Know The Banking Basics To Open a Bank Account

by Shivani Singh
Open Your Bank Account

Do you want to open a bank account to deposit money and earn some interest? Opening a bank account can be a little intimidating task as it needs some thought and preparation.  First, you must decide the bank where you want to open the account and choose the type of account.  Since it is a task that you do not do every day, you may be a little confused about how to do it. Most of the people do not have much idea about how to open a bank account and which account type is best suited for them. The following tips will help you to get an idea about how to open a bank account easily.

Decide The Right Bank Account To Open

Switching banks is not a good idea to open a bank account. Also, it is not an easy task. So, get familiar with the various account types available in banks to pick the right one that fulfills your banking needs. A savings account is the best choice for those who look for a place to save their money for a short period of time. One of the great advantages of this type of account is that it is readily accessible. Opt for a Chequing/Checking account if you plan to pay bills or for your day-to-day spending. However, this type of account offers less interest rate than a savings account. Take a look at the different types of accounts available in a bank.

  • Savings account
  • Chequing /Checking accounts
  • Certification of deposit (CDs)
  • Money market accounts
  • Online accounts

Take a Look At The Services That You Will Most Use

Once you decide the account type and the financial institution where you want to open the account, try to get an idea about the services that you will use regularly. Choose a bank with branches and ATMs near your location for your convenient deposit and withdrawal of money. You can also consider its debit card, cheques, and internet or telephone banking services before opening an account. Check its direct debit and direct deposit services before opening The Bank Account.

Provide Information

Once you decide the bank and the type of account that you want to open, provide your personal information like your name, date of birth, and a valid Government ID for address proof. You can hand over all the relevant documents along with the application form to the banker if you visit the bank in person to open the account.  The person who wants to open an online account needs to click the “I Agree” button to complete the formalities.


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