Opening a first savings or checking account with birthday money or a first paycheck is a rite of passage for many Americans, but millions of adults are just now doing that or are learning how to use their accounts to improve their finances, banking experts say. In 2024, 4.8 million new Bank On accounts were opened, up 27% from the year before, according to the St. Louis Federal Reserve. Bank On, an initiative led by the nonprofit Cities for Financial Empowerment Fund, also known as CFE, brings together a ...