7 Tips for Opening Your First Bank Account ...

1. Know Your Account Types

When you go to open your first bank account, know your account types.

Do you want a checking account or a savings account?

Or maybe you want one of each!

Whatever you decide on, ask questions and learn the benefits and disadvantages of both types of accounts.

You deserve to know when it comes to your money!

2. Learn to Maintain Your Account

Some banks have policies concerning deposits.

You may not have direct access to funds for a few days until the deposit clears.2

This is something to ask about!

Many banks also have a “minimum balance” requirement.

If your balance falls below that requirement, you may be charged a fee or be denied access to your account via ATM or card usage.

3. Ask about Fees

Here’s a tip for opening your first bank account to make sure you consider.

Some banks will have fees they don’t tell you about up front.

Some fees to watch for are ATM fees, checking fees, overdraft fees, minimum balance requirement fees, minimum usage or activity fees, and monthly or annual fees for the account.

Make sure to find about these fees so they don’t surprise you when you receive a bill.

4. Don’t Settle

When opening your first bank account, don’t feel like you have to settle for the first bank you look into.

Go around, and gather information from a few different banks.

Also, consider checking out a bank that a relative or friend has been using for a while.2

Chances are, the bank will give you some extra benefits if a long-time customer has referred you!