Whether you are thinking about opening a checking or savings account, it is important to look at the benefits of opening a bank account, how it can help you improve your finances, and what you need to get started.
Benefits of having a bank account:
Convenience – A bank account allows you to pay your bills online or with a check. You can also receive your paychecks by direct deposit so you get them even faster and without having to pay to cash a check. Then, you can access your account and transactions at any time to stay on top of your balance and spending habits.
Safety – Instead of carrying cash, depositing money in a bank account is a smart way to keep your money safe from loss, theft or fires. FDIC-insured banks protect your money so that if something happens to your bank, you will still get your money back.
Savings – Depositing money into a savings account is a great way to save money. Savings accounts have interest rates that will accrue and help you save even more! Additionally, when your money is safe and put away, you’re less likely to spend it. Out of sight, out of mind.
They’re Cheaper! – When you have a bank account, you can cash checks for free at your bank. When paying bills, you can pay directly online or by check. Avoiding check-cashing and money order fees will help you save more money over time. You can also access the money in your account for free when you use your bank’s ATM.
Access to Credit – Having an established account at your bank can help you when you are trying to get a loan. Banks tend to favor their customers so you are likely to get a better interest rate on a loan from your bank than a small, private lender such as payday or car title loan providers.
Westchestergov.com – Benefits of a Bank Account: https://bit.ly/2PSjtD5
How to get started:
First, do your research! Compare banks and see what kind of accounts work for you and your financial situation. Many banks offer free checking and savings accounts. BankOn.org is a resource that identifies banks with free or low-cost accounts right here in Seattle and King County.
Next, set yourself up for success! The Consumer Financial Protection Bureau has a checklist for opening bank or credit union account. This checklist can be used to prepare you for talking with a bank representative. It is important to talk about fees, minimum balances, how you can access your money and other details about the account you want to open. Find more information on opening a bank account and other financial topics at ConsumerFinance.gov.