I am a Junior in HS and just got a job caddying. I usually make about $200-$250 a weekend in cash but would like to put it away and perhaps earn interest. I’m not 18 so my options are limited. This would be my first account so I can’t connect it with a checking. What would some of your suggestions be.
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Im a banker and I know that we have an account for kids your age. GO to Chase bank and open a High school checking or you can also open a savings account You will not earn much interest on that amount of money but when you save up more you could pt it into a CD for like 6 or 7 months at a time earning up to 6% interest. Stop into a bank and speak to a banker they can tell you exactly what you need to do. There are soooo many options out there for you.
a savings account that no one can draw out without both parents and your signature.
my mom empties my account like that when i was little.
For now just a regular savings account at your local bank would be fine. After you get say $1000. You might want to put your money in a Mutual Fund. http://www.USAA.com has many funds and toll free numbers. I have found them very easy to talk to and invest money. Check it out on line, there are many places, but I know this place is 100% honest. I have been a member for years. PS. I was in the Air Force but that does not matter. If you check out the site you will understand.
At your age, you should start a good mutual fund. You can add to it monthly and they will just buy additional shares for your account at the current price. You should get on the Fidelity, Vanguard, or Tiaa Cref websites. I bet your parents are sure proud of a kid like you! Good luck!
Yes, have your parents sign for you. I got my first account right when I turned 18, and I was able to have a free checking account and free savings account. it has interest, but it’s really small. I wish I would have started saving my money earlier.
AND!! In ohio, for Miami University ( a wonderful college) there is a scholarship (full ride) for golf caddies who have been doing it for longer than like, 2 summers? I think other colleges might have this too, but I’m not sure. Look into it!
You can have a joint account with one of your parents and/or guardian. Since your not 18 yet, they won’t let you open an account by yourself.
I suggest Commerce Bank for your banking needs.
Good Luck…………