Since savings accounts earn interest, they are taxable. Since you are under 18, you will be required to have another signer on the account who is over 18. Some banks will require that be a parent or guardian, but that isn't universal. In regards to going to Schwab, you will again need to be 18, but don't do that with a few hundred dollars; it is a serious investment decision with a time commitment. That means not touching that money for a long, long time.
And don't invest in oil companies for the long term anyway. Oil is a depleting resource, and despite those companies' high profits now, they are a dying breed. If you're interested in energy, invest in renewable resources like solar technology companies
Go to the bank and ask.
I'm 17, if I went in with a few hundred dollars and wanted to set up a savings account do I just go in and tell them that I want a savings account or is there more to it? Do I need to call ahead to set it up or what? Sorry if this sounds dumb just don't know crap about how to set up accounts, and will one savings account transfer to any bank in the USA? And can I put it just so me or my dad can get money from the account. I don't know how banks work
