Best bank for account for high school kids

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atlanta_dad
Posts: 174
Joined: Wed Aug 07, 2013 12:04 pm

Best bank for account for high school kids

Post by atlanta_dad »

Please suggest a good bank (who doesn't have unnecessary charges)where we can open an account for our high school kid who just started working part time. Can we also apply for a credit card after a year or so with them. Please advise What else we need to look for?

Thanks.
shess
Posts: 2164
Joined: Wed May 17, 2017 12:02 am

Re: Best bank for account for high school kids

Post by shess »

atlanta_dad wrote: Fri Jun 18, 2021 10:25 pm Please suggest a good bank (who doesn't have unnecessary charges)where we can open an account for our high school kid who just started working part time. Can we also apply for a credit card after a year or so with them. Please advise What else we need to look for?
We used a local credit union. It's nearby, so they can get to the ATM without involving us. Since it's a credit union, it pays actual yield on savings - not much, but a "real" bank would pay like $.01 per year. Their savings rate is .5%, which is comparable to Ally (.5%) and Alliant (.55%), at least enough that having the local location swings it. [IMHO, having a branch is useful. I want them to think of their money being at the location and they can go into the branch to do things with it, not to think of it as an Internet video game.]

Sometimes you can find starter accounts which pay a bit better rate for your first $100 or $500. That might be worthwhile, if the location is convenient, because .5% rates on $285 really don't result in exciting statements. But don't believe the line they feed you, check the rate, some banks advertise starter accounts with insulting rates like .03%. I don't know how their marketing team lives with themselves.
kaliwi
Posts: 10
Joined: Thu Jun 17, 2021 9:54 am

Re: Best bank for account for high school kids

Post by kaliwi »

If you want a brick and mortar experience, it obviously depends on where you live.

Capital One offers decent checking/savings products for a bigger bank and they have a good web/app interface. They also offer decent cashback cards to people with thinner credit files, like the Savor One.

Alliant FCU also has good checking/savings products and are changing their 2.5% cashback card to 0 annual fee.

If you're from Alabama, AOD offers good savings rates and a 3% cashback card.
JBTX
Posts: 11227
Joined: Wed Jul 26, 2017 12:46 pm

Re: Best bank for account for high school kids

Post by JBTX »

Capital one has decent no fee checking accounts, including for minors.
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