Nowadays many kids receive money for special occasions rather than presents. This could be for Christmas or Easter. Birthdays or grading day in school. Whatever the reason kids tend to have a lot more cash floating around than we ever did growing up.
So what do you do about that? The smart thing is to put it into the bank. You dont have to put all of it into the bank but it makes sense to bank some rather than keep a bunch of bills lying around. Its always at risk of being lost or borrowed or more likely that you tend to spend more when you see lots of cash right in front of you.
So how do you go about putting it into the bank? For adults its a simple thing now to go online to a bank’s website and open an account in a few minutes. But what about for younger people? There are some rules you need to follow but its a pretty simple process. The bottom line is you cant open your own bank account until you turn 18. Until then your parent or guardian must co-own it with you.
Follow the link and let WIKI tell you how. https://www.wikihow.com/Open-a-Bank-Account
And keep in mind there can be charges related to your new bank account. The good thing about being your age and likely a student is that banks don’t charge any kind of service fees. Check out the links below to see how you manage the new account and what you get with the type you choose. https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/student-chequing-account/
https://www.simplii.com/en/bank-accounts/no-fee-chequing.html?utrc=S226:2&&gclid=CjwKCAjwr8zoBRA0EiwANmvpYOdD0lXAy4pU0XHn6woTC2vTCeabh5CsoNhGaKbMj2Cgz0xDkYMRrxoC4NMQAvD_BwE&gclsrc=aw.ds
And there you have it. A simple process to have a place to easily put your money. It keeps it safe and secure and you can watch it grow as you continue to add to it. The reality is there is nothing earned (or very little) in interest on your money. Banks will usually offer you a higher rate to sign on with them but there is generally a time limit on that rate and it will then settle somewhere between 1 and 2%
