Smilin'Bob_ The Enzyte Guy
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Neither... get a brokerage account, especially if you are just going to let the money sit for an extended period of time.... |
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emybelen
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im 16 too and at bank of america they offer a student acount, where it is a checking and savings account. it also comes with a debit card. the debit card only takes money out of the checking account and the money that is in the savings portion is saved and must be withdrawled or transfered to get it out. i love the account it alows me to put away money for my car while also being able to put money into my checking account to use for entertainment and other fun stuff. by the way the student account is free and comes with online banking and also the oppertunity for the keep the change program. |
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TheProfessor
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Depends on how you are going to use the money in the account. If it is an account that you will add to regularly and also use to purchase items, pay bills, and underwrite a debit card then you will need a checking account. Most banks have free ones for students. If you are trying to save for something that will take some time you need a savings account it is just as easy to put money in, but a bit harder to take it back out since you will have to go to the bank and use a counter withdrawal slip. If you choose savings, you will also make a bit of interest, though not enough to get excited about until you have a pretty big balance. For saving at your age, the best bet is a savings account and then purchase short term CD's (certificates of deposit) when you have saved enough to afford one. The interest is much better. You could do both and transfer money between them so that it's easy to save extra cash in your checking account and its also easy to move a bit of money into checking from savings if you get low. My son is nineteen and that's what he does. |
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skinneechica311
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A checking account is really for the money that you want to use now, for instance if you have a job you would put the bulk of your money in your checking account so you can buy what ever you want or need. A savings account is good to have too, especially since your young. You can put away a few dollars each month for safe keeping until your older and the money you put away will get interest, meaning each year you will end up with more money than put in. Given you dont take the money out. So to answer your question I would suggest both |
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mario m
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depends what do you need the account for because savings multiplys butyou cannt take money out and checkin you can take it out |
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David P
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Well, a savings account and a checking account are pretty similar, only difference is one you can have checks and one you can't. This depends on what you want to do. If you just want to save money for a while, get a savings account. If you want to be able to use money whenever you want, get a checking account. I think you need a minimum balance for a checkings account, too, and that probably varies from bank to bank. |
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boomer79sooner
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If you plan on using the money in the account often you should get a checking account. Most savings accounts only have a certain amount of withdrawals a month and anything after you get charged for. A checking account allows easier access. It would also depend on how much money you plan on opening an account for. If you don't want to touch the money open a savings account to earn a little interest. No matter how much money you have, it would be wise to open a checking and a savings account. That way you can learn to save money. Its fun to see how much you can save in a few years. You will need an adult to be on the account with you so make sure you bring a parent or trusting family member. |
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ΔΧ
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Well they are used for different things.
Savings = you put money away for something (such as a new car or college).
Checking = you put your money in the bank & they give you a debit card so you don't have to carry your cash around with you.
If you have some birthday money or something like that then I'd get a savings account. If you have a job or work odd jobs, where you get paid regularly then I'd go with checking.
If you get a checking account get "over draft protection". Also they will try to sell checks. Don't buy them. You will not write a check for years. Everybody takes debit. Also try to work with a bank that has plenty of branches and ATM's in your area. |
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MomOf3
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if you think you r responsible then get a checking if not then a savings |
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Viksicom
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savings. What would you need an checking for? |
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private
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You get a checking account to pay you your bills an, a savings
account to save for the unexpected. like repairs on your car
or saving for your vacation, traffic tickets,etc. <}:-}) |
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slick09
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for now i feel it's more important for you to get a savings account because college is right around the corner and you can always use extra money and you might wanna get your own apartment off campus or maybe you wanna buy your first call,to do all of those things saving your money in a savings can make alot of those things come true |
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bionicbookworm
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If you are just trying to save money, go with the savings account. If you have expenses that you pay on a regular basis, then you might need a checking account.
If you can, talk to your parents, ask them what they think. Also, you can always just go to a bank and talk to the account reps about what's best for you. Some may even have programs for younger bankers that will help you get started.
Good Luck! |
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pinkdaisy
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You should have both. The savings for your savings and your checking should have what you are going to spend with either checks or a debit card. |
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The_Lord_Of_The_Rings_Online
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checking account if u wanna save or take out money.
savings is only for savings only. |
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Darby
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Are you working and have an income and do you have bills to pay an ongoing things you have to buy where you need checks or a debit card to pay form them. If yes, you need a checking account. If you just have a little money coming in from gifts and occasional work money and you need a safe place to park your money, then get a savings account, where your money will earn money (interest). Go to www.ing.direct and check out their savings accounts. You may also want to look into Certificates of Deposit (CDs). You deposit your money with a bank and can't have access to it without a penalty for a minimum of 1 year, but the interest you earn is a bit higher. So the answer is, it depends. |
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"ceLiNe"
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savings accounts is much easier to open coz the maintaining balance & the opening amount is not much higher that the checking accounts, besides if u are still 16 yrs old and want to save money, just try to open the savings account.. coz checking accounts are mostly used by the person who have a business... |
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mister ed
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i would get both a free checking account and a savings account -- it would be a good way for you to learn money manage men == both will require one parent as a trustee and a picture id and of course some cash to open the account -- i would hold back some spending money and divide the money equally between the two.. good luck on you upcoming tests!!! |
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Kristin R
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In illinois there is a law now since 911 that people under 18 yrs old cannot open a checking account only a savings. You might want to see if there is a rule like that at the banks where you live. I would personally go for a savings account that is online because then you have the advantage of having a debit card with it plus a high interest rate. I hope it helps. |
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humble little lady
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i think that you should get a checking account. that is the best thing cause you can pay your bills using the checks that you get on your account. best thing. |
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Me
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SAVINGS!!! YOU GET INTEREST BACK
CHECKING CHARGES YOU INTEREST!! |
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Lady
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It is wise to have both. Whenever you get paid always put something in your savings account. Deposit the bulk of your check into your checking account and take out a little cash for spending money. Write checks for your bills. If you ever need to pull from your savings account ot take care of anything, always make sure that you pay your savings account back. This way you will always have money. Additionally you should always invest in something. |
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thinker
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Savings account is the most basic bank account, whereby you can put money into the account and earn interest on your savings account. You may withdraw money/cash from the savings account as and when you need to. You normally do this by going to the bank and withdraw from the bankteller or make withdrawals from ATM machines through a savings account card.
A checking account normally does not earn you interest for money in this account. However, it is convenient for you to make out check payments, instead of carrying large amount of cash, for goods and services. But you must constantly keep track of the amount of money you have in this account to ensure that you do not make more check payments than the amount of money you have in the account.
All said, there are also special accounts available from many banks, that combine both Savings & Checking. Usually, you put all your money into the Savings Account, which earns you interest. Money is automatically withdraw from your Savings Account for the amount as and when you make out a Check for payment. That way, your money earns interests and is only deducted when the check you make out for payment is deposited and only that particular amount will then be deducted out of your savings account to pay for the check.
Shop around with different banks and find out what types of accounts they can best offer you. Just remember, it's your money, so you want to get the best. |
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Fredrik IV
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If you want easy access to you money get a checking account, if you have alot of money and want to gain interest on it get a savings. |
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Woods
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no.you should get a checkings.i just got one from Washington Mutual and they dont charge monthly or any fees, plus you get all these FREE things like, debit card and checks...its really cool.actually a savings is free there too.you should go there! |
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seyhey
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I know with my bank, checking is free. I had to pay for my first set of checks and only put $50.00 in my account. I was told to open a savings, I would need at least $200.00 in the account at all times or they would charge a fee every month, I think it was a $3.00 charge a month. So, if you think you can keep $200.00 in your account all the time, than a savings is ok, if not go for the checking, just make sure the bank does the free checking. |
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IPFREELY
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get a savings account, you get interest ontop of your money deposited. If you have enough money, open a cd account for more higher an interest percentage. |
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annazzz1966
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Well, that's nice that your thinking about your finances, but you need to get two forms of ID in order to open an account. |
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Flummoxed
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For now, get a savings account and do what it's meant to be. Save. Save. Save. I know it's tempting to use the money to buy something but think retirement.
When you get older and have a job and start paying bills (rent, credit card bills, etc), then open a checking account. The best way to put money in it is direct deposit your salary directly to these accounts. That way, you already have put money away and won't be too tempted to use it.
While we're at it, try to avoid getting a credit card at this age. Try not to have debt so soon.
Good luck! |
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Can it be
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well with saving you'll be getting a couple of cents per 100 dollars I think it is.. That's about it.. and depending on your bank you'll have to keep a certain amount in each account.. |
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Just Me
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Saving. As some one else here pointed out.What do you need a checking account for.Do you work?? |
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