Why should a high school student open a savings account?

Answer 1

To start saving money for college.

Answer 2

Young people need to open savings accounts to learn basic financial management - the same way that one learns how to cook, drive, clean house, study, etc. It's a part of the grown-up world and high school students are only steps away from being adult. Habits, like regular savings, follow one into adulthood and fiscal responsibility means learning how to balance wants and needs. Students should also learn about the risks of credit cards early on so that they don't get into financial trouble as young adults and ruin their credit ratings.

Answer 3

Well, to save for college, car, clothes, side things that you dont need, but for your enjoyment. The money he/she makes in their job could go into the account. If this is about parental matters, the student should open an account, to give and teach him the value of responsibility.

Answer 4

You shoulden't! Do you have a job? your parents should already have an account for you....

Wait till you get a job, then open an account... Some banks will actually charge you a monthly fee of as much as $15 if you don't have hundreds deposited.....

As far as learning to save,, Americans are the worst savers in the world,,,, we spend, thats what we do! lol


To get a savings account, you need a birth certificate or drivers licence, and a billing satement from a major utility to prove your cuurent address. Then give them money, enough to aviod the monthly fees. Then they puch in all your information and presto! you now have an account!

The hard part is acctually adding money to your account, and not withdrawing it!...

Good Luck

Answer 5

you've were given some tremendous solutions. I trust enable Me Steer you, truthfully inspect credit unions on your section. a great number of options is accessible on-line, inspect monetary company's/CU's web pages for places (both branches and ATM's) and the words of the diverse money owed they provide. Many credit unions have regulations on who can be a member, so inspect who they enable; it could be someone who lives in a particular area or works in a particular field or a great number of alternative eventualities. I recommend both a checking and low-priced rates account. funds you money so that you'll understand how lengthy it is going to very last you and the way it will be spent. i ought to positioned 2/3 in low-priced rates immediately away and move funds to checking each and each month (the quantity you recommend to spend that month). once you'll to procure funds back and would this volume very last you until eventually that element? If no longer, imagine about no longer paying for both the digital camera or the computer or searching more reasonable ones.

Answer 6

You should open a savings account for college. It also helps when it comes to building future credit for loans.

Answer 7

1 to earn interest
2 to keep the money from getting lost or stolen
3 to help save for a larger purchase or in case you need some money for an unexpected expense

Answer 8

Save 10%, tithe 10% and spend the remianing 80%. It teaches you to budget your money on a regular basis. And it grows on its own.

Answer 9

Because it's never too early to start saving money.

Answer 10

cuz saving accounts give you 5%+ liquid money