It might just be time to open a bank account for your teen. Checking account for teenager can be very valuable in teaching money management. It is the first step in helping teenagers take control of their finances. It is a safe and convenient method to give teenagers access to their money while developing healthy spending habits.
However, with all these features, there are still many questions you might want answers to before opening an account. Understanding your options is essential to ensure you make the right choice. To help you along, below are some questions and answers on teenage accounts that would get you on the right path.
Can a teenager open an account alone?
If you’re under 18, you’ll need the presence of your parent or guardian to open a teenage account. This is important before teenagers don’t have the authority to sign an enforceable contract. It’s also essential to provide valid identification to verify your and your parent’s identities.
What are the fees attached to a teenage account?
The fees depend on the type of account opened and the usage. There are maintenance fees attached to a checking account. That’s why it’s essential to consider how you plan to use the account before deciding if a checking account for a teenager is the best option.
How can I use the bank to start saving?
You can open a savings account and earn interest as you save. Additionally, teen CDs are available that allow teenagers to save towards a financial goal, like traveling, buying a car, and many more.
How can I access my money?
There are many ways you can access our teenager account. Online and mobile banking methods allow you to access and review your account. Additionally, when you open a checking account for teenager, you have access to a debit card and four free ATM withdrawals at CO-OP ATMs
Conclusion
Opening a teenage account is relatively easy and has many benefits, like a bonus of a $25 deposit when you complete the educational module.