Ready to Move Out? You’ll Need a Bank Account (or Three)

If you're gearing up for life on your own, here’s a surprising truth: you can’t wing it financially. Not forever, anyway.

Whether you’re headed to college, a job, or just out of your childhood bedroom, it’s time to set up your money systems. That means:

• A checking account so you can spend responsibly
• A savings account so you don’t spend it all
• A credit card so your future landlord doesn’t side-eye your nonexistent credit score

Don’t stress—it’s just a step-by-step process. You’ll need a little time, a few documents, probably a parent or guardian, and a bank.

Start Smart with Your Finances

There are a few key things to think through before opening your first accounts:

Which bank or credit union is best for you?

Not all banks are created equal. Some charge you for daring to have less than $500 in your account (rude). Look for one with no monthly fees, solid online access, and ATMs where you actually live. Credit unions are often a hidden gem—especially for students.

Do you need help from a parent or guardian?

If you're under 21, you may need a cosigner to get a credit card or open certain accounts. Even if you don’t have to include a parent, it might be smart to give them permission to view your account—just in case you run into a financial oops.

What documents should you bring?

You’ll need a few grown-up items: a government-issued photo ID, your Social Security number, and proof of address (like a lease, utility bill, or official school letter). Oh, and don’t show up empty-handed—you’ll usually need to make a small deposit to open the account.

How do you avoid those sneaky ATM fees?

Using the wrong ATM can cost you $3–$6 per transaction (for real). Always check if the ATM is in-network for your bank. If you’re at school in another city, make sure your bank has ATMs near your campus before you commit.

You’ll find even more tips on this process in the book Unsolicited Advice for the High School Graduate: A Practical Guide for Becoming Independent along with more valuable money tips and advice for better roommate relationships, improving study habits, and even finding chic shoes on a budget. Go to Amazon.com to order your copy!

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Also check out our FREE RESOURCES page where you can download the checklist: “Banking Basics Before You Move Out”
It breaks down exactly what to do, what to bring, and what to ask—plus a few money hacks you’ll wish you knew sooner.

 

Bottom line: Setting up your accounts the right way now can save you headaches (and overdraft fees) later. Take five minutes today and get set up for financial adulting… uh, becoming an adult.