In this episode of Real Life Finance we are going to talk about banking basics.
Now, let's look at finding a bank for you!
Some people prefer the convenience and choose large banks. While some would rather choose a smaller bank where they have a sense of ownership and feel more familiar with the organization. At Old National, we pride ourselves in being a community bank, which fits right in the middle!
When searching for a bank, you ultimately want to find one that best serves YOUR needs.
You want a bank that's convenient. That may mean making sure a bank branch or ATMs are close to where you work. It may also mean accessing your accounts online or by phone, since many bank transactions can now be done without visiting a bank in person.
Nearly all banks now offer online and mobile banking. In today's economy, it's a feature that can save you time and help you manage your money. With online banking, you can check balances from the comfort of your own home, the office or even on the go. You can pay your monthly utilities, cell phone and credit card bills electronically without ever writing a check. You can even deposit checks by taking a photo with your smart phone!
Open a checking account online
Old National makes it easy to compare checking accounts here on our site and even open one online. Whatever your life stage – from student to senior – and whatever your financial goals, we have an account for you.
Okay, so now let's say you know where you want to do your banking, let's talk about some of the basic accounts everyone should have.
A checking account is where most of your transactions will take place. This is the "brain" of your bank account and will handle most of your financial ins and outs.
A savings account pays interest for each day you leave your money in the bank. These are the accounts where you deposit money for short-term and long-term savings and is where you should first build your emergency fund.
Next, create a savings plan that aligns with your personal and financial goals. Then monitor and measure your day-to-day spending. Track all your expenses for a month. - Put them into categories, and decide whether you're spending too much or too little in any one area. Be sure to count your savings as a monthly bill. Pay yourself first!
Review your budget often, especially when you're starting out. Make changes as you go along and as your circumstances change.
Now that you have this information you are all set to open the accounts that fit your needs and start saving for those things you want to accomplish in your life!
Thank you for watching today, to continue your financial education look for additional Real Life Finance videos from Old National.
Nashelle is responsible for enhancing financial education initiatives at Old National by partnering with schools, colleges, universities, businesses, nonprofits and government agencies in the Indianapolis area. Her goal is to address community needs and implement financial empowerment programs based on sound money management skills.
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