[wafflesomd]

Ok, I have all my graduation money, as well as money from an old bank account that I closed.

Now, I'm kinda worried, because I've never done this. We have two available banks.

Chase, and 5th Third Bank. My parent's use Chase, but I think I want to go with 5th Third, as my friend does, and likes it.

What exactly should I be looking for in a bank account?

Also, I would like to get a debit card tied to it.

 

[Gautama]

*pulls up lawn chair*

 

[Kirosia]

Pick whichever one has the best benefits and locations. Around here, I chose Bank of America because it's well-known and has numerous banks/atms in the state. I opened the student checking account. (I was 18 at the time)

 

[Davesrose]

My word of advise is to find a bank with a lot of ATMs and free checking. Put whatever immediate money you want in that checking account. I use my debit card a lot more then my credit card, so that I don't have to worry about credit card bills. Don't go for the savings account that they'll try to sell you on. A savings account with a bank is just their money market fund....and banks usually have pretty bad fees and minimums. Many online brokerage firms like Vanguard offer money markets that you can transfer funds to your bank, have check writing abilities, and offer better yields then their bank brethren. But maybe the bank you go with will have a money market that meets your criteria.....you should find out.

 

[SysteX]

Are you employed? My employer had a special deal set up with a bank such that when I opened a new account with them, I got a free $100 direct deposit.

Also, if you're in college, your college may have a special agreement with a particular bank or a special "student" account.

I would look for, in my order of importance:
- no monthly fees, "maintenance" fees, minimum balance
- bank size, number of ATMs around the area
- interest rate
- other "goodies"--online bill pay, online checking, discounted (or free!) checks

 

[ken36]

Just do it.