There are some things they just don’t teach you in school, and this is an important one. Opening your first bank account is a milestone for many young people, but not everyone has parents who will show them what they need to do to get started. That’s where we come in. If you’re wondering how to apply for a bank account, we’ve got you covered with these frequently asked questions on the matter.

What Bank Should I Choose?

This is a great question. There are many concerns a person must take into, excuse the pun, account when picking a bank. Different banks and credit unions have different types of accounts, as well as varying policies regarding credit cards, ATM fees, mobile banking and more.

Finding a credit union or bank with a branch near where you live can be pretty important, as well as finding a bank that will minimize service fees you’ll have to pay. There are several websites online that will help you compare and contrast different banking options, so keep that in mind during your search.

What Do I Need?

When finding out how to apply for a bank account (though exact policies may differ from bank to bank), you will likely need two forms of identification, proof of address and an initial deposit of a small amount. It can be as simple as your ID, passport or social security card, a piece of mail and a small amount of money, as low as $25. From there, you’ll just need to fill out an application with your bank or credit union of choice and you’ll be ready to get started!

Should I Also Apply For a Credit Card?

If you think you’re ready to take on that financial responsibility, it’s never too early to start building your credit for the future. Just be aware that it’s very easy to get carried away and find yourself in a huge pile of debt. Also, when searching for the right credit card, keep an eye out for outrageous interest rates or predatory scams. Having good credit will help you receive favorable interest rates and will help when the time comes to buy a car or house.

What’s the Difference Between a Bank and a Credit Union?

While banks are privately-owned organizations that have a large financial backing, credit unions are nonprofit institutions owned by its members. Credit unions usually offer higher interest rates on savings accounts, meaning your savings will increase more over time compared to a traditional bank.

You also may be able to find better rates for credit cards and car financing. If you have a trusted credit union in your area, it’s definitely worth looking into! However, there are some downsides as well. Most credit unions have fewer locations than your average bank, as well as being fairly localized to your area. If you travel a lot, it may not be your best bet. Also, credit unions also fall behind when it comes to technology such as mobile apps and online banking.

Hopefully, this article provided some help in navigating how to apply for a bank account. Do you have any other tips or experiences you’d like to share? Let us know down in the comments below, and have a wonderful day!