Okuzeka
Finance & Banking vocabulary · Accounts & Deposits

Open an account

Meaning in finance & banking, with examples

phraseCore term

In finance & banking, open an account means: To start a new relationship with a bank by creating an account in your name, usually after showing identification and signing an agreement.

In Turkish: hesap açmak, hesap açtırmak

How it is used

The standard phrase in branches, apps and adverts. Customers open an account in a branch, online or by video call, and the bank carries out KYC checks first. The opposite is 'close an account'. The noun is 'account opening': the account opening process.

Example sentences

  1. You can open an account in ten minutes through our mobile app.

  2. She opened an account in euros to receive payments from her German clients.

Common collocations

  • open an account online
  • close an account
  • account opening process
  • account opening form
  • account holderThe person or company in whose name a bank account is opened and who has the legal right to use it.
  • KYCShort for know your customer: the checks a bank makes to confirm a customer's identity, address and source of funds before and during the business relationship.
  • current accountAn everyday bank account for receiving a salary, paying bills and making card payments. It pays little or no interest, and the money can be used at any time.
  • onboardingThe process of accepting a new customer, including collecting information, verifying identity, running checks and opening the first account or product.
  • savings accountA bank account for keeping money you do not need every day. It pays interest, but it may limit how often or how quickly you can take money out.

More terms: Accounts & Deposits

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This page explains English vocabulary for learners. It is not financial advice.