For teen-agers to retirees and everyone in between, many banks, thrifts and credit unions have niche accounts supposedly designed to meet your needs and help you achieve a goal.

We say "supposedly," because some financial institutions just slap a name on an account and offer the bare-bones minimum, while others go several steps beyond. As with any banking product, you'll need to shop around to find the best.

For instance, there are plenty of institutions that offer special accounts for children. Most require a minimum balance of just $1 to $5 and make some effort to teach kids about managing their money.

No doubt about it, this requires a lot of paperwork for very small deposits -- the institutions are banking on mommy and daddy making big deposits, having a mortgage, a loan and a credit card with the bank, too.

President Gary Lewis Evans says it's meant to help people manage their children's accounts -- or their parents' -- while they manage their own.

"My wife and I have three children, ages 15 to 23. Through the Internet we manage our accounts and can oversee our children's," says Evans. "My two daughters are going to Europe this summer. If there's an emergency, we can transfer money to them anywhere in the world and they have immediate access at an ATM or through a Visa check card."

Evans says he also uses the account to assist his parents.

"Of course, it's a very different situation helping parents and helping kids. With the kids it's a financial management experience. We sign on to their accounts -- have legal access. We can see their accounts but they can't see ours."

The minimum age to open a boomer account at Bank of Internet is 45.

Some financial institutions are clearly more innovative than others when it comes to special accounts. The only account that's really worthwhile is the one that meets your needs.

If you're a student or a senior and are looking for free basic checking, you'll probably find a bank in your neighborhood that will fit the bill. But if you want a nice lineup of perks, it's probably worthwhile to do an online search -- perhaps opening an online banking account.

You're the only one who will know which account is the better deal for you.

Extracted from an article posted: June 20, 2001

Bankrate.com^®
11811 U.S. Highway 1, North Palm Beach, FL. 33408
Tel: 561-630-2400
Fax: 561-625-4540