Opening your first bank account

You'll need

• Your Social Security number or ITIN
• A photo ID: driver's license, state ID, military ID or passport
• Money for the first deposit. Some banks let you open an account with as little as $25

Do it like this

1. Compare two or three banks or credit unions. Look at their websites or visit, and ask what each account costs (consumer.gov).
2. Make sure your money is insured: FDIC at a bank, NCUA at a federally insured credit union. Each covers up to $250,000 per depositor, per ownership category (FDIC, NCUA).
3. Ask the fee questions. Is there a monthly fee, and how do I avoid it? Are there overdraft fees, or can the account block spending past zero? Are there fees at other banks' ATMs (FDIC)?
4. Apply in person, online or in the app with your ID and your Social Security number or ITIN. You must be at least 18 in most places. If you're younger, a parent, guardian or other trusted adult may be able to help you open one (FDIC).
5. Make your first deposit, sign the paperwork, and turn on online or mobile banking, your debit card and text or email alerts (FDIC).
6. Ask your employer about direct deposit. Your paycheck goes straight into the account, and it can help you avoid some fees (consumer.gov).

If it doesn't work

• No driver's license? Ask which other IDs the bank accepts. Some banks accept other forms of ID (FDIC).
• Under 18 and the bank won't open an account in your name alone? Ask about opening one with a parent, guardian or trusted adult (FDIC).
• A fee you didn't expect? Call and ask what it was for. The phone script for questioning a bank charge has the words.

Good to know