Opening a bank account is one of your first steps toward . Here's exactly how to do it.
"I was 19 and terrified to walk into a bank. I thought they'd judge me for only having $50. Turns out, they just wanted to help me open an account. Took 20 minutes."
Why You Need a Bank Account
Without one, you're paying to access your own money:
- Check cashing fees: 1-5% of every check
- Money order fees: $1-5 each for bills
- No interest earned on savings
- Harder to build credit history
What You'll Need
| Document | Why They Need It |
|---|---|
| Government ID | Proves who you are |
| Social Security Number | Required by law |
| Proof of address | Utility bill, lease, or mail |
| Initial deposit | Usually $25-100 minimum |
Pro Tip
No ID? Many states offer free IDs. No SSN? Some banks accept ITINs (Individual Taxpayer Identification Numbers).
Choosing the Right Bank
Traditional Banks (Chase, Bank of America, Wells Fargo)
- Physical branches for in-person help
- Often have monthly fees ($5-15)
- Lower rates on savings
Online Banks (Ally, Marcus, Discover)
- No monthly fees typically
- Higher on
- 24/7 customer service by phone/chat
Credit Unions
- Member-owned, often better rates
- May require membership eligibility
- Smaller ATM networks
Do This
- Start with a for daily spending
- Add a for your
- Look for accounts with no monthly fees
The Account Opening Process
- Choose your bank - research fees and features
- Go online or in-person - most banks offer both
- Fill out the application - takes 10-15 minutes
- Make your initial deposit - cash, check, or transfer
- Set up online banking - download the app
- Order a debit card - usually arrives in 5-7 days
Watch Out
Never share your account number, routing number, or online banking password with anyone claiming to be from your bank via phone, email, or text.
After You Open
Quick Win
Set up direct deposit from your job immediately. Most employers can split your paycheck—send most to checking and a portion automatically to savings.