We all need to keep our money safe. A bank or credit union will protect your money from being lost or stolen, and all money in insured financial institutions is protected by the U.S. Government. Using a bank or credit union saves you money from pay fees to cash paychecks, pay bills, transfer and borrow money. Keeping your money in a bank or credit union will also help you show proof of payment, keep track of your income and expenses, pay bills electronically, and access information to help you save for the future.

Choose a bank or credit union that is close to home to make it easy to add (deposit) or take out (withdraw) money, and get answers to your financial questions from knowledgeable employees.

Keep track of your spending so you do not withdraw more money than you have. If you do (overdraw on your account), banks and credit unions will charge you fees. Before you open an account, do your research to understand what fees banks and credit unions may charge—there are many no- or low-fee options available. Use this worksheet to help you determine what is the best option for you.