Once you start making money, a bank account is a must. Why?

  • Keeping your money in a shoe box is risky. It may be lost, stolen, or you may go crazy spending it. The safest bet is keeping it in a bank account.
  • A bank account allows you to have an ATH card to make purchases and to access your money 24/7.
  • Are you working? If you are, your company probably pays your salary through Direct Deposit. To access your money, you’ll need a bank account.
  • If you have cell phone, water, and electricity bills, you can pay them using your computer, tablet or smartphone through Mi Banco. Learn about more options to manage your money.

Before opening an account, keep these things in mind:

  • Confirm if the account requires a minimum balance.
  • Find out if the account has monthly service charges. Activating certain services may prevent these fees. Confirm if you can have two accounts in one (ex. deposit and savings), and if you can make electronic transfers between them.
  • If you want a savings account, find out the interest rate. A higher interest rate means your savings will grow faster.
  • Find out if they offer an overdraft service and the terms.
  • Ask about any additional services the account offers to help you manage your money.

Bring everything you need to open your account

  • Social Security number.
  • A valid official ID, such as your driver’s license or passport.
  • An initial deposit using check or cash. Before visiting the branch, find out the required amount.