BladeX

Hey,

I want to open up a savings account, would I be able to, I am 16 years old?


Basically, it doesn't matter if I can withdrawl money for free or not because I will most likely keep the money in the account until I saved up enough for whatever I need.

It will have a balance of at least 500$ every year.

Any help? I have read articles with charts n comparisions and ICIC looks decent.

imported_GoldBadge

I just use ING Direct. i think its at like 2.5% right now. Basically, I used to use it to budget myself. Where most people put a set amount of money in every paycheck, I had it automated to put a given amount of money every week back nito my chequing account.

This way, my money wasn't accessible via Interac so when i got drunk i wouldn't waste it.

BladeX

Yeah, I want to save up enuf for a car for me next year.
hopefully, since whenever I get my paycheck I deposit it at my bank and take out my maxium per day ($100 a day)

would I be able to open up an account at 16 years old

imported_Bruce Fee

for basic savings.. ING should be your best bet.. doing actual banking with them otherwise is a hassle.

if you have more than $1000 in an account, most banks won't charge you regular bank fees. since you are 16, you also can get a student account.

for the amount of money you are saving, etc, what i would do is go to the closest branch.. or the one with the most convientient location/hours.. that's what i did... .3% of $1000 really isn't worth having to go out of your way to order cheques or clear something up.

imported_gatherer

ING direct is probably your only option if there are others they are not well known enough to be trusted.

cee_mon

Is ING direct only online or are there actual Branches?

90ls

Only Online...

imported_GoldBadge

ING is great for students because it makes your money harder to get at...So impulse buying and blowing your money on crap is a little harder since you have to withdraw it from ING (and that takes a couple days)

NOTE: ING requires you to have a bank account already. It works by depositing money into your normal account and then going on the internet to transfer the money from your chequing to ING and vise versa. Just wanted to clear that up.

cee_mon

Perfect...it really did help.

BladeX

http://www.redflagdeals.com/deals/main.php/articles/savings2/

check out the article it has a list of banks n comparisons

cee_mon

Even better...Cheers
PC bank here I come...2% is still better than my sh*t percet at royal bank. And there are acutal people who you can see in person.

imported_viper_2_4

ing is pretty good, I believe you can set it up with a debit card which makes it easier to get at your money...

imported_gatherer

they have one branch finch and the 404 look for the ING direct sign.. there is the office there and they have a branch in it... (from what I've seen)

imported_gatherer

yes I have a ING direct Debit card

imported_gatherer

one other note about ING Direct if your work place has automatic deposits then you can have your pay automatically put into your ING direct account. I currently do that

imported_Cablerat

TD Investment Savings account.. Generally 2.5% or higher

$1500 minimum to cancel the fees.

I prefer it over ING, cuz it takes about 5 Business days to transfer your money FROM ING. With TD, online banking and everything is INSTANT!

imported_SW20 MR2

I have an Amex savings account. It works fine for what I need.

j_limitz

PC Financial...interest isl ike 2.something % and there are no fees...and you cannot use your debit card to access your savings account...you have to go online and transfer to your chequing account before you can use your money...which helps...it kinda backfired on me one time but it's all good...