What bank and plan is best for my situation?
Posted by admin in Finance Wednesday, 30 November 2011 19:06 2 Comments
I’m 14 (soon will be 15) years old and I’ve been keeping a piggy bank of change for awhile now. I have about 60 dollars, and my parents are going to match whatever I have. So I really have 120 dollars. I want to put it in a bank to start collecting interest and saving for later in life. What is the best way to turn my change into dollars, and what bank’s plan is best for what I need? Thank you!
… My children are on Oregon Health plan and my husband has several health … your premium dollar in your bank rather than the insurance company’s bank. … The agent can find the best plan for your situation and budget. …
Emma,
I suggest that you visit several banks and credit unions. Speak to the customer service personnel. Bring a written list of questions which are important to you. Find out the features and charges of each of their accounts. Find out how many ATMs are available, and whether there is a service charge for using the ATM.
You need to look at the totality of the bank’s services, accounts, and fees. The biggest fee for a 16 year old is the maintenance fee. This is a monthly fee banks and credit unions charge for allowing you to have an account. Some accounts waive this fee if you maintain a minimum balance, but the amount you can afford to have in your account will be too low to avoid the maintenance fee at most banks and credit unions. Make sure you know the maintenance fee each credit union and each bank will charge for each of their accounts.
Every bank and credit union offers several accounts with different features and different fees. Some banks and credit unions may have low overdraft fees, but high fees in other areas. The minimum balance varies from bank to bank. Other accounts have a monthly fee, but no fee on each transaction. Other accounts have no monthly fee, but a fee for each transaction.
Some banks have a large number of ATMs which you can use without a charge. Other banks have a charge for ATMs.
Make sure you get everything in writing. Do not accept anything the customer service person tells you verbally.