Most people start their banking journey with a checking and savings account. (“Deposit” accounts.) A checking account gives you easy access to your money – this is where most of your deposits and withdrawals (“transactions”) take place. A savings account is used to build money over time, so it isn’t used as often. You can open as many, or as few, accounts as you’d like, but the checking/savings combination is a great starting point.
Checking accounts allow you to use checks or debit cards to easily pay for goods and services. If you take advantage of e-Services (i.e. online or mobile banking), you can pay bills or transfer money using the internet. When checking accounts pay interest, it’s usually at a lower rate than savings accounts.
Savings accounts typically make it harder to access your money – generally there are no checks or debit card to withdraw your funds, and while you can use savings accounts to pay bills with e-Services, it isn’t as common. In exchange for less convenient access, savings accounts pay interest, almost always higher than is available from a standard checking account.
What do you need to open a deposit account?
Opening a deposit account – checking or savings – is relatively quick and easy. When you go to the bank, you’ll want to bring the following items with you. (These are specific to Citizens State Bank – other banks may have different requirements.)
Photo ID – You’ll need a government-issued identification card, such as a driver’s license or passport.
Funds to deposit – Our minimum opening balance for a checking account is $50 ($25 for a savings account), which can be in cash or a check made payable to you.
And, that’s it! Our Personal Bankers (or Customer Service Representatives at any bank) can help you find the account that’s best for your specific financial needs, especially when you’re starting out.
The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.