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What Do You Need To Open A New Bank Account?

Many people keep the same bank account for years. If you're in need of a new account or want to switch banks, you may be wondering what you'll need to do during the account opening process. It's easy to forget when it's been a long time since you've opened a bank account. The good news is it's a simple process to open a new account. Keep reading to see what you need to do to open a new banking account

If you're over the age of 18, you'll be able to easily open a new bank account without much work at all. 

You'll Need to Provide Some Documentation

Before you're able to open an account, you'll need to provide some documentation. You'll need to provide the bank with the following:

  • A government-issued photo ID
  • Information about you, such as your Social Security number and birthdate 
  • Basic contact information 

If you plan to open a joint account, you'll both need to provide your information before being able to open an account together. 

You Need to Decide Which Account to Open

You'll also need to decide which bank account type to open. Some choose to open both a checking account and a savings account at the same time, while others choose to open only one type. It depends on your banking needs. If you plan to wire checks, pay bills, and make debit purchases, you'll want to open a checking account. If you're planning to save money and don't need to pay bills regularly with your new account, a savings account may be the best bet. 

Compare Banks and Offerings

Before you go to open a new account, take some time to research options. If you're switching banks, you may be able to take advantage of a welcome offer. Some banks will give you free money if you open a new account and maintain the new account for a certain time period. You may also find banks with no-fee checking accounts or with accounts that waive fees if you maintain a certain account balance. Do consider opening a new account with a bank that has branches and ATMS near you so that it's easy to handle your financial needs.

Opening a new banking account is easy to do. You can find a great bank that makes it easy for you to handle your financial matters. Contact a local bank branch to see what kind of checking and saving account offers they have right now.