Bank Account Basics: The Ultimate Guide to Managing Personal Finances
Learn the fundamentals of personal banking with details on checking accounts, savings accounts, budgeting and deciding where to manage your money.
Checking Account
A bank account for everyday transactions, like depositing checks, paying bills, and using a debit card
All About Budgeting
How to Create a Budget in 7 Simple Steps
These in-depth tips will help you create a budget and manage your money more effectively.
Banking Frequently Asked Questions
Banks are for-profit institutions that offer a range of financial services to customers, while credit unions are non-profit cooperatives owned by members, often providing lower fees and better rates to benefit members.
Yes, credit unions are insured by the National Credit Union Administration (NCUA), protecting deposits up to $250,000 per account, similar to FDIC insurance for banks.
Typically, you’ll need a government-issued ID, your Social Security number, and an initial deposit. Some institutions may also require proof of address and, in some cases, a credit check.
The ideal number depends on your financial needs; many people find having at least one checking and one savings account beneficial for managing daily expenses and long-term savings.
A checking account is designed for everyday transactions, while a savings account is meant for storing money and often earns interest to help you save over time.
Common fees include monthly maintenance fees, overdraft fees, ATM fees for out-of-network use, and potential minimum balance fees. Reviewing fee schedules can help you avoid unexpected charges.
FinLit Quiz
Personalized Banking in the Digital Age
At OneAZ, online and mobile banking doesn’t mean sacrificing personalized service. Serving our members in the digital age means we offer the latest technology for banking at your convenience, while staying committed to friendly, personalized service throughout our in-person or virtual channels.
Explore Banking Basics Resources
- Direct Deposit Into a Savings Account vs. Checking in Arizona
- Glossary of Financial Terms
- What is the Difference Between a Credit Union and Bank?
- Why Should I Choose a Credit Union?
- How Do I Spend My Tax Refund?
- Ultimate Guide to Financial Assistance for Veterans
- 7 Benefits of a Checking Account
- 5 Personal Finance Myths from Social Media You Should Ignore
- Bank Account Basics: The Ultimate Guide to Managing Personal Finances
- What It Means to Be a Credit Union Member
- Personalized Banking in the Digital Age
- 5 Tips for Getting the Most Out of Your Checking Account
- Move Your Money: Reasons People Are Moving Their Money From a Bank to a Credit Union
- How to Open a Checking Account
