Which banks have the highest interest rates for savings accounts?In the USA. NY, NJ area. Anyway, I am 16 and will be getting a job soon and will be working everyday. I plan to save up primarily for a house. Don't laugh, I am not even joking. I plan to go to Columbia University and have a part time job when I go there, I plan to do 2 years at a community college to get my... |
Go to the www.Bankrate.com. If your long-term is seven years or more, you are better off placing your money in stocks.
If you are planning to use the money for a house, consider putting the money in Roth IRA. You can withdrawn the money ealry for a first-time homeowner.
Good luck on saving 75% of your income but have some fun. You are only 16. You have many years of hard work ahead of you.
Call around and ask. The rates can change, so start calling every couple of months or so and see which banks have the best rates with the lowest fees (don't forget to ask about fees). Ask about their different types of accounts too. Some banks offer free checking/savings to students, but have fewer abilities (limited number of checks can be written/limited number of withdrawals, etc.) Start calling around and tell them that you're looking into opening an account. Tell them how old you are. Some may be rude to you, but that lets you know how they treat people and customer service is very important in a banking relationship. The banks that have better customer service generally treat you (the customer) and your money better.
I think you are better off going to a credit union or a very small bank. large banks have very low interest rates for savings accounts, or you can open a money market account which will yield a little more than a bank.
http://www.gmacbank.com/ for savings.
http://www.everbank.com/ for checking (with interest)
Both banks will reimbuse you for ATM withdrawls from all ATMs (no matter what bank). There is a monthly limit to this, but it should be enough for most people.
Both banks are FDIC insured.............................
