You need to apply for a bank account.
Whether this is your first time having your own bank account after graduating or you’ve been predominantly using Paypal as your means of storing your funds, this can seem like a very simple and very complex task. Which bank is best when it comes to helping you save money? Should you apply to banks with mobile banking options or is this a minor detail you should overlook? Before you fill out an application for new bank account consider reading the list below. There are a few things you should be aware of to make sure this account doesn’t just store your money, but help you expand your horizons.
Whether it’s a checking account application or an attempt to build good credit, applying for a bank account is a solid idea.
Banking In America
Banking has gone through quite a few changes in the United States, with much of this attributed to debt and technology. Today over 175 million Americans have at least one credit card to their name, thanks to data provided by the Federal Reserve. The country also has over $16 trillion in assets, supporting the world’s largest economy and the highest concentration of private credit. To apply for a bank account today is to navigate the ups and downs of different banks.
Student Loan Debt
A major concern for many is the onset of student loan debt. The total amount of outstanding student loan debt, according to a few recent studies, passed the $1 trillion mark for the very first time in American history back in 2012. The average student today now amasses more than $20,000 in student loan debt and related financial issues. Millennials are deeper in debt than previous generations on top of the average Millennial salary being 20% lower than what Baby Boomers had at their age.
Debit And Credit
Your options when you apply for a bank account is to apply for a debit or credit card. A debit card relies on the funds you have in your checking account, while a credit card will have limits for how much you can use in a given day. They also have different interest rates that will pile on the longer you take to pay. Building good credit is in your best interest, particularly if you plan on owning a home or applying for business loans in the future. Another feature you should consider is mobile banking.
Everyone is constantly on-the-go. To school, to work, a lot of errands need to be done in-between one place and another. Most banks today offer their own bank app to help you transfer funds, read transactions and provide receipts no matter where you are. Banking isn’t just about having a place to store your money, after all. It’s meant to be a convenient and secure addition to your everyday life. Whether you need banks in Connecticut or just want to build better credit, there’s a lot to gain.
Choosing The Right Bank For You
When you apply for a bank account you take your future in both hands. Community banks account for the vast majority of all American banks at 99%. More than 600 counties also have community banks as the sole physical banking locations. Holding nearly $5 trillion in assets and $3 trillions in loans to both consumers and small business owners, finding a local bank to help you with saving up and building good credit will open up countless doors for you. It’s recommended you have a debit and a credit card when starting to keep your funds more balanced as you move throughout your day.
Applying for a bank account can be intimidating, but it’s a useful venture that will only get more so by the day.