How To Open Your First Bank Account
Want to know how to open your first bank account? Opening your first bank account is an important step is any person's life. This puts you on the map financially and provides all types of opportunities. Before opening an account, there are several steps to make sure you are opening the account that you want.
- Decide on the type of account to open. While there are all types of accounts you can open, start with the basics: a checking or savings account. If you aren't sure which one you need, think about what you are planning to do with the money in the account. If you just want a place to store your money for a while and don't need consistent access to it, open a savings account. If you want somewhere to put paychecks and then use the money to pay bills or make other purchases, you want a checking account.
- Decide on a bank to open you account. There are many banks to choose from. Do you want a bank with an actual building that you can go into and talk with someone? Do you want to be able to open and account and do all transactions over the internet? Many banks offer specials for individuals opening accounts while others offer higher interest rates for certain savings accounts. Shop around and find a place that meets your financial needs.
- Get together a deposit. You will need money to open any kind of bank account. You can make your first deposit in cash or with a check. Bring the money with you to open the account. You may want to call in advance and see what the minimum opening deposit is. This will vary from bank to bank.
- Bring your money and identification to the bank. You will need to meet with a bank representative and answer several questions including your name, contact information and social security number. The bank's representative will help you fill out all paperwork and take your deposit money. You will receive a receipt for your transaction and a copy of everything you have signed. If you opened a checking account, you many have a few temporary checks to get you started. With a savings account, you may receive deposit slips pre-printed with your account number. You can now leave the bank as a an official customer having opened your first bank account.