I want to start putting m oney into the bank so i can start saving up for a truck. SHoul di go wiht a big bank like Wells Fargo or Bank of America?
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Any banks in your area will open a bank account for you. BUT you need to bring one of your parents with you to open one. You won’t be able to withdraw money without your parent’s signature. So when you turn 18, you want to move the money to another bank account with you as the owner.
You should do this instead:
1) Open a checking account at a local bank. It doesn’t have to be Wells Fargo or Bank of America. All banks are FDIC insured and all operate the same way. Just the interest rate varies between them. You want to pick a bank with the lowest amount of fees (overdraft fee, minimum balance fee, ATM fee, etc).
2) Then open a savings account at one of the online banks (Emigrant, HSBC, ING, Citibank, etc) that gives you an interest rate of around 5% or more. It will take about 2-4 business days to transfer money between your checking and savings account.
First National is a good bank.. Ask your parents where they bank at and start one there. Depending on the bank a saving account has to be started with $10 for child under a certain age and $100 for older. The more money you save the more interest you earn.! Good luck!
What you want is to place your money where you are going to get paid the most interest. By making consistant deposits you can easily grow a substantial savings account.
Sounds as though you are a disciplined person already and that is a good thing.
Stay at it and check out the link below to learn more about saving money.
Good luck.
bank of america…..get a job first.
Shop around and see who has the best rates and access to ATM’s/debit card/etc.
Credit unions work well too. check a local Credit Union.
The other thing to check is online banking like ING Direct or Emigrant Bank– those both pay higher interest than other places. But it may be harder to get your money.
I think some of the larger banks charge fees if you have a low balance. Then again, Wells may have special things for young savers.
Put some money away each week and don’t touch it– you’ll see it grow over time. Stick to it and good luck.
go with your local bank not a big bank the local bank will give you better service than a big bank and the interest will be the same. it is nice to walk in and have the teller know your name. you will need your I.D. and S.S.I. card to to show who you are. hope you save enough for the one you want good luck
defiantly look around most banks want you to keep a minim of 300 dollars in the account if you don’t they charge you monthly service fees so if you plan to really save you should look around ask what there fees are and how much do i have to maintain in the account is there a fee for withdrawing things like that
Bank of America gives people a lot of problems.. i suggest something like A credit union. Your parents/gaurdian will have to sign onto the account with you since you’re under 18.
Rates are better for savings in a credit union’s bank account….you can get your parents to go to one to open an account, unless you’re 18, you won’t be able to open an account without them. Congrats on your sense of commitment! Good Luck!
well I think Chase bank is a good bank to start with and I heard that they don’t have an age limit but I’m not sure… But, I have a bank account with chase and they not have gave me any problem yet. but, it’s not free
You should first, since you are under age, request permission from your parents, and then have them do about a five bank search as to what fees, if any, are charged in opening this savings account. Some may have a “minimum” balance at all times and if not maintained at that level, will charge a monthly fee for being below that balance.
If you have a job, I would ask if they have automatic payroll deductions at your place of work, most do. You have to fill out the forms at your place of work, from the bank as well as your parents giving permission to withhold said amount from your paycheck. You can make this any amount you wish, the larger the better. Unfortunately, the “rates of return” on low maintained savings accounts are quite pitiful! Anything below $5000 will obtain only about a $8 to $12 a month, depending on the % or rate return.
Remember, you must not try to dip into your savings on a monthly basis or you defeat the purposes on saving for a car in few years. The main reason I suggest a payroll deductions from your paycheck is so that you do truly not miss it when you do receive your bi-weekly pay.
Hope this helps and gets your started. Good Luck>