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Old   #1 (permalink)
 
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Default questions about opening a savings account

I plan on opening a savings account with my parents because I am under age, and I have some questions about the options I have, and what could benefit me the most. I have three options with the bank I want to associate with:

A) Titanium Money Market Savings:
Tiered interest rates for higher earning potential
$100 minimum deposit to open account
6 free withdrawals per monthly statement cycle1
Free travelers checks, money orders, official checks and wire transfers
Rates as high as 0.20% with a 0.20% Annual Percentage Yield
B) Performance Savings:
Interest earned on all collected balances
3 free withdrawals per monthly statement cycle1
$100 minimum deposit to open account
Rates as high as 0.08% with a 0.08% Annual Percentage Yield
C) iSave savings:
Interest earned on all collected balances
Matching deposit feature after 12 consecutive monthly deposits
6 free withdrawals per monthly statement cycle1
Rates as high as 0.18% with a 0.18% Annual Percentage Yield

Which deal seems the most reasonable, and beneficial?
Thanks for all answers in advance!

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Old   #2 (permalink)
 
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Default questions about opening a savings account

Option A sounds like a money market fund. That is actually a special form of mutual fund that invests in very short-term commercial paper (corporate bonds). You get a higher interest rate because there is higher risk: most such accounts are not FDIC insured. Not really for a beginning saver.

Option B looks like a basic demand deposit savings account. You're limited to 3 withdrawals per month without incurring a fee.

Option C is also a demand deposit savings account but I'm not clear about what the "matching deposit" feature is.
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Old   #3 (permalink)
 
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Default questions about opening a savings account

Unless you have a lot of money and invest the first account is not a good option , its for travellers and businessmen

that leaves two options so are you going to mainly save money for college or maybe a car at some point or are you wanting an account to put a few bucks in but mostly right checks and use a debit card to spend most of your money ?

if its more to save money until you are older and so you have an account for when you get a part time or full time job later in life then option 2 is the way to go , especially if you can put in at least $100 per month and leave it there for a year or more . the isave account is just to save money for college or retirement , later on you just open a checking account and use it for your monthly bills and depositing your paycheck

if you want to just have a bank account for checks and a debit card and you'll leave no more than $100 to $200 max in the account number 1 is the best option ,
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