Do I have to setup another user to use as my regular account like banking on the website, purchasing things, installing programs that sort of thing or do I use the regular account that comes at default when I first install OS X. Thanks
The first account created is automatically an admin account. I highly recommend you making a second account (standard account) for all day-to-day activities.
You can use just the administrator account you use to set up the computer. But most people around here would recommend that you create a separate account without administrator privileges for day-to-day usage. It helps keep you from screwing things up.