Your First Bank Account

Ready to take a big step towards adulting and managing your money? It's time to open your very own checking account. If you're feeling a little nervous, don't worry – we're here to break it down and make it super simple.

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Why a Checking Account is Your BFF

Back in the day, people kept their money under their mattresses. Luckily for us, we have many more options today for storing our money, and it’s all protected by the US government. These are a few reasons why storing your money in a checking account is such a good idea:

• Safe and Secure: Cash can get lost or stolen. A bank account keeps your hard earned money safe and sound.
• Easy Spending: You can use a debit card to pay for things online or in stores, plus it's way easier than carrying around cash.
• Get Paid Quicker: Your employer can deposit your paycheck straight into your bank account.

Here's a link to some of our favorite checking accounts.

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How to Choose the Right Bank

There are many options for checking accounts. Your best bet is to open an account with a popular national bank. I personally have checking accounts with Chase and a savings account with Capital One, but you can do some research and see which option is right for you. Here are some areas to look out for when choosing your first bank:

• Low Fees: Some banks charge fees for things like monthly maintenance, using ATMs, or overdrafts. Look for banks with low or no fees.
• Convenient Locations and ATMs: Choose a bank that has branches or ATMs near you. This is not necessary if you open the account online, but it can be useful down the road.
• Online Banking and Mobile Apps: Being able to check your balance, pay bills, and transfer money from your computer or phone is super handy.
• Interest Rates: Some checking accounts earn interest, which means your money grows even while it's just sitting there. Most don’t have high rates for checking accounts, you’ll need a savings account for that.
• Customer Service: Good customer service can make all the difference if you have questions or run into problems.

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How to Open Your Account

So, you chose your bank. Now it’s time to open up the account!

1. Gather Your Documents: You'll need your Social Security number, a government-issued ID (like a driver's license or passport), and proof of address (a utility bill or lease agreement).
2. Apply Online or In-Person: Many banks let you apply online, but you can also visit a branch if you want help from a banker.
3. Make Your First Deposit: You'll need to deposit some money to activate your account. You can set up direct deposit right away, deposit a check or cash, or transfer from another bank.

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Online Access: Your Money at Your Fingertips

Technology has advanced so much, we can move our money around with a few taps and swipes. Stay on top of your finances by logging into your bank account regularly.

1. Enroll in Online Banking: If you haven’t applied online, your bank will give you instructions on how to set up online access.
2. Download the Mobile App: The app lets you manage your account from anywhere.
3. Set Up Account Alerts: Get notifications when your balance is low or when a bill is due.
4. Monitor Your Account Regularly: Always check your statements to catch any errors or suspicious activity.

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Ready to start your financial journey? Find a bank that fits your needs and open your first checking account today! You'll be glad you did.

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Here's a link to some of our favorite checking accounts.‍