Why is a bank account important?
One step towards independence and financial success includes having a bank account in your own name. Having a bank account opens a number of money management tools that banks and online vendors offer. Opening a bank account allows you to track your spending, access your money at ATMs and banks, save, sign up for direct deposit and much more. Keeping your money in the bank is safe and allows you to access to it in amounts you need at the time.
How to open a bank account
Opening a bank account is a great step to take as you enter adulthood, and the process is simple. The first step is to shop around and see what the banks can offer. Banks have different minimum balances, fee structures, student accounts, online banking and more. If you are a student, you may want to open a student-friendly account with low or no fees. Also consider where you live and work in comparison to where your bank has branches and ATMs.
To open a bank account, you will need to take one or two pieces of ID and your Social Security number into the branch. Call or look at the bank’s website to check what ID you need.
There are generally two types of accounts: checking and savings. A checking account will give you quick access to your money, and you’ll be given a debit card to make ATM withdrawals and store purchases. A savings account is designed to help you save your money with incentives, such as earning interest.