Taking the First Steps
All banks are not created equal, and one of the first steps towards gaining financial literacy is finding a bank that best suits your particular needs.
Where to Start
- Do a quick Google search to find a list of the banks near you.
- Remember: don’t get reeled in by the freebies! Instead choose the bank that offers the best account types/terms for you.
- Then decide if you’d like to open a checking account/savings account—or both!
- Note: checking accounts can be easily accessed for daily transactions and check writing, while savings accounts will pay you interest over time. Watch that money grow!
What to Consider
- Minimum balance requirements
- Monthly maintenance, transaction and ATM fees
- Amount of interest paid annually on savings accounts
- Are the bank’s hours and ATM locations convenient for you? Much of this research can be done online, but do be sure to visit the bank once you’ve narrowed down your options.
Want to know more?
We have a video for that! Check out "Choosing a Bank" by our Financial Literacy Peer Educator: