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The Importance of Managing Money

Introduction > Take the Test > Where Do You Get Your Money? > How To Handle Money > Budgeting and Saving > Conclusion

How To Handle Money > Checking Accounts > Saving Accounts > How to Open a Bank Account > Cash or Credit? > Advantages and Disadvantages of Credit > How to Open/Apply for an Account

How to Open a Bank Account

Before opening a bank account, you may want to 'shop around' and find a bank that is not only convenient to you, but also offers you the best deal. Below is a list of questions to help you make your decision. Or print a PDF version of this list and take it with you.

What to Ask Before You Open An Account:

1. Is the bank FDIC insured?

2. Is the bank convenient (near your work or home or easy to get to)? Does it have convenient hours (is it open late on weeknights or during the weekend)?

3. Checking Accounts:

4. Savings Accounts:

  1. Do you have to a pay a monthly or yearly fee for the account? If so, what?
  2. Does the account require a minimum balance? If so, what? (And what happens if you go below the minimum balance?)
  3. What amount of interest do you earn off the account?
  4. Does the bank limit the number of transactions (either deposits or withdrawals) that you can make into the account?
  5. Will you be sent a monthly or quarterly statement?
  6. Does the bank accept direct deposits from employers?

5. 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:

Next: Cash or Credit?

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