Many banks offer checking and savings accounts for young people. Some require you to open a joint account with a parent or guardian; however, some offer independent student accounts when you reach age 16.

The earlier you open up a bank account and start saving on a regular basis, the better. Having a checking and savings account established before you go to college will help you manage money and make necessary purchases. Money you earn from a job, get from a relative, or receive as a gift can be set aside for your future needs.