What type of bank account deal would you recomend for a teenager?

As you all probably know, banks often offer special deals when you open an account like higher interest if you don't withdraw, extra debit if you need cash on the go etc. I want to save money and was wondering if it would be better to have two seperate accounts, one which I would use as a savings and never withdraw from, with a higher interest rate, and a normal one for withdrawing money. What do you think?|||It really depends on which country you are talking about. The banks in different countries operate differently due to differing legislation. Is is USA? Canada? UK?|||If you have money that you know you want to save for at least 6 months, then you should open a CD (Certificate of Deposit). Most banks have a minimum amount that they require you to put into the CD when you first open it. And then, your interest rate goes up depending on the timeframe you would like the money to stay in the account without the ability to withdraw it.





It is also wise to open a "normal" savings account and don't worry so much about the interest rate. Use this account to store money in that you may want to spend within the next 6 months, or so. This way, you will have access to that money if you need it and it will earn a very small amount of interest. I would avoid the deal that offers you extra cash if you need it because most banks end up charging you a fee for allowing you to borrow the extra cash. For example, if you borrow an extra $200 from the bank, they will make you pay them back $220. It's better just to purchase things that you can afford without help.