Opening up a savings account at 16?

Question

I just got a job and when I get paid I was wondering if I could open up a savings account being the age that I am. Im saving up for a mustang this christmas, and with the money I have I am going to put down, then pay insurance and car note. I know it'll be a lot but I make $800 a month. I am a male btw.

Answer 1

You can open a savings account at any age.

Answer 2

You can go ahead and check with the local banks.Else you can have a joint account with your parents also.

Answer 3

I opened a savings account at 16.

Answer 4

Not knowing what state you live in, remember that even though most parents don't interfere in their child's income some states do consider the income of children to legally belong to the parents! Your parents probably don't know this, few people do. But until you are legally an adult, that might be the case in your state.

You might see if the bank or credit union where your parents bank has an account geared to teenagers. Several do, and it's a good way to open an account without much money.

Answer 5

Congratulations on starting so soon!  It's a great thing to start saving at 16, but don't just save for a car, save for your future.

Answer 6

Great idea !

1. Go to a bank that you like. Go to a bank that you like their services. Make sure that the staff is friendly and helpful. One thing about choosing a bank make sure to ask them if they provide an ATM card when you open your savings account. You need a ATM card otherwise you will keep having to go inside the bank to get money out.

2. Tell them what you hope to accomplish with your savings account. They will help you choose the perfect one for you. They a variety of different savings account such as college savings accounts, goal savings accounts, and interest savings accounts along with others.

3. Bring your drivers license, social security number card. You need to be able to show them with identification that you are who you say you are. Over the last few years more banks have been requiring to see a customers other debit cards from other bank accounts. They want to make sure the customer can handle a checking account or savings account properly and check other banks to make sure that you are in good standing with other banks.

4. Bring Money. Some banks want at least $100.00 or less to open a savings account. You can often talk them into letting you open a savings account with less than $100 if it is close to the amount. Just make sure to have over at least $50.00 available to put in a savings account. There is different amounts required for opening a savings account depending upon which savings account option that you select.

5. Ask about any fees. Some banks require a certain balance to be in your savings account each month otherwise you might get charged a fee each month. Make sure that the fee isn't very high each month. Sometimes you can get a savings account that doesn't have a minimum balance each month and doesn't charge any monthly fees.

Save before spending. Whenever some money gets into your hands, from a job or your allowance or whatever, take your savings out immediately, before spending any of the money. The beauty of this system is that once you've removed your savings, you're free to spend the rest.