If your child is between 13 and 17, you may wonder whether it’s too early to open a checking account. In most cases, the answer is no. A teen checking account can be a great way for your child to learn how to manage money and build their credit score before they leave home for college or start working full-time.
Teen checking accounts are an excellent way to teach your child financial responsibility
One of the main benefits of teen checking accounts is that they allow you to teach your child financial responsibility. A teen checking account helps teach kids how to manage money, use debit cards, and avoid overdraft fees. In order to have a checking account, the minimum age for a checking account requirement varies from bank to bank.
There are many ways that parents can help their children learn about managing money: budgeting apps, putting cash in a piggy bank or using an envelope system.
SoFi financial advisors say, “A checking account is another way to keep your cash secure, and it offers even easier access to your money because you can use a debit card or checks to make purchases, pay bills and make withdrawals.”
A checking account can help your teen learn how to manage money
Teaching your teen how to manage money is a great way to help them learn the value of saving, budgeting, and paying bills. It’s a skill that will serve them well as they grow older and start making more decisions on their own.
A checking account for teens can help you teach them the importance of saving money by limiting how much money can be deposited or withdrawn per month.
A teen may be able to open a checking account as early as age 13
While there is no official minimum age requirement to open a checking account, most banks will require you (the teen) to be at least 13 years old. This can make it difficult for teens who want to get their own checking accounts without parental help. However, many banks also allow parents or guardians to open accounts for their children and teenagers, even if they are younger than 18 years old.
Learn more about checking accounts for teens and compare options to find the best one for your child’s needs
As a parent, you have a lot to consider in choosing the right checking account for your teen. You’ll want to think about what features are most important to them and how each bank measures up.
You also need to look at service fees, deposit requirements and other terms and conditions. In general, it’s best to choose an account that offers all the basic features of any bank checking account: online banking access, mobile deposit capabilities and no minimum balance requirements.
In this article, they have explained why having a teen checking account is beneficial for both you and your child. They have also outlined some of the options available and how to choose one that best fits your needs. So this article must have been informative and helped you make an informed decision about opening an account with your teen.
