I need some help with Bank Accounts!?

Question

I just got a job and they said it would be best if i got a bank account. What is the best one that nobody has a problem with?

Answer 1

Your employer probably told you it would be best if you got a bank account, so they can do direct deposit:

Although yes, as the first or second poster here mentions inflation - - getting a bank account does NOT mean you're going to leave your $$ in there forever, so don't be so worried about inflation so much at this point :-).

Depending on your age, you'll either want a checking account, or a savings - - or ideally, both.    Many local credit unions have totally free checking - meaning you don't pay a fee for them to 'hold' your money (why should you pay someone to hold YOUR money for you??).  Otherwise, below are a few banks with locations in many states for you to consider - that I know have FREE checking (no minimum balance required):

1) Wells Fargo

2) Bank of America

3) Chase (although they have poor customer service)

Also, if you will have direct deposit, most banks will make your account totally free - as long as you have direct deposit - because they can count on getting your money regularly.

Good luck on your new job!

Answer 2

It can make things easier if you have a checking account as far as paying bills, not having to carry all your money around with you, etc.  When you have a couple of hundred dollars extra, then open a savings account.  Just look for a bank that's convenient for you to get to that offers free checking accounts.  

The way you don't have a problem with your bank account is to balance the account.  Always know exactly how much money you have in your checking account to spend.  Make sure you write down all your transactions and use the bank's online banking to check your account.  When you open your account, ask the bank's representative to explain how to balance your account.  They can explain it easier in person than I can here.

Most people have problems with their accounts because they spend more than is in the account and so they overdraw the account and get charged fees for that.  That's about the worst thing you can do with a checking account.  Try not to let the balance get too low as it is easy to forget a transaction.  

Good luck.

Answer 3

Do not get a bank account. The average return is 1-1.5% Inflation is at 3.1% and rising are you really saving at that point? I am a financial adviser doing pro bono work for the next 30 days. You can e-mail me and I can give you the information you need free of charge

Answer 4

If you don't already have one start with a savings account. We bank at local community bank and our savings and checking accounts are tied together, so should we ever over draft or have a check bounce it the fee is only .50 cents instead of $30.00.

If you decide to set up a checking account look for a bank that doesn't charge for it. Some banks will charge you if your balance goes below a certain amount.

Businesses are now preferring to and giving incentives if you have your check electronicly deposited to a bank account instead of having to print a check. You still recieve stub that lists all your withholdings on  your check, but since it is printed on regular paper it is cheaper for the company.

I would check with you company as to why they want you to have a bank account and check with local banks to determine which is right for you.

Answer 5

You will probably want both a checking and savings account.  The savings account is obvious, you will be making money and trying to save some.  But you probably want a checking as well to make it easier to pay any bills you may have.

Answer 6

I have had wonderful experiences with Compass (although I had to close the account when I moved; no branch in my rural area.) They have free checking with everything free including checks for life and ATM withdrawals from other machines than just their own. Their customer service was pretty good too. Don't forget to open a savings account too.