I'm considering getting a savings account because there's a school I'd like to go to. Andover Academy. But there's the little matter of the cost. But I was wondering if I got a savings account. If I could withdraw money from it in the case I really needed it. I'm only 14 so do I have to a my parent(s) withdraw it for me?
2007-01-05 04:40:34 · 4 answers · asked by Jarell 1 in Business & Finance ➔ Personal Finance
A savings account is a great idea but at 14 you are not eligible to get an ATM card or do withdrawals on your own. Your parents would have to do it for you. There is no penalty or fee for this, just the inconveinience.
The reason is b/c if you are under 18, you are not able to sign a contract yet. An ATM/check card is a contract. That is also why you cant get a checking account or credit card. Since you are not legaly responsible, you could take money & sue the bank for giving it to you under age.
2007-01-05 04:51:05 · answer #1 · answered by ricks 5 · 1⤊ 0⤋
Most savings accounts are set up for you to deposit and withdrawall all you want at any time. At your age you may need parent consent- check with your bank.
If you want really high interest (like if you're planning to deposit ALOT) then there are other options of accounts/plans that would have penalties or limiations on when you can withdrawal.
2007-01-05 04:54:42 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You can make up to 6 withdrawals per month. After that, you will be charged a fee.
If the account is in your name, no one has to know what your activity is.
2007-01-05 04:44:12 · answer #3 · answered by Anonymous · 0⤊ 2⤋
you both have to be there to withdraw $$
2007-01-05 04:43:26 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Yes, but with a penalty. The cost of that penalty varies with the bank.
2007-01-05 04:44:13 · answer #5 · answered by Count Acumen 5 · 0⤊ 1⤋