“Parents and teens may have different preferences for each of these features, so it’s important to talk about what you’re looking for ahead of time and compare the different options together,” Palmer says. If you are opening your child’s first checking account and they are younger and sharing the account with you, you may want the ability to set limits on spending and the number of withdrawals. Your child may think you are covering the fees if you have a joint account, for example, so be clear on the parameters when you open the checking account.Ĭhoosing the right checking account for your child’s lifestyle may mean finding an account that has features that support their needs and goals, as well as your preferences. Whether you’re going to open a child’s bank account online or in a brick-and-mortar bank, it’s important to understand the fees associated with the account and who is responsible for paying them, says Mia Taylor, an award-winning financial journalist. If you’re considering opening your child’s first checking account-whether it’s a joint account you help manage or a solo account for your older teen-consider the following four tips: 1. “Is your teen interested in managing money, saving for different goals and spending on their own?” asks Kimberly Palmer, a banking expert for a financial education website for consumers. If so, a checking account can be a great way to flex those skills and practice money management, she adds. Note that for some checking accounts, like Discover Cashback Debit, you must be at least 18 years old to be added to the account as a joint accountholder. If you’re interested in opening your child’s first checking account when they are younger, you could consider opening a joint checking account that you share with your youngster. Many checking accounts, including Discover Cashback Debit, are for adults aged 18 and up, so you can help your child set up their own account when they are heading off to college or starting their career. Parents often ask about how to open a bank account for kids. Like learning to drive or taking on a first job, managing a checking account is a big milestone that teaches responsibility and will help your child learn important financial habits. One day you’re buckling them into a car seat, and the next you’re handing them the keys.
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