Banking & Account Setup
Set up and organize checking, savings, and other core financial accounts for efficient money management and financial security.
What Banking & Account Setup gets you.
By the end of this upgrade, you will have a organized set of checking, savings, and any other core accounts set up to support your money management.
- List of current bank and credit union accounts
- Recent statements showing fees and interest rates
- Direct deposit and autopay information
- Identification documents for opening new accounts if needed
Run the upgrade.
- 01
Inventory current accounts
List every checking, savings, and cash account you hold along with its purpose, balance, and any monthly fees.
- 02
Check for unnecessary fees
Review statements for monthly maintenance, overdraft, or minimum-balance fees and identify accounts that could be switched to fee-free alternatives.
- 03
Compare savings account rates
Check your savings account's interest rate against other options (including high-yield savings accounts) since rates can vary significantly.
- 04
Separate spending from saving
Set up at least one dedicated checking account for daily spending and one separate savings account so savings are not mixed with spending money.
- 05
Set up direct deposit and autopay routing
Confirm paycheck direct deposit lands in the correct account and that bill autopay is drawing from an account that will reliably have funds.
- 06
Set up account alerts
Turn on low-balance and large-transaction alerts through your bank's app to catch problems early.
- All current accounts are listed with fees and rates noted
- Unnecessary fees have been eliminated or a plan exists to eliminate them
- Spending and saving are separated into different accounts
- Direct deposit and autopay are correctly routed
- Account alerts are turned on
Annually
- Recheck savings rates against current market offers
- Review statements for new fees
- Confirm direct deposit and autopay after any job or bank change