What every young man should know when opening the first bank account

Do you think it’s too early to open your first bank account? When I was younger, I thought so, and I wasted a little time before I became an accountant. I did not expect to reach 20 to open my inaugural account, but I could have done it as soon as I turned 16, but I did not do it, precisely because I did not know it was possible.

Today, with a little more experience and a few years controlling bank statements, I want to help you in this very good phase of life, when young people start taking the reins of financial life. Check below some tips from someone, who like you, one day was full of doubts before opening the first bank account.

Choose the bank (and account type) carefully

Choose the bank (and account type) carefully

Most banks have special accounts for young people between the ages of 16 and 21. Among the main requirements for the opening of this type of account is the demand for a proven income, which potentially increases the credit limit. This is not always an advantage in the period of youth! It is also advantageous to be able to count on differentiated rates and usually all banking institutions offer this benefit, so you should compare each rate before making your choice.

What is your starting point?

What is your starting point?

Well, your first bill may be current or saving. In both cases, it is important to determine what your starting balance will be. In many situations, the bank itself requires a standardized deposit amount, so you must have that amount in hand. If you opt for a savings account, set a fixed amount to deposit every month and get used early to save with discipline and commitment.

Read the agreement

I do not know what to say Reading the contract can be annoying, but it is extremely necessary. Do not skip the fine print and do not sign without clause by clause. Lack of caution in this step you literally cost yourself dearly in the future. Think about it!

Do not get carried away by friends

Do not get carried away by friends

It is not because your friend chose a particular financial institution, that this choice is also perfect for you. Understand that each person has a profile and the account must be appropriate to him. The opinion of others is important and can serve as a reference during your search for the ideal bank, but it should not be decisive. Remember that every case is a case!

Choose an upcoming agency

Choose an upcoming agency

The seat can be great, but if you have to take what you need every time you need to take a bus, take a subway or spend a lot of gas, maybe that’s not the right choice for you. The more time and money you can save on managing your account, the better!

How does the internet banking institution work?

Nowadays, being able to access your bank account anytime, anywhere is extremely important, so evaluate how the internet banking institution works and opt for the most comfortable and safe alternative for you. Some banks also have mobile apps for account access, query activity, and bank transactions. Whether you like it or not, that’s a big differential.

Get accustomed to money in your account

At first it will be a bit difficult, after all, until yesterday you had money in your wallet, now you are dealing with another reality. Be careful not to withdraw money from the savings to pay something trivial and avoid withdrawing money from the chain, before checking the statement and see if there are debts to be discounted. Failure to observe this detail can lead you into the overdraft.

Another important tip: do not accept high interest rates agar, those offered on the rotary and overdraft credit card. If you wrap up and owe in these categories, you can take a personal loan with lower interest, pay off the debt and start paying a smaller installment. Some institutions like Just offer good loan conditions.

So, did you like these suggestions? Come on, put these tips into practice and do not make the mistakes I made when opening my first account