A credit union is a not-for-profit version of a bank. If someone in your family is a member, check it out. They may offer relatively higher interest rates and smaller fees.
Your piggy bank is adorable. And it may have served you well over the years. But to really jumpstart your savings, you may want to crack that thing open and head to the bank. Opening a savings account is a great way to get serious about saving. Just remember, if you’re under 18, you’ll need to open your account with an adult as co-owner.
Putting your money in a savings account is super smart. First, your account is insured by the FDIC up to $100,000. (Don’t worry, nobody expects you to start out with that much!) Second, the money in your account earns interest. So your money’s growing, just by being there. It sure won’t grow any stashed in your sock drawer!
Here’s what you’ll need to open your account:
Photo ID (maybe your school ID, or a driver’s license)
Your Social Security number (a good number to memorize)
Money to open the account
Why have to go somewhere to bank? I’d like to do all my banking on my laptop.
I don’t want to get stuck paying fees to get cash. Top priority is a bank with lots of ATMs.
I think it would be cool to bank at a place where they’ll know me.
