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6 Simple Steps to Opening a Bank Account!

Hey

so I don't know about you but as a kid

when I heard the words bank account I

pictured scrooge mcduck taking a dip in

his coinage see as it turns out not so

much the case but bank accounts are

still a plus plus and today we're gonna

chat a little bit about how and why you

should open one let's start with the

basics of a savings account you deposit

money into the account and it hangs out

earning a little bit of interest

deposits made at banks into a savings

account or insured by the government for

up to two hundred and fifty thousand

dollars per depositor per bank so your

money is guaranteed to be their savings

accounts are a great way to keep money

for short term savings goals or for

emergencies that may come up because the

money is readily available cash in a

savings account is what's known as

liquid which means it's readily

available as opposed to money that's

been invested in say the stock market or

in gold which would require you to sell

that asset in order to get the cash in

hands checking accounts works similarly

you or your employer deposit money into

the account and then you use checks or

check debit card in order to pay your

bills get it the sad news checking

accounts don't usually pay interest the

glad news similar to a savings account

the money in your checking account is

safely insured by the FDIC for up to two

hundred fifty thousand dollars also good

news your debit card is likely accepted

wherever credit cards are accepted the

difference between a credit card and a

check debit card is that with a debit

card the money you spend is instantly

subtracted from your account whereas

with a credit card you are billed for

those expenses later we'll chat more

about debit versus credit in a future

video opening a new checking or savings

account is fairly straightforward you

might prefer the personalized feel of a

brick-and-mortar bank or you might like

the flexibility of an online bank either

way the process is going to require

several things an application form which

you can pick up at the bank or fill out

online a driver's license or ID card you

Social Security number and you may also

be asked for your current physical and

email addresses let's walk through the

process of opening a checking or savings

account an ally a well known online bank

obviously we here at how to adult don't

endorse any particular financial

institution we're going to use a lie

an example and the process should be

pretty similar at any other online bank

number one choose whether you're a new

or returning customer number two choose

which type of account you'd like to open

number three next you'll enter your

personal information this is the info we

discussed earlier when you finish

entering your personal information click

through to step four creating your

account def five allows you to make an

initial deposit finally step six allows

you to set up an online banking username

and password and now you have a checking

and or savings account huzzah if you

have any financial questions for us for

future videos please leave them for us

in the comment section below we would

love to hear from you in the meantime

I'm just going to take this awesome

catchphrase I just thought of and I'm

going to deposit it in my minds savings

account because we know there's a lot of

interest get