You have to go into the bank with your personal information and speak to a representative about opening an account. A savings account will let you hold your money there while earning interest. Right now if you had 1000 in a savings account you would earn about 2 cents a month. It's not really worth it in my eyes. A checking account would let you have actual checks and a debit card to make purchases. That's the only advantage it has really. You have to make sure there are no fees for having a low balance or for other things associated with checking. You can also overdraft a checking account which would result in a lot of fees and penalties.
I would start with a no-montly-fee, zero balance checking account with a debit card that does not charge for using it. Pick a bank that has good customer service. When get a chance, get an account in a credit union too; they typically have better interest rates for savings and loans.
As soon as you have a little money saved up, also open a savings account. Some banks require a savings account first with like a $5 minimum balance. The lower the minimum the better, or the higher the interest rate. Shop around in other words. I also tend to pick banks close to me because you could easily burn up any interest rate difference in gas and time.
In a few years, also pick a second bank. At some point in your financial future, there is bound to be a mix up at the bank on balances, or one getting hacked into. In these conditions, you need to at least stop using that account, and/or pull out the majority of the funds. Already haven chosen a second bank will let you do this almost seamlessly.
Online banking has tradeoffs. I would only set up online banking with the one that will use for bill paying, and only transfer enough money into the account to handle the bills.
Debit cards do not have the same protection as credit cards; you don't have as many rights if you need to contest bogus charges on it, as in it is stolen or hacked. So, only use the debit card at safe ATMs. Get a credit card with the lowest interest rate for other uses, and pay it off each month. If you cannot pay it off, then you are getting addicted to overspending; the first sign of a financial meltdown. Also, get a second credit card that you typically don't carry with you as a backup. At some point, I would have two in my wallet because who knows when one will fail; sometimes they just fail mechanically. Hiding one it the car is another option.
Once you have found the bank you want to start with, call them for new account requirements. This will save you a trip. Typical is proof of ID, address, contact info, like a drivers license and SSN card. They may ask you for emergency contact information of other people, like your parents. If there is a free life insurance policy with the account, then they will also ask for beneficiaries.
Good luck on your education and career. I hope you have a solid financial future.
A checking account is PERFECT FOR YOU, if you make a lot of money and pay a lot USING CHECKS: bills, student loans, utility, books, clothes, car payment, taxes, food, etc.
A Savings Account is PERFECT for you, if you live @ home with your parents, don't have bills to pay, and you get everything FREE. The interest rate used to be high, but today, it is very little!
Save your money while living @ home, & working, and the money you make put them in your account to spend when YOU NEED THEM.
A checking account, is NOT perfect, if you write checks in an impulse.
I have no idea what you do, where you live, if you live alone or share a room with a family member or friend, if you're going to school, or not.
When I lived @ home, I opened a checking account because I had a job, NOT ENOUGH to live on, but I became impulsive and when I found out I was spending more than I made, it was time to start wising up about my finances. I worked in a bank, after I got out of HS, and got my 1st 9-5 job. I opened a Saving Account for $300, and got a FREE folding Rolls Royce bike, in the 70's. I also saved enough money to buy my 1st car, my 1st fur coat, and 3 weeks honeymoon trip to Europe. Living @ home gave me a chance to buy anything I want and go anywhere I want.
Savings Account today is not growing as much as it used to. I do have several Credit Cards, for every $2000 I spend, I get $20 Credit Voucher. I pay every month, no finance charge, no annual fees, and they reward me to spend. If I lost my card, they will have me with my disputes, if anything I bought wasn't satisfactory and help me if I lost my card... Checking Account, Debit Card, Paypal DON'T.
I suggest you open BOTH a checking & savings account. Visit your nearest bank and get a brochure one for each, & read up about it, to pick which one works better for you, BEFORE you apply. Know & understand the fees, etc.
Savings account may earn a tiny amount of interest, if you are living more of a hand to mouth existence then a checking account that typically includes an ATM card would be more important for paying bills.
Chequing account is for your day to day needs. Savings account earns interest.
