First Bank Account, what should I get?

Question

I just got part time job, and am looking to get a bank account.
I only make around 650 every month so far, and am looking to get an account where I could have like a card where I can take money out whenever.
Im not sure what it's called(credit, debit,etc) but I want to start an account so I can save some money as well.

Answer 1

In my opinion, I think you should open a checking account to deposit the bulk of your earnings. Usually banks today will supply you with what's called a debit card to use with your checking account. Anywhere you use this card, the money you spend is automatically deducted from your checking account. I have a checking account with Wachovia and I love them. I haven't had any problems with them. You can go to their website and check your balances at anytime. Along with the debit card you can use checks(hence the name checking account) as payment.

Now, if you want to save some money and earn interest, there are a couple options. If you want access to your account easily, I would recommend a money market account. It earns about 3 to 4 percent interest. otherwise, if you're looking to store away your money and let it grow, you could look into CDs(certificates of deposit) at your bank. These can get anywhere from 5 to 10 percent interest on the money you put into it.

Credit cards are pretty different from debit cards in that credit cards have a limit to what you can spend. On credit cards, you can defer payments, meaning that if you don't have the money to buy something today, you can use your credit card to pay for it, but you have to pay that amount back within a certain time, otherwise, you'll have to pay that amount plus interest. If you've never had a credit card before, I recommend you get one with a low interest rate and use it solely for one or two small purchases each month. When the bill comes, it will probably say that you can pay a portion of what you spent, but if you don't you'll pay interest on the remaining amount, so I would say immediately pay the balance. Doing this not only saves you money, but will build your credit score, which is important to have if you're ever planning to make a big purchase, such as a car or house.

Well, hope that helped! Good luck with your finances. If there's one rule to live by, it would be don't spend more than you make!! Debt is not a fun place to be!!

Answer 2

Talk to a bank manager or someone at the bank who can explain what the bank can offer for accounts. Keep it simple. I suggest a savings account even though they don't have musch interest these days. A checking account is also good in combination with a credit/debit card so you can use an atm machine and purchase things with the card. Good luck and good banking !

Answer 3

Well you have several options. There are the big name banks like Bank of America(B of A), Wells Fargo and so on, and then there are your local credit unions depending on where you live.
If you are the type of person who travels a lot you'll be better off with a bank like B of A because they have more locations hence more ATM machines.
But if you want to keep it local, then choose your credit union.
Also, you might want to look at the diffenent service charges. Some have free checking, some have free checking if you maintain a minimum balance of set dollars, and others have a monthly service charge.
There are some who offer free checking to full-time students.
Lastly, Washington Mutual offers free checking to all and they have many branches scattered throughout many locations as well.
hope this helps.

Answer 4

Most banks offer a debit card so you have access to your money whenever. Since you are interested in saving money also, I would suggest you open both a checking and savings account. For the savings account, desiginate what you are sure you can put away each pay period. You may even want to go with direct deposit if your employer offers it. Direct deposit puts your pay automatically into your bank account and you wont have to worry about getting your pay deposited or have to stand in line on pay day.

Answer 5

Most if not all banks these days have the option of the check card when you open your account. However, when you do go to open your account, they will have various types of accounts that you can open. Some you may have to pay for, others may be free. You will just have to decide which is best for you.

Answer 6

My first account was from HSBC.. Free Checking.. pretty good.. i get checks, a Debit card with the EZ pay pass thing.. no minimun too.. no interest though... you can go for a savings where you get a atm card and interest

Answer 7

You will need a debit card/check book combo and add a savings account later.