I'm 17, and won't start working until this summer. Should I open a bank account?

Question

I'm 17 years old and will start working at Six Flags this summer. Should I go ahead and open a bank account now? I was going to get a credit card when I turn 18 and also get a debit card as well. I don't know what to do about a checking account. None of the adult's in my life are financially sound or wise, so I can't ask any of them. I want to leave home and be financially independent as soon as possible. What should I do? Advice would be greatly appreciated.

SumDude · Accepted Answer

Yes, go open a SAVINGS account at a credit union (if one is convenient)> When you turn 18 you can open a checking account on your own. The C U is your best chance of getting a secured credit card [you put $ on "permanent" deposit and (typically) 90% of that amount is your credit limit. Put down at least $500. More is better.]

If you want to be financially independent in your adult life, stay at home and bank money for as long as possible. This is your last best chance to get ahead of the money game.

If you want to be financially independent in your adult life, stay at home and bank money for as long as possible.  This is your last best chance to get ahead of the money game.

Anonym · Answer

As of February 2010, you have to be 21 and employed full time 12/18 months without a cosigner. If you do not trust your parents, then you'll have to wait until you are 18 and open a savings account

I'm 17, and won't start working until this summer. Should I open a bank account?

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