Opening a checking account is easier than one might think. Many people are worried about opening a checking account because they fear that they will not have enough money to sustain it or have formed a mistrust over banks over the years. However, there are many great reasons to open a checking account.

Protection

A bank will protect your money better than what you believe to be the safest spot in the house. When you store your money in your home or somewhere other than a bank, you are putting your money at risk for robberies and fires and other disasters that are beyond your control. Banks, however, are insured to protect its customers from losing their money should a robbery or fire happen. Many banks will offer protection on your account and alert you on a banking app if they suspect someone might be using your debit card. You can rest assured that your money is safe no matter what happens to the bank or to your card.

Convenience

It is hard to cash a paycheck if you do not have a bank. Most of the time you will only be able to do so if you go to the bank that your company uses. If you have a checking account, you can sign up for direct deposit with your employer have the check immediately deposited into your account which will save you a trip to the bank.

You will also be able to pay your bills online rather than sending a money order in the bank. In some cases, you can even schedule payments that will automatically take money out of your account so that you never have to worry about remembering to pay your bills on time.

Better Budget

Nowadays banks are offering their own mobile banking service to their customers. The banking apps help you see how much money is in your account in real time and let you see what you are spending your money on. You will be able to budget your money in a much more tangible way once you see where it is going.

While it is true that sometimes people are rejected for opening a checking account because of bad credit, it is not impossible to open one if your credit leaves something to be desired. If this happens to you, try to look for other options. Many banks have a restricted access program, which gradually lesses as time goes on and will eventually free up to become a regular checking account. The best news is this won’t stay on your banking history forever, and you will be able to improve your credit score with time.