Open a Savings Account in 5 Steps

December 07, 2016


If you long for the vacation of your dreams, to buy that car you know has your name on it, or to have your own apartment and live by yourself, opening a savings account is the first step to make it happen. But more than just saving up to make a purchase, creating the habit of setting money aside in the bank could be a lifesaver in a financial emergency. Besides, opening a savings account is easier than you think. It is as simple as following these steps:

  • Choose a financial institution: Do your internet research and compare the accounts and services that different institutions offer. Think about what is important to you: having a branch near your home, access to ATMs, or innovative online and mobile services. These factors will help you choose your ideal institution.
  • The account for you: The main factors to choose one account over another includes factors such as the minimum opening deposit, monthly balance requirements, and the accrued interest rate, among others.
  • Once you open the account: Once you choose your financial institution, go to a branch with two valid forms of ID. These may be your driver’s license, Social Security card, passport, or voter registration card. You should also bring the money you plan to deposit. The minimum deposit required in order to open a savings account varies according to the type of account you choose.
  • Ask about monthly service fees: Each savings account has its own requirements. Some don’t charge monthly service fees. Others do charge this fee and demand you maintain a minimum daily amount. Now is the time to ask as many questions as you need in order to choose the best product for you.
  • Be disciplined: The best way to ensure you really will save money is by not touching the funds in your account. If you constantly withdraw money, you will not achieve your goal of building up the savings you want. Therefore, you should also try to open a checking account where you deposit the amount needed to pay your monthly bills or to withdraw whenever necessary.
  • Save with your checking account: If you have a checking account, you can ask the bank to transfer a certain amount of money into your savings account. This way you will have an automatic reserve.

Follow these tips so you can start saving for your future today. Click here for more information about savings accounts. Visit our section Banking 101 for more information and tips for achieving your independence