Has your piggy bank filled up? Maybe you need a safer place to keep the money you’ve saved from the lemonade stand in your driveway — or maybe it would be handy to have a credit or debit card in your wallet. Show
Whatever you’re looking to do with your money, it might be time to open a bank account. There are many potential benefits to having a bank account, including convenience, security and even access to credit. According to Balancing Everything, over 94% of American households had bank accounts in 2019. Now, banking continues to be an important part of the average American’s finances. How to build credit:The best first credit cards of 2022 What you need to open a bank accountYou should prepare the following items, according to Chase.
Using Apple Pay?:Here are tips for setting up and using the contactless payment method  How to open a bank accountAccording to Chase, you’ll have to take the following steps to open an account at most banks:
How much money do you need to open a bank account?Some states have minimum deposit requirements for opening a bank account. According to the Consumer Finance Protection Bureau, you will typically need an initial deposit between $25 and $100 for a checking or a savings account. Just curious?:We're here to help you answer life's everyday questions Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
LoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. A checking account is a great tool for storing money you plan to spend soon, whether it's on rent, gifts, or a night out with friends. To open a checking account, you'll need to choose the best account for your needs, gather the required documentation, and fill out an application. Choose the right accountFirst things first — figure out which checking account you want to open. Here are some tips for making your decision: 1. Decide which type of checking account you wantThere are several types of checking accounts, and the right fit depends on what you want your checking account to do for you.
Once you know which type of checking account you want, you can start to narrow down your search. 2. Decide which type of institution to useDo you want to open a checking account at a brick-and-mortar bank or at an online institution? Brick-and-mortar banks are good if you want the option to walk into a branch and speak with a professional. But online banks tend to charge lower fees. If you want a high-interest or cash-back checking account, you'll have more options at online banks and credit unions. 3. Narrow it downFind a bank that's accessible. If you like to bank from your phone, choose one with a strong app. If you're using a brick-and-mortar bank, find one with a branch near your home. You'll probably want a checking account that either doesn't charge monthly service fees or makes it easy to waive them. You should also consider overdraft, foreign transaction, and out-of-network ATM fees. For example, if you're worried about overdrawing, find a bank that doesn't charge overdraft fees or has free overdraft protection. Once you've made your choice, you can prepare to open your account, either at the bank or from your computer. How to open a checking account1. Bring the required materialsYou'll need the following to open a checking account:
You may need some additional things if you're a student or a minor, or if you're opening a joint account:
2. Complete an applicationWhen you fill out the application, you'll give the banker the aforementioned documents, or provide pictures if you're applying online. You'll also enter information like your email address and phone number. Once you've signed the documents, the banker will let you know whether you've been approved. For an online bank, you'll wait for a confirmation email. 4. Set up an opening depositSome checking accounts have a minimum opening deposit, maybe $25 or $50. You'll need to have this on hand to open the account. If the checking account doesn't require a minimum deposit, you can still have the money you want to deposit with you at this time. Otherwise, you can deposit money later. The hardest parts of opening a checking account are selecting which account to use and gathering the documentation. After that, it's a pretty straightforward process.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. What are 4 things required to open a checking account?What do I need to open a bank account?. Government issued photo ID or driver's license.. Social Security Card or Individual Taxpayer Identification Number.. Passport or Birth Certificate.. What are the 5 steps to opening a checking account?5 Simple Steps to Get a Bank Account. 1) Get familiar with your basic bank account options:. 2) Choose a bank.. 3) Research bank account options.. 4) Gather documents & open your bank account.. 5) Start using your bank account.. |
What are the typical requirements to open a checking account
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