<p>im terrible with money, and have about 800$ i would like to put in the bank or somthing, where i can easily cash it in and out... i just dont want to keep it lying around my room... can i start a checking account with this little?</p>
<p>You can start a checking account with $20 at most banks...</p>
<p>If you're terrible with money...why put it somewhere that you can easily take it? Why not put it in a money market or a cd?</p>
<p>Put it in a CD...6 mos or 1 year. That way, you will have motivation not to take it out early b/c of premature fees.</p>
<p>whats the interest rate</p>
<p>the longer ones usually have better rates. At my bank..a 3 month is around 2%....6 month is 3%....1 year is 3.5%....and 2 year is like 4.5%</p>
<p>I just started a 6 month CD at 5 (yes 5) percent..I know some Koreans in NYC who gave me the deal..You won't find this at any other big bank. If you do open a CD, stay away from the big names like HSBC or Bank of America...their rates are really bad.</p>
<p>true true...smaller banks tend to give higher interest rates.</p>
<p>stonecold... if you want to keep your money liquid...do not open a CD...open a savings and/or checking account</p>
<p>He doesnt have to put all $800 in the CD...he said he was terrible with money...so a CD is a way for him to put some of it on hold for a bit, while also accumulating interest.</p>
<p>judging from his post... hes young and unemployed...</p>
<p>opening up a CD would be pointless if he wants to keep his money liquid... jmo...</p>
<p>i would suggest that he not worry about investing his money until he gets a stable job and starts saving for school/house/whatever...</p>
<p>I say the younger he starts to put it away...the better. He's still dependant on his rents most likely....so keep a little spending money and let the rest grow. A job would be nice too :)</p>
<p>Its a good idea to make CDs. I had my first one when I was thirteen, and it is definitely good. I tend to spend whatever I have at hand, so CDs are good for checking that. Right now, I only have about 300 in my hands, which is just enough for me to buy a shotgun and some ammo. If I had more, I would waste a lot.</p>
<p>You're gonna have a really tough time finding a bank that will let you do a cd for less than a grand. Usually the minimum is more like$5k. Just open up a savings account.</p>
<p>Most banks in my area have a minimum of 1000, and some h ave 500. I only seen 5K/10K for the mostly unknown banks that offer a better rate.</p>
<p>That's weird. Wells Fargo's minimum is $10k, and doesn't have the best rates. Citi Bank's is (I think) $5k and again not a very good rate. First Republic's is $5k, and a decent rate. I've managed to find a small bank with a $500 minimum who has amazing rates, but I only know of one branch. Generally, though, the bigger banks with the lousy rates are the ones with the high minimums.</p>
<p>isnt there an age minimum of at least 18?</p>
<p>not if you have a parent co-sign</p>
<p>ohhh . . . do they have to be present when signing the permission slip, or can we "take it home" . . haha... grade school days. ive forged so many signatures . . my mom gives me the credit card sometimes and lets me sign her name.</p>
<p>trust for the win</p>
<p>When I got my first one back in the day my mom was there.</p>