Banking Basics

May 23, 2024

Banking Basics

In the world of personal banking, understanding the fundamentals is key to unlocking your financial future. Whether you already have some financial experience or are taking your first steps, TBK Bank is here to help young adults grow their financial knowledge and ultimately, financial power. Because simply put, the earlier you can understand the basics of money, the better chance you have at securing a healthy financial future.

Why have a bank? Two good reasons – firstly, placing money in bank ensures the funds are protected and safe. Secondly, because your money can earn you interest. Now that we’ve covered the basics, let’s move on to types of accounts. When it comes to financial institutions, it’s important to understand that one size does not fit all.

Checking Accounts – Everything starts with a TBK Bank checking account, which act as a gateway to your other finances, these account types offer a fluid way to make your daily transactions, and ensure seamless access to funds 24/7. It’s important to note that checking accounts require a small level of bookkeeping. If you write checks or swipe your card for more money than you have in your account, you will be charged overdraft fees. Most banks offer several types of checking accounts to fit a variety of needs. At TBK Bank, we offer three personal checking account types – AIM Checking, Everyday Checking and Launch Checking. If you’re unsure what’s right for you, take a look at our Personal Checking Account Comparison Tool.

Savings Accounts – A TBK Bank Savings Account has different advantages than checking, but can also help you get closer to your financial goals. Savings accounts earn interest, which means the bank puts a small amount of extra money into your account quarterly based on how much you have. Savings provide a safe place to save money and earn interest for short-term goals and emergencies. If you don’t already have a savings account, sign up online for one with TBK Bank today.

How do I pick a bank? Having a good relationship with your banker is extremely valuable. When deciding on a bank, you’ll want to consider things like ease of online services, locality of branch locations, and their range of products that meet your needs. Schedule an appointment today with a TBK Banker and start building a relationship to help secure your financial future!