Youth checking
A youth checking account lets your teen experience financial independence while learning positive money habits safely, since you still have the ability to track their spending.
Learn the basics of managing youth accounts (ages 13-17).
Teenage years provide a great opportunity for you to help your children gain essential money skills that will prepare them to manage their own finances in adulthood. This age range is the prime time to teach them:
- Budgeting skills: Building on the lessons they learned as children, help your teens understand the concepts of income and expenses. Show them how proper planning and allocating money wisely can set them up for success.
- Savings habits: Having their own savings account gives your teen a sense of financial ownership and accountability. By making it easy for them to save, you're teaching them the habits necessary to reach some of adulthood's biggest goals.
- Responsible spending: Give your teens a taste of the freedom they crave with their own checking account. You're empowering them to make their own financial decisions while teach them how that spending affects their bottom line.
- Banking basics: Each step of your teen's financial education helps them learn about essential tools like debit cards, online banking and budgeting. If they get familiar with them now, they'll be able to confidently use them in the future.
