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It is important to open a bank account because it helps you manage your finances, and pay off credit cards when they are due. It is also a safer place to store money than a shoebox, because money is insured (up to $250,000 USD per person in each bank). Unless you have a fireproof safe to store money that has no potential to grow on its own, banks are the best place to store money. Plus, many banks offer debit cards linked to the major networks (ie VISA, MasterCard) that can let you run it like a credit card. In addition, having an account with a bank usually makes it easier to get a credit card with them.

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Q: What is the importance of opening a bank account?
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