Starting out with one of each card can help you develop responsible spending habits and provide convenience. You will miss out on interest generated by a savings account. Keeping all your money in a checking account means your savings are easily accessible and available to spend. Evaluate the various overdraft, monthly, withdrawal and other maintenance fees accompanying account options.Įxperts recommend you have a savings account which you can use for handling unexpected financial expenses and emergencies, such as a broken arm, flat tire or hike in school tuition.Ĭhoosing to only open a checking or savings account can be a poor choice, as having the two types of accounts separate helps distinguish between money available for immediate spending and reserves, intended to be kept for the long-term. Each option comes with certain benefits and disadvantages. These enable you to set up automatic payments for monthly bills and offer the ease of not having to carry cash around. Most people choose a checking, debit or savings account or combination of those. There are a number of options for the type of primary account for saving your paychecks. The FDIC insures money in a savings account for up to $250,000. Checks and debit cards offer proof of payment so you have a record of transactions showing where your money goes.
Having a bank account provides convenience, access to a choice of benefits and safety. This keeps your money secure and saves you from paying interest to cash advance companies which charge a percentage of your check.
Once you have a paycheck, set up direct deposit.
Developing financial acumen starts with opening a bank account.
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