Tips for Teen About How to Open a Savings Account

Learning how to open a savings account is a pretty simple process. You just need to decide which bank that you would like to get your savings account at. Most banks have many different variety of savings account to choose from. Follow these simple few steps below to learn how to open a savings account.

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.

When you decide to open a savings account then you need to bring your drivers license, social security number, and money. Make sure to see a brochure that explains the different types of savings account available. Ask the bank staff what option is best for you and tell them about your main reason is for needing a savings account. Make sure to ask about any fees.

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