When you are looking to open a bank account, it is best to research several banks prior to committing your finances to one business. When you start to research banks, you should start with the type of account you would like to open based on flexibility, fees, accessibility, and interest rates. All banks require two forms of identification, and a minimum deposit to open an account. Some have monthly fees that are taken out of your account on designated dates. Be sure that the bank that you choose has FDIC (Federal Deposit Insurance Corporation) which insures deposits up to $100,000 and helps maintain a stable and sound banking system. Most banks are electronically active and offer services and account access over the phone and online via the internet. For more information on any specific account type, contact your local bank branch. It may help to have a Priorities Profile with you when you begin to evaluate which bank and/or types of bank accounts may be right for you.

Checking Accounts

These are good for easy access to your funds for withdrawal and deposit. Most banks offer accounts for students, seniors and children, and businesses. They usually come in a package with a debit or ATM (Automated Teller Machine)/credit card and checks. Some checking accounts accrue interest but most do not. Most checking accounts have a minimum balance. You can also gain access to overdraft protection which is available either in credit form or it can come directly from your savings account in the event that your account should become overdrawn.

Savings Accounts

With this type of account, you can make withdrawals and deposits but you do not have the easy accessibility that comes through checks and/or debit cards. This account can be accessed primarily at the bank where you hold the account. Some savings accounts have minimum balances, and several options for your convenience. These options can include, but are not limited to record books, passbooks, and regular bank statements.

Credit Unions

Credit Unions are organizations that, like banks, take deposits and make loans. The difference is that credit unions are not for profit and run as a co-operative of the depositors of the credit union. Typically, credit unions charge less banking fees and they often offer more competitive interest rates.