Opening an Account

One big part of choosing a bank or credit union is selecting the one that offers the best account for you, which really depends on your needs and what you will use it for. Don’t assume that all banks are the same or offer the same accounts—they don’t. Some banks have special types of accounts for teens and young adults that don’t charge you a service fee and protect you from paying fees if you overdraft your account, or try to spend money that you don’t have in your account.

Some questions to ask yourself when choosing an account:

• Does the account charge any service fees or require you to have a certain amount of money in your account?
• Do you need to be able to write checks (to pay rent, bills, etc.)?
• Do you need checks cashed?
• How do you plan to get your cash out when you need it (ATM or visit a bank branch)?
• Are you good at keeping track of your balance?
• How much money do you have and expect to have? Will you need loans as well?
• Do you want to review your account online and on your phone? Does the bank offer an easy-to-use app? Can you track your debit card expenses so you stay within your budget and have money left at the end of the month for your rent? Can you easily pay bills electronically?