In today’s modern era, lives have become busy very much. People do not have enough time for getting disturbed because of the small things. When children ask for money again and again, it makes parents get irritated because they are having other important things as well to do. If you also don’t want your kids to disturb you for money then you can make it possible with the help of a bank account. Yes, this is something which makes them to learn about how to manage money and will give them life lessons also. Not only this, it will offer peace of mind to parents also. Kids will get to know about their financial responsibilities.
Numbers of individual are thinking to opening the account for teens but wait and think about have you done your homework for this. Homework is very important to take any decision towards execution. Every teen account is different so you need to learn about their types to decide that which one is suitable according to your needs and requirements. There are several banks which offer to open the checking account. Before you open the checking account, make sure to get confirm about few things such a monthly fees, monthly minimum balance and is it available for mobile banking. As a parent, you should teach your students about what they should do when they reach to the maximum age for the account.
Let’s Get Started With The Different Types Of Checking Accounts For Teens
Capital One Financial Corporation has the account especially for teens. Even this teen checking account pays APY to them which is about 0.25%. For those who are tech savvy teens, this account is best for them. If you don’t want to get messed up with the branch related banking then it is the best option to choose. There is an application available which is Capital One App, this is best for regular usage for any check deposit and transfers. Those parents who want to know about what activities are going on with the account then via text or e-mail notification you can receive it for every of the transactions.
In the well fargo company, the teen account requires 25$ initial deposit but later on there is no maintenance cost for this. There are many parents who want to get the messages for any transaction of the account by their students. So in this account, this can be done easily. There are many money management tools are available in this account from which the person can take use of it. Even though, for keeping an eye on the account’s every activity, one can access the account on their mobile phone as well.
This account can only run by the teens that are in between the age of 17 to 24. In this account, the bank requires an adult to link to the account to the teen’s checking account. This account is chargeable when it comes to maintenance which is $6. It is must for an individual to make one direct deposit in the account for teen in every month.
Union Bank & Trust
The Union Bank and trust accounts are made for the teens that are having the age in between 13 to 17. If you want to open the account, it is must to deposit $100 at first time. But when you will get done with this amount, there is no monthly fees are going to be charged from the person. One can make the transaction or can make the payment of bills via Union Bank and Trust account via the mobile banking and bill payment programs.
The USAA accounts are made for youngsters and there is no minimal balance or maintenance fees are charged by the person. In this account, one can do the mobile banking also. Do you know that, when an individual will get turned into 18 then it will automatic get changed into free classic checking account? Even the classic account also does not charge any fees for maintenance.
Alliant Credit Union
The Alliant Credit Unions account is good for doing mobile banking. Still, there are many bank accounts which do not provide the mobile online banking for which everyone seeks. This account allows an individual to save money as well due to the limitations of spending and withdrawal. This account refunds $20 every month.
What Are The Considerations For Teen Account?
When an individual goes to open any account in bank then there are many things for which everyone looks for in their accounts and those considerations are:
- The mobile banking is must with any account nowadays because everything is digitalized nowadays.
- Look for the monthly fees and maintenance charges for the account.
Hope that now you will be able to find the best account for teens. There are many other options also available so make sure to go through those ones also.