If you’re under 18, some banks might require your parents to sign some forms when you make your account. Not all banks do this, so if you don’t want your parents to be involved with your banking, try emailing banks before you go into them asking whether they require your parents to sign. You’ll need to have valid identification and be willing to share basic information about yourself. In the US, you’ll usually need your Social Security number. [1] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source You’ll need to have at least the minimum amount of money for opening account. This can vary based on the bank and account you choose. For example, a basic Bank of America savings account requires a minimum deposit of $300. [2] X Research source
Large chain banks: Large banks usually have branches in most towns and cities across the country, which means you’ll be able to get basically the same service no matter where you go. This wide coverage can help you avoid fees you’ll have to pay for using other banks’ services (like ATM fees, etc. ) Large banks also usually have the resources to offer services like 24-hour help lines for their customers. In addition, these banks tend to have a stable, trusted reputation — they are unlikely to fail or present you with “surprise” difficulties. Smaller local banks: Small banks offer a more personal, human experience. They tend to be friendlier than big banks in several ways — not only will they be willing to offer more personal, one-on-one attention, but they’ll often be willing to “work with you” when something goes wrong (like you overdraft from your account). Smaller banks also usually charge smaller fees for using their services. Smaller banks often invest their money into the local community, rather than in national, or multinational large projects that chain banks might be investing in. On the other hand, smaller banks fail more frequently than large banks (this is still very rare, though). In addition, credit unions are another option for banking. Credit unions are not-for-profit financial institutions, often with a mission to be “community-oriented” and “serve people, not profit. Credit unions have successfully made their services more accessible by partnering with other credit unions to offer shared branch banking and ATMs. [4] X Research source
Checking: A checking account is what most people use for day-to-day purchases. With a checking account, you’ll get a checkbook and a debit card that you can use to pay for things with the money in your account. Money in a checking account doesn’t change over time — if you want more money, you have to put it in yourself. Savings: As its name suggests, a savings account is best for saving money long-term. Money in a savings account slowly gains interest — in other words, the bank will pay you a small amount for storing your money with it. The more money you have in the account and the longer you save it, the more interest you get. You can still withdraw money from a savings account at banks and ATM, but you can’t generally use it for checks and debit card payments. If you have enough money to meet the minimum deposit for both, having both a checking and a savings account is usually best. You can use the checking account for your daily expenses and put extra money in your savings to make interest.
Checking: A checking account is what most people use for day-to-day purchases. With a checking account, you’ll get a checkbook and a debit card that you can use to pay for things with the money in your account. Money in a checking account doesn’t change over time — if you want more money, you have to put it in yourself. Savings: As its name suggests, a savings account is best for saving money long-term. Money in a savings account slowly gains interest — in other words, the bank will pay you a small amount for storing your money with it. The more money you have in the account and the longer you save it, the more interest you get. You can still withdraw money from a savings account at banks and ATM, but you can’t generally use it for checks and debit card payments. If you have enough money to meet the minimum deposit for both, having both a checking and a savings account is usually best. You can use the checking account for your daily expenses and put extra money in your savings to make interest.
Checking: A checking account is what most people use for day-to-day purchases. With a checking account, you’ll get a checkbook and a debit card that you can use to pay for things with the money in your account. Money in a checking account doesn’t change over time — if you want more money, you have to put it in yourself. Savings: As its name suggests, a savings account is best for saving money long-term. Money in a savings account slowly gains interest — in other words, the bank will pay you a small amount for storing your money with it. The more money you have in the account and the longer you save it, the more interest you get. You can still withdraw money from a savings account at banks and ATM, but you can’t generally use it for checks and debit card payments. If you have enough money to meet the minimum deposit for both, having both a checking and a savings account is usually best. You can use the checking account for your daily expenses and put extra money in your savings to make interest.
The rest of this section will assume you’re opening an account in person. However, depending on your bank, you may also be able open an account over the phone or even online. These options vary from bank to bank — not all banks will let you open your account these ways.
Is there a monthly fee for maintaining this account? If so, what is it? Is there a minimum balance that I must keep within this account? If so, what is it? What sorts of fees apply if I go under that limit? What is the interest rate of my savings account? How often does interest generate? Is there a limit to the amount of transactions (deposits/withdrawals, check writing, ATM uses) I have per month? Where can I withdraw cash without paying any fees? What is the fee for using an ATM that doesn’t belong to this bank? Is the account I’m applying for insured by a Deposit Guarantee Scheme (DGS)?[5] X Research source
Proof that you are who you say you are: Have a government-issued ID with your photo on it with you (a driver’s license or a passport are best). Proof of address: A phone bill, driver’s license, or any other official document with your name and address will usually do. Proof you are a registered citizen: The bank will ask for your Social Security number, taxpayer identification number, or employer identification number to ensure that you are “on record” with the government. As long as you know this number, you don’t generally need to have your Social Security card, etc. with you.
Your four-digit PIN number: You need this to use your debit card for purchases. Your bank account number: You need this for financial tasks like setting up direct deposits Your Social Security number: You need this for various tax and financial tasks in the future If you believe your account information has fallen into the wrong hands, you can always contact your bank and request a “freeze” on your account to prevent unauthorized use.
Visit the bank in person and fill out a withdrawal form. You’ll usually need your account number and basic personal information for this. Somewhat time-consuming compared to the other options, but necessary for special tasks like large withdrawals. Use an ATM. See below for more information. Online. In this case, your withdrawals are usually limited to transfers between accounts and payments to other individuals — you can’t “get cash” online. See below for more information.
Visit the bank in person and fill out a withdrawal form. You’ll usually need your account number and basic personal information for this. Somewhat time-consuming compared to the other options, but necessary for special tasks like large withdrawals. Use an ATM. See below for more information. Online. In this case, your withdrawals are usually limited to transfers between accounts and payments to other individuals — you can’t “get cash” online. See below for more information.
To use an ATM, you will need to know your checking account’s four-digit PIN number. See our ATM article for detailed instructions. It’s always best to use your own bank’s ATMs when possible. Usually, you’ll have to pay a small fee for using ATMs that don’t belong to your bank. Note also that your bank may have a limit on the number of times you may use its own ATMs per month without receiving fees.
See our article on writing checks for more information. Make sure you have enough money in your account to pay for your purchase before you write your check. If you don’t, your check will “bounce. " This means that the payment won’t go through, you’ll have to pay a fee, and you’ll still be held responsible for the money. Some banks offer “overdraft protection” services for check-writing. In these cases, when you write a check that you don’t have enough money to pay for, your bank may “spot” you the money to cover the purchase. You will still have to pay a fee but you won’t have to deal with the check bouncing.
Bring your money or check to your bank. You will have to fill out a deposit form, which requires you to provide your account number. Use an ATM. Today, many ATMs (especially the ones at banks) allow you to make deposits. You will usually have to do this at one of your own bank’s ATMs. Use mobile check deposit services. One relatively new way to deposit checks involves taking a picture of the check with your mobile phone and sending it to the bank. This usually requires you to download your bank’s mobile app. For example, click here for instructions for Bank of America’s mobile check deposit service. Note that not all banks offer this.
Secure online login options on the bank’s official site The ability to view your accounts’ balances The ability to view a record of purchases, withdrawals, and deposits for each account The ability to transfer money between accounts The ability to send money to other individuals
Talk to your employer’s payroll department if you want to set up a direct deposit. This will usually require you to fill out some forms and provide information about your bank account (like your account number).
Avoiding some types of minimum-balance fees Receiving one combined account statement rather than two separate ones Allowing easier transfer of money between accounts.
For these reasons, it’s important only to open a joint account with someone you absolutely trust. For instance, there’s nothing the bank can do to stop one owner from taking all the money out of the account without the other’s notice. [9] X Research source To make a joint account, both account holders must agree to the terms of the account and fill out their own copy of the account creation forms. This means each person will need to provide an ID, Social Security number, etc. Generally, most joint accounts carry “rights of survivorship. " This means if one of the joint account owners dies, the surviving owner gets all the money in the account. [10] X Research source
High-interest savings: This account comes with all the benefits of a regular savings account, but has a higher minimum balance (that is, you have to keep more cash sitting in the account). You may also be limited in terms of how often you can withdraw from it. In return, you will earn higher interest. Interest Checking: This account features everything that a regular checking account has (ATM privileges, check writing, etc. ), but it includes an interest rate, so it acts a little like a regular savings account. However, the monthly maintenance fees for these accounts are usually higher. This means it’s in your interest to keep enough money in your account so that the interest outweighs the monthly charge.
