Whats the best bank for savings accounts?
by Felixx on Wednesday, June 16th, 2010 | 2 Comments
I just turned 15 yesterday and on income taxes I get $500 and I was wandering whats the best bank that has a savings account program? I need to be able to deposit $500 or less and I need a good interest rate. Thanks.
Savings accounts aren't really the way to go... You would get more money by walking up and down a busy sidewalk and spotting change. As far as banks are concerned, just go with one that's convenient. You may also try Credit Unions, I'm personally not a huge fan. However, there are many people out there who are in love with CUs because of the "personal" feel that CUs are known for.
Once you gather enough money you might try investing it in a Certificate of Deposit -- they yield more return than a Savings account; just make sure you don't need the money back right away.
Try: http://www.bankrate.com/ if you want more info on CDs.
You might want to do a little research before you drop your money in any account. Seeing that
you are very young, you might want to take al look at Mutual Funds, that have out performed
banks for a kazillion years, if growth is your goal. The best investment you can make at your age
(actually at any age), is to invest in "yourself". Take classes on or offline, educating yourself on
how money grows through compound interest. The more financial education you have, the better
descision you'll be able to make.