*Loan,banking and credit>>>bank account

17 year old, opening a bank account?

okay so I'm clueless on how the banks work but I need to open a bank account to keep my money secure, but like i said I'm clueless, so I was thinking about opening one with WaMu. I would like to know what to expect like its says theres no mininum opening deposit and the interest rate 4.89% is that good or bad? and any advice about would be useful...I would ask my parents but they don't know how to manage their money because they make so much they don't seem to care.

An opening deposit is a minimum amount of money needed for you to initially put into the account in order to open it. If Wamu is offering no minimum opening deposit that just means that you don't have to put money in to open the account. Your account will be empty until you put money in, but it'll be open if you can't deposit money then and there. An interest rate of 4.89% is pretty good at least where I'm from (The average interest rate here is about 2.6%).

Always read the fine print. No bank is likely to pay you 4.89% on an account with $5 in it. Also this accont sounds like a savings not a checking account.

If you are looking for a savings account, most banks do require a small minimum daily balance. Due to federal laws there are also limitations to the number of withdrawls you can do outside of the branch.

If you want to learn more about how banking services work and how to manage your money check this free site out:
http://www.handsonbanking.com/

Keep in mind some states have an age requirement before they will allow a minor open an account. Check with the bank to see if they will allow you to open the account by yourself.
The best thing to do is find a bank that has a no minimum balance requirement. Most banks do have an opening balance requirement. Depending on what kind of account (savings or checking) will determine the interest rate. If you get a checking account be sure you have over draft protection, b/c sometimes you may have to overdraw your account. Other than that just call different banks in your area and compare accounts (interest rates, min. balance requirements, if checking account do you get free checks, etc)
I am soo happy to hear that you are ready build your finances! I started with an account at Bank of America when I was a minor but there were too many rules (they didn't let minors withdraw money..not sure if it is still like that)

I have my account with Wamu now - but don't earn that much interest. Not even close! I have a savings account with them that pays a pitiful .25% they do have free checking which is good. Is this a money market account? I have an account with Capitalone (www.capitalone.com) that is a high yield savings account and pays about 5%. The drawback is that you can only access the account on line.

You should sit down with an adviser from the bank so that they can go over the details of that account.
I have wamu and their great.. I think u only need 100 dollars to open an account.. and if u have any questions I know the will be happy to help u..
how much are we talking about saving???? wamu CD is good if you have X amount of dollars
Look for a credit union, not a traditional bank. You will pay lower fees, and still get the same level of service. You can open a saving account initially; but if you need a check book, then open a checking account too. Keep only the minimum necessary to avoid charges (and to cover your checks) in the checking account. You can transfer money easily between the saving and checking account online.

Avoid WaMu, BofA or other traditional banks! You will end up giving them a lot of your money for nothing. Credit Unions are cooperatives; the people who keep their money in the credit union own the credit union, and that's why charges are lower.