Starting your first bank account can be a daunting task, but
it doesn’t have to be. A good amount of planning and research can make the job
a lot easier. The following tips are here to prepare you on the first step of
your journey. Welcome to the wonderful and extremely complicated world of bank
accounts.
1. Determine how
much money you wish to put in the account.
Some banks require a minimum starting balance, commonly in
the two figure range. Bring a check or cash with you when you start your
account. There may also be monthly service charges for certain accounts. Student
and online banking accounts tend to not have these charges. It’s also a good
idea to set up a schedule for adding to your bank account. Money does very
little good sitting in your pocket, and you might as well earn some interest on
it if you can.
2. Beware of the
fees.
In today’s economy, a lot of banks are choosing to implement
more and more fees and penalties for things people used to receive for free.
Take some time to read the fine print. Will you be charged for going into the
bank and talking to a real person? Does the savings account have a monthly fee?
Will the company reimburse you for ATM transactions, or are you expected to
cover those by yourself? Ask plenty of questions before starting an account.
3. Look past the
free stuff.
Many banks will try to lure you in with promotions. This can
be very unimportant in the grand scheme of things. Take into consideration the
bank’s conditions, limitations, and general practices. Once the promotions are
over, the cool bank that tossed you a few extra bucks might not be all that
great.
4. Map out the
nearest ATMs and branches.
This is one that’s easy to forget. If you don’t have easy
access to a convenient ATM, especially one owned by the bank itself, it may not
be worth your time. ATM access can vary wildly from location to location, so
it’s best to do the research beforehand. Make sure you have at least one within
your city, and also consider the places you tend to frequent. Carrying cash
these days is not as big of a deal anymore, but it’s good to have the option
available.
5. Consider going
“online-only.”
Many banks today, offer online-only banking services. If you
have direct deposit for your job and you’re pretty tech savvy, these accounts
tend to come with almost no fees and can be a great way to keep as much of your
money as possible. They also usually cover any ATM fees you may encounter.
6. Get used to the
idea of money sitting still.
When you were a child, you probably spent money any time you
received it. It might not seem like it, but money is actually more fun when you
take the time to save it up. To do so, you have to learn to keep it in the
bank. It isn’t burning a hole in your pocket; it’s actually biding its time for
an emergency down the line, or a time when you really need it for something.
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7. Don’t be afraid
to walk away at any time.
You aren’t committing to a lifelong relationship with your
bank of choice. If your circumstances change over time, whether you move to a
new city or begin to share your income with another person, you may want to
reconsider your options. Although banks do reward loyalty, there is no need to
stick to one if it’s just not working. This is also true if you’ve just started
banking with a company and they aren’t living up to your expectations.
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