As you start working and earning a paycheck, opening a checking or savings account can help you reach your financial goals. Read today's Money Mondays blog post to learn what you need to consider before opening a credit union or bank account.
Our Money Mondays series shares advice to help you manage your finances. This month, we're talking about opening a bank or credit union account to help you keep your money in a safe place, cash checks without paying fees, and save for the future.
Knowing the services banks and credit unions offer can help you make the best decision for your finances. Both offer similar services, like checking and savings accounts or loans. Both insure your money and pay interest on the money that you keep in your savings account. However, credit unions are non-profit institutions so they tend to pay higher interest rates and charge lower fees than for-profit banks.
National banks are larger companies and often have the latest technology including online tools and smart phone apps that give you access to your accounts. They also give you widespread access to ATMs and branches in your community, state and even across the country.
If you prefer banking in-person, credit unions may offer more personalized services. And if your credit union partners with other credit unions, you may be able to access your money at other locations and use their ATM at no cost.
Before deciding on an account, ask yourself:
Ask the bank or credit union:
Once you're ready to open an account, you'll need:
Social Security's Ticket to Work program supports career development for people ages 18 through 64 who receive Social Security disability benefits (SSI or SSDI) and want to work.
The Ticket program is free and voluntary. It helps people with disabilities move toward financial independence and connects them with the services and support they need to succeed in the workforce.
To learn more about the Ticket program, visit www.ssa.gov/work. You can also call the Ticket to Work Help Line at 866-968-7842 or 866-833-2967 (TTY) Monday through Friday, 8 a.m. to 8 p.m. ET. Ask a representative to send you a list of service providers or find providers on your own with the Ticket program Find Help tool.
Contact the Ticket to Work Help Line
Call 1-866-968-7842
1-866-833-2967 (TTY)
M-F 8 a.m. - 8 p.m. ET
Contact the Ticket to Work Help Line
Call 1-866-968-7842
1-866-833-2967 (TTY)
M-F 8 a.m. - 8 p.m. ET
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