Best Checking Accounts for Teens
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Parent's Guide to Teen Checking Accounts
What to look for when looking for a high school checking account?
- Debit Cards. The best high school checking account come with a linked debit card. This makes it convenient for your teen to do online or in-person purchases. The debit card is also an ATM card so your child can withdraw money. Some banks partner with ATM networks so that ATM withdrawals become free; others make it free for a limited number of withdrawals.
- Fees and Deposit Requirements. There are plenty of free checking accounts for kids but some do charge maintenance fees. So, inquire about any monthly maintenance fees as well as minimum balance requirements. There are checking accounts for teens that do not require an initial deposit; for those that do, the initial deposit is usually small. When monthly maintenance fees are waived, there are typically some strings attached, such as a direct deposit into the account each month or enrolling in electronic statements.
- Parental Controls. Normally, the bank would ask parents of children below 18 years of age to open a joint checking account with their children. But some checking accounts for teens already come with built-in parental controls.
- Spending limits. Some checking accounts allow parents to set daily limits to withdrawals and debit card transactions. Most will also incorporate text or email alerts, so that parents can monitor their teen’s banking activity.
- Mobile Banking. No doubt, teens spend a good deal of their waking time on their mobile devices. When choosing a checking account for teens, it is better to go for one that has mobile banking. Look for those that come with little or no fees related to mobile deposits, fund transfers, and similar transactions.
- Overdraft Policy. In general, bank transactions that will result in an overdraft are declined outright. However, there are some checking accounts for teens that will allow the transaction to go through, but an overdraft fee will be charged. Being a joint owner on the account means that you also share responsibility for overdrafts. This is a good teaching moment for your teen in terms of fund monitoring balance and spending within one’s means.
- Account Conversion. A checking account for teens is not forever. Kids grow up. There are some checking accounts for teens that automatically convert into a regular checking account once a teen reaches 18 years of age. Compare across different banks and look for the least hassle in account conversion.
Frequently Asked Questions
Can a 14-year old have a teen checking account?
What is the best debit card for a teenager?
What is the best bank for a 16-year-old?
Will my parents see where I spend my money?
What happens to my high school checking account once I turn 18?
Is a checking account mandatory for finding a job?
A Final Word
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