Money helps you enjoy the lifestyle you desire. But as we’ve learned from older generations, money does not fall from the sky. You must sweat to earn it and then manage it wisely with the account that suits your needs.
Think of your account as the safe place to put your money. The bank takes care of it, but you decide when and how to spend it. The best thing is that the Federal government insures your dough up to $250,000. 1
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.
1The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.