Teen Bank Accounts

alone_at_night's picture

OK, i'm 16 years old and have never had a saving or a checking bank account or credit card of any kind. So I'm looking at different options of teen bank accounts. Right now I'm looking at going with a saving account from wachoiva.

However I'm still exploring my options so I was wondering if you guys had experience with different companies you'd share and could you tell me what to look for when getting a bank account.

jeff's picture

Umm...

I'm unclear as to what a "teen" bank account is and how it differs from a regular one.

The main thing to look for is all the hidden fees. how much extra if you go to the teller, order checks, pay bills online, use a different ATM, don't maintain a minimum balance, etc., etc.

A lot of banks will have a good option if you do the majority of your banking online and with ATMs (rather than going to your bank and interacting with a teller).

Just basic stuff, really.

Jazzer's picture

My $0.02 + compounded interest....

;)

I know when I set up my bank account when I was younger (and thinner), I had my Mom come with me and help me out. Having an adult come with you is a nice safety net in a banking world where you have SO MANY OPTIONS.

Personally, I choose Bank of America, but that's mostly because that's what Mom had. I've not had problems with them, and they're everywhere.

However, don't discount credit unions, either. They're something that you should research when you're looking for a financial institution.

Good luck!

Michael

Some people's kids...I tell ya!

Christian's picture

Here in the UK...

... we are reasonably lucky I guess. Charges are pretty much reserved for Business banking customers. In fact with out ATM network we can take cash out of almost any machine and not get charged (there are the odd rouge 'company machines' from companys that just make money charging.)

Also alot of banks like to give students perks, like free driving lessons or really high intrest reates on 'current account' style accounts.

In fact, I have two ;D

Keep upto date with my daily life @ http://www.christian.co.nr