26 Dec
How much money should I save until I start a banking account?
Posted in Personal Finance by admin 6 Comments
Grab life like a basket ball asked:
Ok, I am 13 and am thinking about getting a banking account to save money and stuff. how much money should I get until I get a bank account? and do I get intrests? and if so how much?
Ok, I am 13 and am thinking about getting a banking account to save money and stuff. how much money should I get until I get a bank account? and do I get intrests? and if so how much?
maggie
on December 27 2008
You should open it with at least 100.00 that is what is required by most places and on a savings account it a little interest usually i think around 3% talk to the bank when you go to do it and they will tell you gladly
Sharon T
on December 28 2008
Check out a couple of banks near your home. If there is a credit union, check with them and see if you qualify for membership.
Many places a minor can open an account for $50. It may be higher but most banks will give a youngster a break, knowing they may stay a customer for years.
Yes, you will get interest but it may not be a very high rate. Ask the banks about that. You may be able to find some information at their websites but you can also call.
cinnea
on December 30 2008
Usually banks ask for an opening deposit of at least $100. Some banks may charge a fee if you savings account falls under a minimum level. Yes, you earn interest, though it isn’t very much, but it will depend on your bank. You will need your parents with you to open an account.
Puffy Nubs
on January 2 2009
Suntrust and Wachovia both have incentives for opening accounts! Check them out!
Antonia R
on January 4 2009
I AM 13 AND HAVE THE HIGH SCHOOL CHECKING ACCOUNT WITH CHASE.
THE MINIMUM TO OPEN WITH THEM IS $25.
LOOK INTO IT.
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 Checking 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.
…
Ret. Sgt.
on January 7 2009
You can open an account with as little as 25 dollars. You will get interest but standard savings account pay poorly. I’d say they pay about or less than 1 percent. You can get up to 3 percent but that is with CD’s or ING Direct Orange. CD’s require about a thousand bucks to open and ING direct requires 250.00 but I doubt either will allow you to open it on your own due to your age.
Starting any savings account is a smart thing to do as long as you can keep from taking the money out.