Steps to open a savings bank account

When one moves into the country, there will be a number of things to think about and sort out. And for life to stabilize, it will take a lot of time and effort. Opening a savings bank account is just one of those steps that you have to take in order to put your life in order.

There are a number of things that you will require in order to open a savings bank account. The first thing is a visa proving that you are a legal resident of the country. A copy of your passport and the visa page is required for this along with your application for the savings bank account.

You will also require showing a letter from either your employer or school to prove that you are legally employed or studying in an institution or organization. If you are a student, your college or school should provide you such documentation to prove that you are a student in the said institution. You will also be required to show the duration of your course. The reason for this is that most bank account for students will be free of charge as long as you maintain your student status. But once you start earning or once you leave school, you will have to pay an annual fee to maintain your bank account. But there are certain cases where a person who is not a student can also avail a bank account without an annual fee.

When you open a savings bank account, you will also be entitled to a checking account along with it. You will be given a free check book in most cases. If not, you will need to ask for such a free checking account along with your savings account. Banks are looking for new customers all the time and will be more than happy to help you open a free checking account. Also enquire about internet banking facilities and customer support while you are opening your bank account. Being physically present to sort out issues is not possible all the time. Internet banking will enable you to make transactions from the comfort of your home. And 24/7 customer support is required to help you out in situations where you need to sort out issues with your account.

After opening a savings bank account, the next step is to apply for a credit account. Wait for at least six months before you apply for the same. This is required for you to build a track record. If not, you will require a social security number to prove that you are reliable and can be trusted with a credit account. A credit account is very much necessary to build your credit record. A credit record is the one most important thing which will help you get everything from a cell phone connection to a home loan. Try getting one as soon as possible so that you can start building your credit record right away.

Opening a savings bank account is the first step to building your financial record in the country. And in this day and age of computerization, every move that a person makes is recorded and stored. You need to start building your financial credibility in order to live a normal life in this country.