I am Thirteen and i want to start saving for my retirement now.
I would like to find a bank that will allow me to start with a low deposit.
I live in Southern United States, if that helps.
Any advice helps.
Thank you very much!
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I got a Checking account at the age of 13. It’s with Chase. It’s called the High School Checking account here is some info.https://www.chase.com/index.jsp?pg_name=…
Many students will discover the importance of managing their money when they open their first checking account. Chase offers a uniquely designed checking account to help students in high school learn the value of financial responsibility.
High School CheckingSM is a full-service checking account available to students between ages 13 and 17. This account is owned by the student jointly with a parent or guardian, provided that the parent or guardian maintains a separate qualifying linked checking account.
No monthly service fee as long as you are a joint owner and maintain a qualifying linked checking account.
Things you will need:
-At least $25
-Birth Certificate
-Social Security Card
-Parent
I like EFCU. That is Eglin Federal Credit Union. Almost any Credit Union is good, but some of the Military aligned ones seem to be better performers. After that mess that happened in the Banks the Credit Unions, most of them, seemed to hold up without any help from the TARP funds.
My nephew started one there 14 years ago with a $5 start. That is the minimum balance required for a Savings Accounyt at many or most Credit Unions.
I am not certain but I think Treasury Bonds may still pay more than Bank Interest Rates.
Ask your parents or guardian about that stuff and welcome to life, enjoy the ride!
First of all, I want to commend you for thinking about this at such a young age. You are incredibly smart to start saving now. You should go to Bank of America and speak with one of the Personal Bankers they have there. You may have to have your guardian sign for the bank account for now, but when you are 16, Bank of America will let you open an account in just your name. Good luck with saving!