21 May Opening Your First Bank Account
Getting a bank account is one of those milestones that is both exciting and confusing. Which bank account should you get? What will you need? Will you even be able to get one? But don’t worry, at the Bank of the Lowcountry, we are here to help! Below are the steps to opening your first bank account.
Decide to Open a Checking or a Savings
One of the first things to do is to decide whether or not to open a checking or a savings account. With a checking account, you get easy access to your money but with low interest. For a savings account, you will build more interest but have less access to your money. If you want to save towards a specific goal, we suggest a savings account. If you want to have access to your money at any time, we suggest a checking. When you come in to open your account with us, we can always go over the particulars to help you decide which would be right for you. Down the road, you may decide to open both which is what we recommend.
Get Your Info Together
Before you go to the bank to open an account, you need to get together some information about yourself. You will need a proof of identities such as a passport or a driver’s license, personal details like birthdate and social security number, and your deposit. For our free checking account, you will need $50 dollars and for the savings account, you will also need $50. If you are under 18, you will need a cosigner.
What Happens Next
Once you sign your application and open your account, you should keep the information about your account on file in case you need to refer to it later. You will have access to your banking information anytime on our online banking website so monitoring your account should be easy. Remember to manage your account wisely and check it often.
Opening a bank account for the first time is not as difficult as it may seem. For you to be financially fit, it is crucial to have a bank account and it such an important milestone to get too. If you have questions about opening a bank account with us and how to manage your account, contact the Bank of the Lowcountry today so we can help.