ING Banking

[Mr.Macdonald]

I have recently gotten my first job and now wish to invest my money (I value investment more than the average kid)


I looked into ING and i want to open a savings account, although being a minor i must make it joint and link it to a checking account for the first transaction.

Does anyone know if i can break that link and leave the joint account on its own?
I don't want to have any external ties to anyone, just my money in a joint account (ironic) and no other way of touching it

[pparks1]

I am a member of ING as well. You HAVE to have an externally linked checking account from a normal bank in order to use ING. That's the only mechanism for getting money into and out of your ING account.

[RedPandaFox]

I have my money deposited directly into my ING account.
Then when I need it I move it to my access account in teachers credit union. I ,love the ING because it stops me impulse buying :P I put $50 a week into access and the rest to savings in ING

[Mr.Macdonald]

So basically as a minor I am screwed,

how about with investing, can i buy my own stock or do i have to buy joint stock (joke)
and is their any online banking system that doesn't need to be linked, or better yet a bank that has a exceptional online interface

[Biochem]

Even though I'm a satisfied client with ING I'm not familiar with their handling of minors' account. As said previously the ING account I have is linked to a checking account that I own. that account is used for money transfer.

You put your money in your checking account and transfer automatically or not a part of it to your ING account. For withdraw you take the money from ING and put it in your checking account and now it is accessible with a banking card.

To my limited knowledge ING doesn't have atm or any infrastructure to pay directly from your account. This cut on their cost and that's how they can offer more interesting interest.

So to be one of their client you must have a checking account, What's the big deal? go to the nearest bank with your parents and open a checking account (with minors I suspect your gardians must signs some authorisation forms) then create your ING profile with this account that is yours. That way there is no ties to anyone.

While you are at the bank ask to see a financial counselor they migh have solutions that fits your needs better than ING. But even if not, you will have learned something and that is never a bad investment. I remember when I was young, the local caisse pop went in elementary school too teach us all those things and offered to students to open a account for them with no service charges. Six years old don't have money so they didn't made any from us at that time. 22 years later I'm still with them with multiple account and some debts. That is called a long term investment on their part. So even if you don't have much money to invest a good bank will see you as a potential future good costumer so they will take the time to help you seriously.

[picopir8]

Minors have limited liability under the law, consequently most/all financial institutions will not open accounts solely in their name. Checking accounts, investment accounts, credit accounts, loans, etc. are almost never issued w/o the parent/guardian as a joint applicant. Traditional bank accounts are more flexible. Moneymarkets and CDs fall somewhere in between because of the withdrawal limitations. A minor could claim that they did not fully understand the limitations and the financial institution could have difficulty enforcing the withdrawal limitations. I know it sucks for people not to trust you but I know many people who would gladly give up that trust if they can also give up most of their responsibilities as well.

I would stick to a traditional savings account for now and ask someone to open a joint checking account for you. That way you can get started establishing a good financial history which will come in handy down the road.

If you really want to save/invest, look into a 529 plan. Not only can you save/invest for college/tech school but it will give you a tax break as well (though you may not be paying your own taxes yet).