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What bank and type of bank account would you recommend a high school student get?

bank account
Yuina asked:


I’m not sure what bank to go to, some say Washington Mutual, but others say Bank of America. What do you recommend? Also, I don’t make that much money, but I’m in an argument between a checking and a savings account.

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5 Responses to “What bank and type of bank account would you recommend a high school student get?”

  1. Melissa C says:

    Savings, and Bank Of America

  2. Dan J says:

    i dont know where you live so its hard to recommend a certain bank. I would never sign up at a bank. You should find a local credit union to create an account at. I have accounts at Boeing Employees Credit Union.

    Credit unions dont have all the fees that normal banks have. Not to mention with most credit unions you can deposit money in the ATM and get it immediately. normal banks you usually have to wait a couple days to post to your account. Bank of America charges you fees for everything.

    You should get a checking and a savings account. No reason not to have both.

  3. xyz_sewell says:

    If you have a few hundred dollars that you don’t plan to spend for a while, put it in a money market account. Otherwise just find a free checking account, with an eye on ATM coverage if that is an issue for you.
    My money market is with MetLife Bank, I’ve been very happy with them and they have some of the best rates.

  4. ibu guru says:

    Minors cannot legally sign a contract, have a bank account, get a credit card, etc. If you are under 18, some banks will open a “student account” which is controlled by your parents. In some cases, you can get an ATM card (savings account) or debit card (checking account) with your parents’ permission. They must go with you to the bank in person, you will all need proper identification and Social Security cards. Your parents will determine your limits. After you turn 18, you can convert the account to a regular account.

    Chase & BofA, as well as other banks, have such accounts. Get info and compare fees.

    BTW, Washington Mutual went belly up. So have Wachovia and others. Steer clear! Be careful where you bank to ensure it is as sound as possible in today’s dicey financial markets.

  5. Magnun S says:

    Saving would be better if you intend to save the money and accumulate interests to buy something in the future.

    Checking is better if want to buy products online, or just don’t like to carry cash around. ( TD Bank has a student checking account and it is free)>

    However, i would buy a CD… CD is like a saving account, but the interest that they pay you are much higher. You have to agree to leave the money in the bank for at least one year, only after that can you take the money.

    That is a good way to keep yourself from spending too much, and get from 3 to 5% of interest in the nd of the contract.

    I hope i was helpful…

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