A good way to get started is to look at the banks in your neighborhood to see if they offer a checking account that meets your needs. Quite often, convenience is much more important than a few cents more in interest, especially if you can walk to the bank. Your life may also be a little easier if your checking account is at a bank where everybody knows your name.

You can also open an account online and monitor your finances regularly. Before opening any account, though, make sure you understand all of the terms and conditions.

Online Banking

The ability to bank online is appealing for a number of reasons:

• It is convenient and you can do your banking in your pajamas.
• Once you establish an account, you’ll save time, effort and gas.
• You can arrange for some of your monthly bills to be paid automatically.

There are drawbacks, however. If you type in a wrong number when paying a bill online, you can wreak havoc with your account. In addition, you may have concerns about Internet privacy and security. Although you don’t receive copies of checks for your records, you do get documentation to show a bill was paid. Ask the financial institution what security measures are in place to protect your privacy and your account.

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