It is amazing how many people don’t have a bank account. Perhaps they don’t understand just how important a bank account is in every aspect of their lives. If you haven’t chosen a bank and are looking to open a bank account, here are four important reasons why you need to choose the right kind of account for you, personally, and do so at your first opportunity.

1. To Build Financial History

Whenever you want to apply for any type of credit at all, you must prove a solid financial history. How do you think that would look on a credit application when they ask for your banking information and you say you do not have one? They will surely question how they can get paid! Also, keeping a checking account in good standing does help to maintain a better score, so this alone is a good enough reason to open a bank account today.

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2. Keeping Your Money Secure

We all laugh at those stories about people passing away and when relatives go to clean out their beloved’s home, they find literally hundreds of thousands of dollars tucked under mattresses, hidden behind pictures, and in vases and other supposedly ‘safe’ hiding places. Many people just don’t trust banks, especially after the crash in 2008 and 2009 when so many went under, but believe it or not, even then, your money is secure. It is insured by the FDIC, so you will get your money, no matter what!

3. Having the Ability to Grow Your Deposits with Interest

Some checking accounts offer interest but most (if not all) savings account will give you interest on the money you keep on deposit. The reason for this is because they use their available funds for investments, and when they make money, they pass that along to you in the form of interest. If you let it sit long enough, you can grow your money nicely over time.

4. Convenience

Then there is the convenience of having a bank account. Not only can you write a check or pull out a bank card whenever you want to make a purchase, but that bank account enables you to order online, and sometimes even borrow against funds you don’t have any money available at the moment. The sheer convenience of not having to count out pennies every time you make a purchase is well worth the time investigating the right bank for you.

Also, when it comes to convenience, consider having your payroll or government issued checks direct deposited to your account. You no longer need to go to a check-cashing store, supermarket, or local Walmart to cash your checks. Not only is this more convenient, but it’s also cheaper in the long run. You don’t have to pay to have that check cashed. That’s just extra money for you to use on those necessities you can sometimes not afford. If you are looking to open a bank account, keep these four important reasons in mind and you will find the right bank and the right account for your needs.