What you need to open a bank account:

  1. A valid, government issued photo ID.
  2. Additional basic information (birth date, social security number, phone number).
  3. Money to deposit.
    • Check where you are opening an account. Some accounts have a minimum balance requirement. Generally this is anywhere from $20-$50.

Checking Accounts vs. Savings Accounts

Checking Account:

  1. Are useful for paying bills.
  2. Writing checks 
  3. Having a debit card for purchases.
  4. Things to look for in a checking account:
    • No monthly fees
    • Low or no overdraft fees.
    • Easy ATM access

Savings Account:

  1. Build an emergency fund
  2. Saving money for specific purposes or goals. 
  3. What to look for in a savings account:
    • High interest rates
    • No monthly fees