Reasons to Open a New Bank Account

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According to an FDIC survey on American banking habits, over 7 million people in the U.S. don’t have a bank account. Maybe you are of the mindset that storing your money under your mattress is the safest way to go, but have you considered what happens if your cash gets lost, stolen, or destroyed in a fire or a flood? Or, perhaps you have a bank account but are considering switching banks because you got an attractive offer in the mail.

Wondering if you need to open a bank account? No matter what the situation, having one can help you manage your money better. Here are a few reasons to open a checking account:

  1. You will have access to a debit card and checks. While having cash on hand at all times is important, in some circumstances you may need an alternate form of payment.
  2. Direct deposit allows access to your funds immediately. It beats having to wait on your check to arrive in the mail, get deposited and clear.
  3. Bank accounts offer convenient features such as online and mobile banking options. Paying bills online can save you money on stamps and time. Online bank accounts keep a record of your spending, which can also help with your budgeting. In addition, you can keep a close eye on your account to make sure there is no fraudulent activity.
  4. You can have peace of mind that your money is safe. In fact, if you open an account at a bank, your money is automatically insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per person, per institution.
  5. There are free bank accounts available. While there are some bank accounts that require you to maintain a minimum balance, there are still plenty that don’t. Also, you’ll also want to consider that some accounts pay interest on checking and savings accounts. Do your research and find out what is most important to you in an account. Find additional information on Pennian checking accounts and savings accounts.
  6. Your borrowing options may be limited without a bank account. This could leave you more susceptible to predatory lenders who charge sky-high interest rates, which could potentially set people up for risky cycles of debt.

Ultimately, a bank account is a place for you to deposit and withdraw money, make payments, pay bills electronically, transfer funds and more. Whether you have a lot of cash or are just getting started on your financial journey, we encourage you to explore your options and see what bank is the best fit for you.

Of course, we hope you choose Pennian Bank and are always here to answer any questions you may have.

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