Level All Team
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June 6, 2025
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3 min
Opening your first bank account is a big step toward financial independence. Whether you’re babysitting on weekends, working a part-time job, or just ready to start saving, a bank account gives you a safe, smart place to manage your money. But how exactly do you get started—especially if you're under 18? Here’s your complete guide to choosing the right bank, opening your account, and setting yourself up for success.
Even if you're not earning a full paycheck yet, a bank account makes life easier and safer. With a checking account, you can get paid by direct deposit, track your spending, and use a debit card instead of carrying cash. A savings account lets you earn interest while you set money aside for goals like college, a car, or emergencies. Banks also provide access to tools like automatic bill pay, online transfers, and mobile banking. And best of all, your money is protected: accounts at most U.S. banks are insured by the FDIC for up to $250,000.
There are several types of banks to consider, and choosing the right one depends on your needs and preferences. National banks often have lots of branches and ATMs, which can be convenient, but they may come with higher fees or lower interest rates. Local banks and credit unions usually offer more personal service and lower fees, though they might have fewer physical locations.
Neobanks, which are online-only institutions, are known for user-friendly mobile apps and low fees, but they don’t provide in-person customer service. Some retailers also offer banking services, which can be convenient if you frequent the store, but they tend to have more limited features. Think about what matters most to you, like fee-free ATMs, good mobile access, or low account minimums, and choose accordingly.
Once you’ve picked a bank, the next step is gathering the right documents. If you’re 18 or older, you can likely open an account independently. If you’re under 18, you’ll probably need a parent or guardian to co-sign or open a joint or custodial account with you. In most cases, you’ll need a valid photo ID such as a driver’s license or passport, proof of your home address like a lease or utility bill, and your Social Security number or Individual Taxpayer Identification Number.
Students or members of the military may also need to bring documentation to access special account perks. Don’t forget that your co-signer will need to bring their documents too. Finally, you’ll need to make an initial deposit to open the account, which is usually between $25 and $100, and can be paid by cash, check, transfer, or money order depending on the bank’s policy.
Many banks allow you to open an account online, but if this is your first time, visiting a local branch in person can make things easier. A bank representative can walk you through your account options, explain any fees, and help you set up your online banking profile. They can also answer questions you didn’t know you had, like how to use your debit card, when to expect your first statement, or how to order checks if needed. You’ll also make your initial deposit at this time.
If you’re opening the account online, be prepared to enter your personal details, upload identification, and provide an electronic transfer for the first deposit. Regardless of how you open your account, it’s a good idea to set up both a checking and a savings account from the start. That way, you can keep your spending money separate from your savings goals, and easily transfer money between them as needed.
Once your account is open, take a few minutes to set up online banking and notifications. Alerts for low balances or large purchases can help you avoid overdraft fees and catch mistakes early. If you’re getting paid, setting up direct deposit ensures quick and secure access to your money. You can also schedule automatic transfers to savings or set up bill payments to stay on top of due dates. A little setup now makes it easier to manage your money confidently and avoid common banking pitfalls.
