Other FAQS

First of all, when you open a savings account, you may need to pay an opening deposit which is between $25-$100 on average. Some banks do not require any opening deposit though. Then, most savings accounts come with maintenance fees, like monthly fees. You can avoid them in most cases if you maintain minimum balance. You are allowed six free withdrawals per month. Any extra withdrawals are not free, and banks will charge fees for them. This rule does not limit ATM and in-person withdrawals, which may also charge fees. Also, some banks may charge fees for account inactivity.

Yes. You can have payroll or government checks directly deposited to your checking account. You will actually benefit from that as many checking accounts waive monthly fees when direct deposit is set up. To take advantage of direct deposit, you will need to talk to your employer to get that started. You can also contact your bank to get the details about how to set up direct deposit.

You will need to provide some personal information and pay an opening deposit if required. The personal information includes a government-issued ID, Social Security number, proof of address, and email. The opening deposit is usually between $25-$100, but some issuers may not require any deposit to open the account. Please note that you should be 18 years old to open the savings account. If you are under 18, you must have a parent or guardian to sign the documents.

Yes. You can link your checking account to your savings account. It will actually give you access to some good features. Notably, you will be able to set automatic deposits from your checking account to savings account. This will help your savings to grow faster with little effort from you. Or you can use your savings account as overdraft protection for your checking account, if both of your accounts are in the same bank. This will help you avoid unnecessary fees in case your checking account balance is close to zero.

Whether you are opening a checking account online or visiting a nearby branch, you will need to provide some personal information. First of all, you will need such forms of identification as Social Security number, driver's license, state ID or passport. You will also need to provide your address, email, and phone number. Then you will need to pay a minimum opening deposit, if required. If you are opening online, you can use your credit card, debit card or electronic transfer from your savings account to pay the deposit. When approved, you will be sent your new account number and other important account information.