My own bank account?

Question

I'm 17 living in the US and I just got my first real job. So what I'm wondering is if it would be a good idea for me to get my own bank account. But obviously I have a few questions. :)

First, is it even possible for me to get my own bank account? My father MIGHT consider bringing me into his own account but I'd much rather have my own because he isn't the most financially stable person and I don't want to have my finances tethered to his.

Secondly, how safe is my money in the bank? Are there any scenarios in which the money would be lost or taken away?

Thirdly, will I have to keep a minimum balance on the account?

And lastly, will having a bank account automatically make me eligible for a debit card?

Thanks!

Answer 1

GO FOR IT. IT'S THE SAFEST WAY TO KEEP MONEY.

A FEW DAYS AGO I GOT THE CHASE HIGH SCHOOL CHECKING ACCOUNT FOR THOSE 13-17. IT IS LINKED TO A PARENTS ACCOUNT. MY PACKAGE COMES WITH A VISA CHECK CARD. THERE ARE NO SERVICE FEES. ALL THE RULES APPLY WITH THIS ACCOUNT EXCEPT IF YOU OVERDRAFT IT IS TAKEN FROM YOUR PARENTS. SO BE CAREFUL. IT CONVERTS TO A FREE CHECKING ACCOUNT WHEN YOU TURN 19.

http://www.chase.com/ccp/index.jsp?pg_na...

Answer 2

You can be 17 and get a savings account, need to be 18 for a checking account. Money is 100% safe in a bank. Depending on the bank, my bank is 200.

you need a checking account for a debit card

Answer 3

Most banks will offer junior accounts for people that are under 18 years of age.  These accounts then to have a minimum balance of $0 with a low starting balance to start the account.

When I was younger had one of these accounts, the bank requires an adult (18+) to be a custodian until you are 18 yourself.  This adult would have access to your account.  This does not have to be your father but someone in your family you trust.

All respectable banks are safe as they are FDIC insured.  This means that if the bank fails the US government will still have your money (to a max of $100,000 per account).

Most banks offer a bank card/ATM cards, all you have to do is ask.