At some point in your life, you will need to open a bank account whether you just became of legal age or just got employment, and your employer may demand that you open a bank account to receive your wages. When working in a foreign country, it’s prudent to open an account with a reputable local bank. By doing so, you will have easy access to your money, save on the cost of operating an account, and enjoy a seamless customer service in case of a malfunction.
A bank account helps you manage your finances efficiently. For instance, you can keep track of your expenditure via the account statement. What’s more, you can save your money with banks and earn from it. How? You ask. Your money on a savings account accrues interest at a specific rate every month, which means, after some time, you’ll have more money than you initially deposited.
What Do You Need To Open a Bank Account?
To open a bank account, you need to be of legal age and have a government-issued original identification document. Parents can open bank accounts for minors on their behalf and co-own the account until they are 18 years of age. You may also need money to be able to pay the minimum initial deposit. Just to be safe, have at least $5 with you.
What Type of Account Should You Open?
There are different kinds of accounts out there. Your decision should be based on its purpose. You should ask yourself these questions? “Why am I opening a bank account? How frequently will I be using the account(s)? What kind of transactions will I be conducting?” The answers to these questions will help you open one or two of the following bank accounts; checking, savings, or a combination account.