A savings account is great to have for anybody at any age. However, the longer you can keep your money in there, the better. Imagine all of the interest you’ll accumulate over time. Even if you’re not concerned about letting it grow, it’s still smart to have a savings account for emergency purposes. What if somebody in your family becomes very ill or is badly injured? What if your home burns down and you don’t have very good home insurance? Regardless of your reason, one of the first questions many people ask is “who can open a savings account?” Are you even qualified?
Typically, you’ll just need things like a valid photo ID (government issued), proof of residence, social security number if you’re a US citizen, and so forth. If you are trying to open an account with an online bank (which is a pretty popular thing to do these days), the process shouldn’t take long. You’ll be expected to provide your photo ID number, SS #, address, email, DOB, and details about your checking account if you want to link the two. You’ll probably need to link the two if you want to fund your account online without having to send in a money order or check.
In short, the answer to “who can open a savings account” is anybody who can prove his or her legal status in the country and provide a physical address, as well as having the ability to actually meet the minimum funding requirements. The amount of money you’ll be expected to put into your savings account varies depending on the bank, although it usually isn’t that much. It could be as little as $100 with an online bank.
Who Can Open a Savings Account With Good APY Rates?
If you are concerned about interest, you’ll obviously want to take the time to compare APY rates from different banks, which can change on a regular basis. Online banks are usually able to provide much higher APY rates than the traditional bank. Some of them offer tiered-rates depending on whether you’re going for short-term or long-term savings.
Make sure that you understand terms such as the “Introductory Period”, “First Evaluation Period”, and “First Evaluation Day”, which usually occurs at the end of the FEP after account opening.
You can learn more about these terms, and who can open a savings account at CIT Bank. It’s the #1 online bank with impressive APY. There are flexible tiers and terms – especially with the “Savings Builder” type of account. It’s easy to start a savings account as well.