What is best- opening a savings account for my child in my name or in her name?
I think it depends on the bank... We have First Niagara (from WNY) and have an account with our son's name on it, but I am the 'custoduan' on the account until he is 18. We can use it like any other savings account -- when we get child support (which is next to never) or he gets money as a gift, it goes in his account, but when he needs new school clothes or we are throwing his birthday, we might occasionally dip into it, and have never been reprimanded. It's considered a 'youth savings', which also gives us the bonus of having a minimal balance of $10 instead pf $200 like an adult account, not that the balance should ever get that low anyway, but it's good to have just in case. As the parent/guardian, you shouldn't have a problem accessing an account in her name until she is 18, but again, it depends on your bank. A few years ago I was banking with HSBC before I ended up closing my accounts there, but I didn't have an issue with his account there either. Look around at several different banks, and maybe speak to someone there... Sometimes they can refer you to other programs that will help the account earn money. My bank suggested several aggressive programs that will increase our savings for our son in addition to his savings account since I think our interest rate is about 0.5%. They told us that now is the time to be aggressive with the savings since he is still young (5 at the time) and we have a good 10 years to be earning extra money before being more conservative once he gets to high school age and is closer to having access to the money.
What bank should I open a checking/savings account with?
Credit Unions are usually better to stick with because they usually offer better rates for loans and savings then your normal banks. But with E*Trade, ING, and Charles Schwab those are the ones to go with because of the high interests rates they will give you. ING rates vary. But ETRADE and Schwab dont (4%), but you either have to set up a direct deposit or transfer money between your current bank. Which requires a little bit of paper work but worth it.
What is the best bank for personal savings and checking accounts???
I am looking to move all of my personal savings and checking accounts into a new bank because going to the small credit union I currently use is very inconvenient. I want to find the best, preferably nationwide, bank for personal accounts. I live in TX, in The Colony but work in Carrollton and frequently go to DFW Airport for business. I have only about 50k in savings and want to start paying bills online. I would like free checking and ATMs too. I want a bank that isn't heavy on the fees and has good operating hours. The banks I know that are in the area are Bank of America, Wells Fargo, Century Bank, Washington Mutual and Chase. Any ideas and suggestions are greatly appreciated since I don't have the time to do my own research. Thanks in advance!
Both A Checking And Savings Account?
I'm 15 an I work at a local youth program that pays me monthly. Cashing the checks from work at the bank either requires an account or $6 and 2 forms of ID (one of which would have to be my passport since I am under 16). I'm not so sure carrying around my passport in that area where the bank is located is such a good idea and I walk everywhere so I could easily lose it. From what I've heard from the banker, I would open a Checking Account to deposit my checks. For that there is a fee of $6 each month. This is the option I am leaning towards since I won't run the risk of losing my passport. My questions for this are: Can you withdraw from it? Can you put in cash? And Is it worth it? (Based on opinion or experience) There are also Saving Accounts? I'm guessing these save money? I think this could be a good idea if they're used for what I think they're for. These are $5 a month. My questions: Would this be where the money goes that I am saving for college? Does it prevent spur-of-the-moment shopping by not allowing withdraws? What makes it a SAVINGS account? How would the money get in it? Can you transfer it from a checking account? If so, can you control the amount? Is it worth it? (Based on opinion or experience) And finally, What is the major difference between the two?
What's the difference between a checking account and a savings account?
A checking account is way better than a savings account, but both can work for you. I have both. With saving accounts you have to be careful as some of them have a minimum withdrawl period per quarter before you get charged for each one. My bank gives me 6 free withdrawls per quarter. Anything over that they charge me. That's why they call it a savings account. I use my savings account to save money for trips I want to take or major purchases I want to make, like furniture or carpet. When I have money saved up, I just log on to my bank's website and do an instant transfer to my checking account so that I can use my debit card from my checking account to make the purchase. My bank can link my savings and checking account to my debit card but I haven't done that yet. For paypal, I would go with a checking account.