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May 25th, 2020

A teen’s first checking account.

Is your teenager getting a first job this summer?  Or maybe he or she just received graduation gifts of money or has an allowance.  One of the best ways to help teens learn to manage their money is by opening a checking account for them.  We all know from our own experience that it’s too easy for our cash to disappear without us being able to account for where it went.  A Starbucks coffee here, an impulsive purchase there, and pretty soon we’ve run through the cash in our pocket with very little sense of where it went.  Having a checking account provides your teen with a number of benefits:

  • It’s a great introduction to banking.
  • It’s the ideal way for them to keep up with how they’ve spent their money.  (Be sure they keep track of deposits, checks and ATM or debit card usage.)
  • It’s safer than carrying cash.  Cash can get lost or stolen – not to mention that it seems to burn a hole in our pocket!
  • A checking account offers easy and convenient access to funds.  With an ATM or debit card, you have immediate access to your money almost anywhere, anytime.
  • Online banking provides a great way for your teen to monitor their spending and their balance – all in the online world our kids live in!

Be sure to open an account that works best for your teen’s situation.  A joint account that includes a parent will usually be required for a minor. Want more information about opening a checking account for a minor?  Contact the Cornerstone branch most convenient to you.

Category: Financial Ed for Kids

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