Opening Your First Bank Account
Safe, free banking — step by step
A bank account is one of the most important financial tools you can have. It keeps your money safe, helps you build a financial history, and makes it easy to get paid, pay bills, and save.
Practical next steps
Understand the two basic account types
(1) Checking account — for everyday spending. You get a debit card and can pay bills. (2) Savings account — for money you want to set aside. Usually earns a small amount of interest.
Look for accounts with no monthly fees
Online banks (Chime, Current, Ally) have no fees. Credit unions (like Philadelphia Federal Credit Union) are member-owned with lower fees. Bank on Philadelphia accounts are designed specifically for people building banking history.
Know what you need to open an account
Government-issued photo ID, Social Security Number, and an initial deposit (sometimes $0, sometimes $25–50). If under 18, a parent or guardian usually co-signs.
Get a state ID if you don't have one
A Pennsylvania state ID is free for eligible residents at PennDOT driver license centers. Visit dmv.pa.gov for the document list.
For students under 18 — student-specific accounts
Many banks offer student checking accounts with no fees for ages 13–17. Compare options online before going in person.
Set up direct deposit as soon as you start working
Ask your employer for a direct deposit form and give them your account and routing numbers. This gets you paid faster and eliminates check-cashing fees.
Avoid overdraft fees
An overdraft happens when you spend more than your account balance. Banks charge $30–35 per overdraft. Use balance alerts, keep a small cushion, or use a bank that doesn't charge overdraft fees.
Resource starting points
- Bank on Philadelphia
Free/low-cost bank account options for Philadelphia residents.
Organizations featured in this guide
- Bank on Philadelphia
Initiative connecting residents to certified low-fee, no-overdraft-fee bank accounts at partner banks throughout Philadelphia.
- Philadelphia Federal Credit Union
Member-owned credit union serving Philadelphia residents with no-fee checking and savings accounts.
- Clarifi
Nonprofit financial counseling — helps with budgeting, credit, and connecting to the right banking products.
- FINANTA
Financial coaching and microloans for underserved communities in Philadelphia.
Helpful things to know
Bank on Philadelphia
This initiative connects residents to free or low-cost bank accounts at partner banks. Visit phila.gov/programs/bank-on-philadelphia.
FDIC insurance protects your money
Money in any FDIC-insured bank account (up to $250,000) is protected by the federal government.
Common questions
What if I've had a bank account closed or I'm in ChexSystems?
Bank on Philadelphia accounts and second-chance accounts at some banks are specifically designed for this situation.