Have you ever had a bank account ?If you have ,then you have personal banking .You can put your small amounts of money -— your allowances and your earnings from odd jobs —— into the bank .A bank account has many uses ,as you can read about in this last selection .

     You work hard for the money you earn .How can you make it start working for you ?Bank it !Banks can help you keep track of your paychecks , save for college or a car ,and pay your phone ,gasoline , or other bills . 　

     How do you choose a bank? Banks compete for customers just like other places of business ,so you can shop around for the best bargains . Should you pick a commercial bank or a savings and loan association ? There used to be big differences in the services different kinds of banks could offer . But easier banking rules and new development in technology have allowed banks to become more flexible these days .Read newspaper ads, talk to your parents ,and talk to representatives of a few banks before you makes a decision .

     Another thing to think about is what type of bank account you need .Will you make only occasional deposit— from odd jobs and gifts —— and be able to let your money “sit” and earn interest? Will you be depositing money regularly —— from a paycheck ? Will you need a checking account to pay off bills ? Have an idea of how you plan to use your money before you open an account .

     Here are some of the account you can choose from .

     Savings accounts : Perhaps ,when you were in grade school ,you had “bank day” each week or month .You deposited a dime or quarter in your local bank ,and the teller wrote the amount in a little book that had a record of your deposits .

     That was a passbook savings account，and it’s still a good way to bank your money .The money in this account draws interest , which is the bank’s way of paying you for the use of your money. ( Banks combine the money they take in and lend it out or invest it .After a period of time ,the money comes back to the bank with interest ,some of which they, in turn, pay to depositors .)

     Today, the government allows savings banks to pay a maximum of five and a half percent interest per year on a savings account. Most banks pay the maximum rate, but you can earn different amounts depending on how frequently they figure out your interest .

    Banks that compound your interest — add it into the main sum — at the end of the year , wind up giving you less money than banks that compound your interest twice or four times a year .Check around .Some banks compound interest daily .

     Most banks allow students to have small savings accounts — these banks have no minimum requirements for the accounts .You can make deposits to or withdrawals from a savings account at any time ,just by presenting your passbook .Often, for a small free , the bank will write a check or money order for you if you have to pay a large bill or send money through the mail .

     Time deposits : These accounts pay higher interest rates than savings accounts .But you have to make a minimum deposit ,and you have to leave it in the bank for a certain period of time .The smaller the minimum , the more time the account must remain in the bank .Early withdrawal means you have to pay a penalty .That could end up costing you more than if you had a low-paying savings account to begin with .

     Checking accounts: These are also called demand deposit accounts，because by writing out a check, you demand that the bank pay the amount you mention to the party named on the check .

     There are three main types of checking accounts .A regular checking account usually requires that you keep a minimum deposit in the account at all times. There is no charge for the checks you write .A special checking account requires no minimum. But you do have to pay for each check you write，and there is a monthly service charge .Negotiable order of withdrawal (Now) accounts require higher minimums than regular accounts. They pay interest, usually about two or three percent. There are no monthly service charges or pay-check frees.

     In some states ,people under 18 can only have joint checking accounts with a parent. Other banks offer special deals in checking accounts if you already have a savings account there . Have you figured out yet what type of account you need ? Here are some more shopping pointers for choosing banks .

     Find out whether students get special treatment .Often ,to attract young savers, banks will not require minimum deposits for students.

     Convenience is important .How close is the bank? How many branches does it have ? what hours is it open? Can you get a computer card for automatic banking ? Are the tellers friendly ? All of these factors make a big difference in how useful your bank is .

     See if the bank makes the kinds of loans you may need .The time may come when you need to borrow money for a car or college or some other major purchase .Bankers like to deal with people they know ,so being a good customer of long standing will help when you need a loan.

Simplified from Science World,Oct.28,1983.
Approximately 1050 words.