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Whether it's your first paycheck, birthday cash tucked into a card, or money you've been setting aside for your next step, at some point, everyone reaches that moment: What should I do with my money? Opening an account can sound intimidating, but it doesn’t have to be. The process of opening a bank account is actually simple once you know what to expect. Whether you’re getting started yourself or helping your child take their first financial step, this guide breaks it down so you know exactly what to expect.
Step 1: Decide What Type of Account You Need
Before opening an account, think about how you plan to use it. There are several options to choose from, so what best fits your goals?
A savings account is ideal for setting money aside for emergencies and financial goals. Savings account options include:
- Regular Savings – for your everyday savings.
- Personal Money Market – to earn extra money.
- Christmas Club – to save for the Christmas season.
- Miscellaneous – for any other specific needs you are saving for.
A checking account is best for everyday spending, paying bills, and receiving direct deposits. Checking account options include:
- Free Checking – easy access and lots of benefits.
- Champion Checking – you can earn monthly dividends.
Many people choose to open both a checking and a savings account, so they can separate spending money from the money they want to save.
Step 2: Gather the Information You’ll Need
To open an account, you will need to provide the following:
- A valid government-issued photo ID, such as a driver’s license or passport.
- Your Social Security number.
- Proof of address (if different from ID).
- Deposit a minimum of $5 into the account.
Step 3: Open the Account
Once your information is verified, the account can be opened quickly. During this step, you will:
- Review and sign account disclosures.
- Choose how you want to access your account, such as using your debit card and logging into online banking.
- Set up features like direct deposit, mobile banking, bill pay, and more.
Opening a Bank Account for a Child
Having a bank account early on creates real-life opportunities for your child to learn about saving, spending, and setting goals in a way that makes sense to them.
To open an account for a minor, you can stop by one of our 7 branch locations and bring the following:
- A valid government-issued ID, such as a driver’s license or passport, for the parent or guardian.
- Birth Certificate or valid government-issued ID for the child.
- The child’s Social Security number.
- Proof of address (if different from ID).
- Legal guardian paperwork, if applicable.
- Deposit a minimum of $5 into the account.
Accounts for anyone under the age of 18 are joint, meaning the parent or guardian helps manage the account while guiding the child as they learn.
Whether you are just getting started on your own or helping the next generation learn, having the right accounts in place makes life’s next steps that much more attainable.