A bank account is a great place to store your money as it keeps your money safe.
Opening a bank account
You can open a bank account at local bank or credit union. Most banks ask for a photo ID, a Social Security number or ITIN, and proof of address.
If cost is a concern or you've been turned down before, help is available through Bank on Washington.
- Find a certified low-cost account (Bank On Washington)
- What you need to open an account (Consumer Financial Protection Bureau)
- Get your free ChexSystems report - if you've been denied an account, check your record and dispute any errors
Learn about bank accounts
A checking account is for everyday spending, and a savings account holds money you don't need right away while earning a little interest. A certificate of deposit (CD) locks money in for a set term in exchange for a higher rate. Knowing how each works helps you pick the right account and avoid surprises.
- Checking accounts (NCUA)
- Savings accounts (NCUA)
- Certificates of deposit (Consumer Financial Protection Bureau)
Deposit and share insurance
Money in an insured bank or credit union is protected by the federal government up to $250,000, even if the institution fails. Banks are insured by the FDIC and credit unions by the NCUA. You can confirm an institution is insured and estimate how much of your money is covered.
- Calculate your bank coverage (EDIE) (FDIC)
- Calculate your credit union coverage (NCUA)
- Look up a bank (FDIC)
- Look up a credit union (NCUA)
Problems with a bank or credit union
If something goes wrong and you can't resolve it with the bank directly, you can file a complaint. Where you go depends on who regulates the institution - the state for state-chartered banks and credit unions, or a federal agency for federally chartered ones.
- State-chartered banks and credit unions in Washington - File a complaint with DFI, or call 1-877-RING-DFI (746-4334)
- Federal banks - HelpWithMyBank.gov
- Federal credit unions - MyCreditUnion.gov
Understanding fees
Accounts can come with fees. The most common ones are:
- Monthly maintenance fees to keep the account open
- Overdraft fees when you spend more than you have
- Minimum balance fees if your account drops too low
- ATM fees for using another bank's machine
You can ask about fees before you open an account. Some banks and credit unions will drop the monthly fee if you set up direct deposit or keep a certain balance.