Getting a Checking and Savings Account

Should you open a checking or savings account?

Opening a checking and/or savings accounts allows you to place your money somewhere that is safe and helps you keep track of your finances. A bank account will allow you to write checks for goods and services without having to carry cash around or pay with a credit card which will charge you interest on each purchase you make.

Before opening a bank account, you should first find a bank that is conveniently located to you and is offering a good deal. Below is a list of questions to help you make your decision.

What to Ask Before You Open An Account:

1. Is the bank FDIC insured?
2. Is the bank conveniently located to you? Does it have convenient hours?
3. Checking Accounts: Do you have to pay a monthly or yearly fee for the account? If so, what?
4. Does the account require a minimum balance? If so, what?
5. Do you earn any interest off the account?
6. Do you have to pay for your checks?
7. Will you be fined if you bounce a check (write a check for more money than you have in your account)? If so, what is the fine?
8. Will you be sent a monthly statement that includes either originals or copies of checks you have written?
9. Does the bank accept direct deposits from employers?
10. Savings Accounts: Do you have to a pay a monthly or yearly fee for the account? If so, what?
11. Does the account require a minimum balance? If so, what?
12. What amount of interest do you earn off the account?
13. Does the bank limit the number of transactions (either deposits or withdrawals) that you can make into the account?
14. Will you be sent a monthly or quarterly statement?
15. Does the bank accept direct deposits from employers?
16. Does the bank have ATMs (Automated Teller Machines)? If so, do you have to pay for an ATM card? Do you have to pay to use the ATM at your own bank? Does the bank have a number of ATMs in your town? Does the bank charge you to use the ATM at other banks?

What to Bring With You:
Once you have decided upon the bank you like, be sure to ask them what information you may need to bring when you open your account or accounts. Generally, banks require:

• Picture identification (such as a driver's license or state ID)
• Proof of your social security number (this may be your social security card, a valid identification with your social security number on it, or a pay stub with your social security number)
• Proof of residence/address (your lease or rental agreement or utility bills with your name and address)
• Initial deposit (usually cash or check for at least the minimum balance for the account you are opening)

• Click here for online resources related to opening a checking or savings account