Up until the time you are an adult, probably the only bank account that you have had is a savings account, if any account at all. When you become an adult, you will need to open a checking account. Check all local credit unions and banks for the best checking account rates.



A checking account is needed as an adult to have an account from which you can pay bills and for items at any store you may go to. Many times if you check for the best checking account rates, you can find a bank or a credit union that offers free checking. No matter what the best checking account rate you get is, a checking account typically does not offer any interest being gained on the balance in the account. For that, you will need a savings account.



Once you find the bank or credit union with the best checking account rates, you will have to fill out an application to open an account with them. If your application is approved, you will then be asked to pick out a design to go on your checks. The checks will take a few weeks to come in, so the bank or credit union may give you starter checks. When you open a checking account, be sure to put money in your account. If you write a check and do not have the funds available, even if you have the best checking account rates, you will be hit with a fee. This is called bouncing a check, and can affect your credit score.

A bank or credit union with the best checking account rates will also ask if you want an ATM or automated teller machine card. Using these machines typically requires you to pay a small fee. If you are a member of a credit union, there are many networks that provide you with free access to your account when using ATMs. Some banks offer the same convenience. Be sure to check for the best checking account rates when using your ATM card.

Having a checking account is also handy because you are able to pay bills online and have the funds automatically deducted from your account. With a few strokes of the keyboard, all of your bills can be paid. You may also set up automatic payments for your bills. These bills will be deducted monthly from your checking account, and you will only need to set up the payment method one time.