • Definition:
      • the transfer of funds into, out of, or from an account
    • Example:
      • All transactions completed!
    • minimum deposit requirement(Chunk)
    • Definition:
      • the smallest possible amount of money that has to be on an account
    • Example:
      • My bank account has a minimum deposit requirement of 50 Pounds.
 
 

Vocabulary trainer

 
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Do I need a bank account? Watch this video to learn more about why bank accounts are useful!
 
Read through the questions below. Then – if you want to – watch the video again and look out for the right answers! Then answer the questions!
 
  •  
    • Why do you need a bank account?
       
      • You only need a bank account after you have finished highschool.
         
      • The bank will pay you money for it.
         
      • It saves you money, it makes it easier to manage your finances.
         
       
     
     
  •  
    • How do you know which bank you should go to?
       
      • Go to the bank that your parents go to as well.
         
      • Go for the cheapest offer.
         
      • Consider the bank's location, fees, bank hours, etc.
         
       
     
     
  •  
 
There were some useful words in the last video! Take a look.
 

Word List:

    • cornerstone(noun)
    • Definition:
      • that which is prominent, fundamental, noteworthy, or central
    • Example:
      • Exceptional service is the cornerstone of the hospitality industry.
    • access(uncountable noun)
    • Definition:
      • a way or means of approaching or entering; an entrance; a passage
    • Example:
      • Why does she have access to this room?
    • fund(noun)
    • Definition:
      • a sum or source of money; an organization managing such money
    • Example:
      • She donated money to a fund for the maintenance of underprivileged students.
    • track(verb)
    • Definition:
      • to monitor the movement of a person or object
    • Example:
      • My uncle spent all day tracking the deer.
    • credit(noun)
    • Definition:
      • a privilege of delayed payment extended to a buyer or borrower on the seller's or lender's belief that what is given will be repaid
    • Example:
      • In view of your payment record, we are happy to extend further credit to you.
    • factor(noun)
    • Definition:
      • one of the elements, circumstances, or influences which contribute to produce a result
    • Example:
      • The greatest factor in the decision was the need for public transportation.
    • convenient(adjective)
    • Definition:
      • of or pertaining to convenience; simple; easy; expedient
    • Example:
      • Fast food might be convenient, but it's also very unhealthy.
 
 

Vocabulary trainer

 
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Match questions and answers in a standard bank account opening conversation. It will be almost like opening a bank account in real life!
 
 
  • Hello, how can I help you?
     
  • Do you need any help with filling out the forms?
     
  • Very well – are you a customer at our bank already?
     
  • Would you like a checking account or a savings account?
     
  • Please fill out these papers with your personal details, like your name, date of birth etc.
     
  • Hello, I would like to open a bank account.
     
  • No, I am here for the first time.
     
  • I would like to have both.
     
  • Okay, I'll do that.
     
  • No, thank you, I'm alright.
     
 
 
 
 
To finish this unit, read through the text below and fill in the gaps. That way, you will repeat the new words as well as the process of opening a bank account.
 
  •  
    •  If you want to open a new bank 
       , you first need to choose a bank. When you choose a bank, you should consider the bank's 
       as well as opening hours and 
       . Then you go inside and talk to a 
       . They will help you to open either a checking account, a 
       account or maybe both. They will also give you a 
       card. With the credit card you can get money from ATMs. Regular sums of money that you might receive, such as a monthly salary, you can put in your 
       account. If there is any money left at the end of the month, you can put that money in your savings account and save up for later.
       
     
     
  •  
 
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