29 Jun Financial Responsiblity for Teens
Give your teens a little financial freedom and help them learn about financial responsibility by setting up their first free checking account. We offer a free starter checking account that requires no minimum balance, no service charges, and no interest. There is an opening minimum deposit of $50 to start. This account can come with a debit card if approved. If you feel that your teen isn’t ready and just want to start them out with checks, the card is not required for the account. The free personal checking account can help your teen learn how to save for bigger purchases, such as a car or a college fund.
If you want them to understand credit and debit card usage, set them up with a prepaid debit card. These cards are a great way to teach your teens without handing over your own credit card to do so. These starter cards can help to teach your teen about the importance of their credit score and how it can have a big effect on future purchases. If your teen has a job or is gaining a little money with chores around the house, the card can be reloaded just like a regular debit card attached to a checking account. There are no fees and no overdraft charges. We like the VISA prepaid cards because they are the most widely accepted. Start teaching your teen financial responsibility today.