Is a Savings Account information for a teen a good idea?
Right now I’m a junior in high school and just recently got my first part time job. I already made $500 this fall by reffing soccer games and now this is just extra but I doubt I’m going to use it. I’ve heard that savings accounts pay well and my cash will grow while it’s in there. Also, I could use it for the rest of my life and if I enter the business field like I plan on doing after college it could already be a plus. Do you have any suggestions on what to do and are there any other options out there?
in your opinions, what would be the best ones for such a low amount.
yes savings accounts are good. you want to research different banks because some will charge fees, and others will have min. balance required. if you are looking to make money i would recommend putting your money into a certificate of deposit (CD) which is something you invest in for a certain period of time and as long as you dont withdraw from the account you will make a lot more than a savings account. just make sure some banks wont let you get a CD unless you have a savings our checking account with them…hope that helps
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