Opening a Bank Account

Please refresh the page to get the latest updates.

Materials Daily News

Advanced

Exercise 1

Vocabulary

deposit

Verb

dɪˈpɑːzɪt

to put money into a bank account

She is depositing her paycheck in the bank.

How much money do you deposit in the bank every month?

You should deposit your extra cash at the bank.

My monthly paycheck gets directly deposited into my bank account.

transfer

Verb

trænsˈfər

to move money from one place to another – usually electronically

I need to transfer some money to my savings account.

balance

Noun

ˈbæləns

the amount of money in your account

You can check your balance by using this app.

withdraw

Verb

wɪðˈdrɔː

to take money out of your account

She has just withdrawn money from the ATM.

I talked to the bank because I was not able to withdraw money from my account.

It's probably a good idea to withdraw some more money before we go out tonight.

bank statement

Noun

bæŋk ˈsteɪtmənt

a record of all the money deposited into and withdrawn from a bank account during a particular period

Bank statements are typically sent out in the post or can be accessed online.

savings account

Noun

ˈseɪviːŋz əˈkaʊnt

an account which pays interest on your savings

There is a minimum opening balance of $100 for a savings account.

At the bank's website, you can transfer money into your savings account.

I use this savings account to set aside money for travel.

Exercise 2

Dialogue Practice

Read the dialogue aloud with your tutor.

Alex is at the bank in the USA, opening a new account.
	Bank Clerk Good morning, sir. How can I help you?
	Alex Good morning. I’d like to open a savings account, please.
	Bank Clerk All right, sir. Do you currently bank with us?
	Alex No, I just moved here from Germany.
	Bank Clerk Okay. Before you can make a deposit I need two forms of identification and proof of your current address.
	Alex Here you go.
Alex hands him the relevant documents.
	Bank Clerk Okay, great. With our savings accounts you only receive interest if your balance is above $100.
	Alex I only have $50 on me at the moment. Will I be able to transfer some funds from my account in Germany?
	Bank Clerk Of course, but it will cost you a small fee.
	Alex That's fine. Is it possible to withdraw funds from this account using an ATM?
	Bank Clerk Yes, I can set that up. Would you prefer to receive your monthly bank statement via the post or email?
	Alex Email please, it'll save paper.
	Bank Clerk Okay. That's all set up. Now you just need to deposit your cash.
	Alex Here you go.
Alex hands him the cash.
	Bank Clerk Thanks.

Check your understanding:

Why did Alex go to the bank?

What is the minimum balance for Alex to earn interest on his savings?

How much cash can Alex deposit at the moment?

Exercise 3

Fill in the Blanks

Fill in the blanks to complete the sentences.

	Bank Clerk Good morning, sir. May I help you?
	Nathan Yes, I’d like to open a (1). Do I need to provide any documents?
	Bank Clerk You need to show one valid ID.
	Nathan No problem, I have my driver’s license with me. Can I (2) money from this account into another account without charge?
	Bank Clerk Yes, there is no charge to transfer money between accounts, sir. You can also (3) and (4) money at our ATM 24 hours a day. You can use the ATM to check your (5), too. Each month we will send you a (6) by post.

Choose answers from the options below that fit in blanks 1 to 6

Answer Pool (Questions 1-6)

transfer
deposit
bank statement
balance
savings account
withdraw

Exercise 4

Discussion

What do you think of online banking?

If given the opportunity, would you like to work at a bank? Why? Why not?

Does your bank offer you good services? How so?

Have you ever used a foreign bank? If so, what was your experience like?

Do you think it is good to save up money in a bank? Why? Why not?