Ok so I am 16 and I'm not one of those snobby rich kids, I love hardwork and being challenged! So tthis is what's going on. I'm getting a job soon (start saving for an evo x ) and my mom bought me a bike ( $600 ) for christmas and I heard her talking to her friend saying if I get a job she's going to make me pay for it! ( messed up right?) Ok well I have a debit card but its linked to her acc. So she can transfer $$$.... since this is my first job I'm not sure exactly how its going to work. I'm goin to get a check then go to the bank and they give me cash right? If so.. should I just keep the cash in a safe ( go buy one) or where should I put it were my mom can't touch it?! (She wants to buy a new tv cuz her 32" is too small... ya wtf?!) So what should I do EvoM?! Thanks a lot!

 

Well when I got my first job, I create a savings account in my own name. I wouldn't recommend a safe for a couple reasons.

1. a safe can be stolen
2. a safe doesn't pay you interest

And also, when you go to the bank with your check, if you have a savings account they don't even necessarily have to give you any money they can just put it directly into your account.

If you want to be able to use your debit card though you'll need to put it into a checking account.

 

Is it possible for a 16 year old to get a savings account in my name? And which bank? this really helps thanks a lot!

 

I'm not sure about the minimum age to have your own account. Just go to your bank and ask or go to their website.

 

well in wisconsin you can only get a savings account at 16. checking when you turn 18. with todays economy you can get a loan when your 45!!!

 

You should be able to open your own account at 16. Go to the bank and find out! I opened mine when i got my first job at 16 at bank of america! goodluck!

 

I got my first savings account when I was seven years old. It should be really easy