Basic steps to open a bank account

Most people think that opening a bank account is quite fast and easy. However, it can get a bit complicated. Take a look at the following steps and learn the best way to do it!

Opening a bank account isn't an easy task. Before you go to the bank and hand them your money you should prepare a few things. Have you already decided which type of account you want? Have you analyzed the fees and conditions involved?

Before you get more confused, take a look at these steps and get prepared to open your bank account.

Learn how to open your bank account

Prior to your visit to the bank, you may want to check your options. Not every bank offers the same conditions and benefits to open an account, so research what are the options you have near your home or work.

The main features you want to make sure you check are: fees, interest rate, conditions, number of branches and ATMs (locally and nationwide), customer service and online banking, among others.

Once you've decided on the bank, you should check which kind of account you need. It can be a checking or a savings account. Both of them will allow you to save your money and withdraw it whenever you need to.

Nevertheless, the checking account is mostly used for daily transactions and allows you to have a checkbook and debit card.  Whereas, the savings account is used to stack your money and gain interest throughout time. This means that the more money you have in the account and the longer you leave it there untouched, the more interest you will get.

Once you are all set, it's time to go to the bank! Make sure you take your ID, proof of income and a proof of address. Then, you will be ready to fill out some forms.

After you complete this step, make sure you keep the documents of the account in a safe place. These files usually have sensitive information you don't want to share, so take good care of them!

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