#bank #money #savings
Why a bank account?
Having a bank account is important and it can help you reach your financial goals. Putting your money in FDIC insured banks can offer you financial safety, easy access to your money and overall financial peace of mind.
Documents you need to open an account:
A valid government issued id such as driver’s license or passport. Non drivers can get state id from the DMV.
Personal information such as name, address, birthday, social security number or Taxpayer Identification Number.
Some banks require you to have an initial deposit. Make sure to check how much deposit you need for the bank you choose.
Find a bank that suits your needs
Identify the type of account you want (checking, Savings etc.)
Look for a bank that charges low or no fee.
Consider bank locations ( is it close to you?)
Find a bank that supports your lifestyle. For example if you’re trying to save more money, look for a bank that offers features to help you reach your goals, such as: high-yield savings.
Understand the terms and conditions when opening an account.
Most common bank accounts
Checking account: For most people, it’s where their paycheck gets deposited, where bills get paid from, and where they keep the money they need to get to quickly and it comes with a debit card.
Savings account: a place to put your money that you don’t need right away and it’s available for you when you need it.
Money Market Account
Money market accounts might come with a debit card, although some banks don’t offer this feature. And like a savings account, a money market account earns interest (not a lot, but usually slightly more than a savings account) while keeping your money separate from your everyday funds.
With this account you might have limited transfer & withdrawals each month
Minimal balance may be required to open and maintain this account.
Earned interest is minimal but taxable
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In English only, say ending credits when recording:
Thank you to our sources who provided information for this video and to our interpreter today. Thank you to Milwaukee Public Schools for providing interpretations. This project is funded in part through a city of Milwaukeegrant of federal community development funds.
Cc staff/volunteers.
Thank you to our sources who provided information for this video. Thank you to our partners at Milwaukee Public Schools. This project is funded in part through a city of Milwaukee grant for federal community development funds.
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