Ready to make some serious bank?
If you're trying to up your financial game, one of the best things you can do is to open a savings account. What good is it keeping your money in a piggy bank? Too tempting to spend and too tempting for little sis to borrow.
The best place for your hard-earned cash is in a savings account at either a bank or a credit union. Both are great places, but here are some important questions to ask…
What interest rate do you pay on savings accounts?
What fees do you charge on savings and checking accounts?
How much do you charge if I overdraw my account? ("Non-sufficient Funds Fees" are charged if you spend more than what's in your account)
What's the minimum amount I need to open a savings account?
Where are your ATMs located?
Do you have any mobile apps?
If you're under 18, you'll need a parent or guardian to help you open up your savings account. Make sure to bring your address, Social Security Number and any identification you may have like a school student card.
Go online and check out several banks and credit unions. Compare interest rates, fees, services and incentives. Some financial institutions will actually give you money to set up an account with them. Really! So shop around and pick the one that's right for you.
Follow our Financial Literacy Month series to get financially fit in just 30 days.
James McKenna and Jeannine Glista are the co-creators of Biz Kid$, a national financial education initiative based on the award-winning public TV series. They also are the authors of the seriously smart new book How to Turn $100 into $1,000,000 (out this month from Workman Publishing, $13), which outlines in detail every step you need to take to make your million.