Your Checklist
Open a bank account
Create a budget
Save an emergency fund
Get a credit card
Pay off debts
Start investing
Share Senzu with friends & family
Open a Bank Account
Personal finance begins with a bank account. When you turn 18 (or 19 in Alabama/Nebraska), you are legally considered an adult and become eligible for a bank account under your own name. There are two main types of bank accounts: checking and savings. A checking account is designed for everyday use such as ATM withdrawals and bill payments. A savings account is designed for long term savings which is why you will earn interest on your savings balance. However, savings accounts come with withdrawal restrictions that checking accounts do not have. We highly recommend having both types of accounts.
| Checking Account | Savings Account | |
|---|---|---|
| Overview | Designed for everyday money transactions | Designed for earning interest and saving money |
| Min. Balance | Depends on bank | Depends on bank |
| Fees | Depends on bank | Depends on bank |
| Withdrawal Restrictions | None | Usually allowed 3-6 withdrawals per month with restrictions on how much of your balance you can withdraw. |
| Interest Earned | Low or none | Yes. Interest rate depends on bank |
| Access | Anytime | Usually have to transfer money to checkings account before using |
| Other Features | Overdraft, external transactions such as bill payments | Only offers internal transactions such as transfering money to a different bank account |