What are bank accounts?

Today I’m briefly going to talk about bank accounts 🙂 If you are looking to open an account or want to know some important things – keep on reading!

What is a bank?

  • A bank is a place where you can bring you money, the bank will keep track of it for you and you can deposit (or put in) money or take out money.

Important things you need to know:

  1. There are two different types of bank accounts, Savings and Checking
  2. A savings account will allow you to slowly earn interest and if you want to withdrawal money, you need to go to the bank.
  3. A checking account is when you get a checkbook and debit card and your debit card will take money out of your bank account. This isn’t the best way to go if you are looking to save some money!
  4. Be aware: there may be bank fees or a minimum starting amount
  5. You will need to give out some basic info as well as your social security number when setting up your account

Steps to opening a bank account:

  1. Decide what type of bank account you want: Checking or savings (if you are under 18 you will need a parent or guardian to co-sign)
  2. Pick a bank look at the bank fees, interest rate, and minimum starting amount.
  3. Go to the bank and ask questions then if you decide you like the bank and their workers ask to make an account. (this is where they will help you )
  4. Visit the bank occasionally to put in your money
  5. Have fun saving!

All banks have a different required opening amount some at $1 to $300 or more!

Important: MAKE SURE YOU MONITOR THE AMOUNT OF MONEY THE BANK IS TAKING AS A FEE SO YOUR ACOUNT DOESN’T DWINDLE DOWN TO NOTHING!

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