Banking Guides and Financial Education
How to Open a US Bank Account
Most banks ask for a government-issued ID, a Social Security number or Individual Taxpayer Identification...
How Checking Accounts Work
A checking account holds money for everyday spending through debit cards, checks, transfers and bill pay....
How Savings Accounts Work
Savings accounts earn interest on deposits and are meant for money you do not need daily. Rates are variable...
High-Yield Savings Accounts
High-yield savings accounts pay a higher APY than typical savings accounts and are often offered by online...
Certificates of Deposit (CDs)
A CD locks your money for a fixed term in exchange for a set rate. Withdrawing early usually triggers a...
What APY Means
Annual percentage yield (APY) shows the interest you would earn in a year including compounding. A higher...
How Compound Interest Works
Compound interest means you earn interest on both your original deposit and on interest already earned. More...
What Affects a Credit Score
Scoring models weigh payment history, how much of your available credit you use, length of credit history,...
How to Build Credit Responsibly
Pay every bill on time, keep card balances well below limits, avoid unnecessary applications and check your...
How to Compare Credit Cards
Look at the APR, annual fee, rewards structure, penalty fees and the card's terms. Rewards rarely outweigh...
How Mortgage Preapproval Works
Preapproval means a lender reviews your income, assets and credit and indicates how much it may lend. It is...
How to Avoid Banking Scams
Be skeptical of urgent calls, texts or emails asking for passwords, codes or transfers. Banks do not ask you...
How FDIC Deposit Insurance Works
The FDIC insures deposits at member banks, generally up to $250,000 per depositor, per insured bank, per...
How to Recognize Legitimate Financial Institutions
Check the institution in FDIC BankFind or NCUA's credit union locator, confirm the website address...
How to Compare Loan Offers
Compare APR rather than just the monthly payment, along with fees, term length, prepayment rules and total...
Common Banking Fees
Typical fees include monthly maintenance, overdraft and NSF charges, out-of-network ATM fees, wire transfer...
Online Banking Safety
Use strong, unique passwords, turn on multi-factor authentication, keep devices updated and avoid public...
Banking for Students and Newcomers to the United States
Students and newcomers often open accounts with a passport, visa documents and proof of address. Requirements...
Business Banking Basics
Business accounts separate company finances from personal ones. Banks may ask for an EIN, formation documents...