5 key features to look for

The presence of a bank account is a first useful step in learning basic money management skills. If you have a teenager ready for responsibility, then choosing the correct bank account is very important.

Some bank accounts are designed taking into account teenagers. They distinguish their own features from traditional accounts, giving teenagers a healthy dose of freedom with a lot of handrails to keep them under surveillance.

Along with your child, search for teenage bank accounts before choosing one. To narrow your research, look for these five features in the best youth account accounts.

The banking teenagers account, which is sometimes referred to as the student’s account, is a bank account designed for the unique financial needs of adolescents. For example, teenage bank accounts often come with low or non -existent fees, minimum balance requirements, and parental controls.

Adolescent accounts are often a kind of joint bank account, with a teenager and a father as participating owners. But older teenagers – between the ages of 18 years and over – can usually open an account on their own.

Whether your teenager opens a bank account for the first time or looking for a better suit, watch the following features:

Low fees are on anyone, but low -income adolescents will be especially grateful for this feature. Look for accounts without monthly maintenance fees, which can take your balance every month.

Also, if your teenager wants to easily access to criticism, finding a bank containing a large ATM network or transactions outside the network is essential. Otherwise, the transaction fees can be drove regularly.

Open drag fees, which are usually about 35 dollars, may be a considering for teenagers to control their money for the first time. If you think your teenager may be vulnerable to spending after its available balance, you may want to choose an account without the open drawing fees.

Read more: How to recover exposed withdrawal fees

Your teenage son may have a large amount of money to deposit in a bank account – in fact, they may have very little. The best teenage bank accounts have minimal balance requirements, providing access to those who have no money.

Better, find an account for your adolescence without minimal balance or deposit requirements. This means that they will not have to worry about depositing or maintaining a specific balance in order to avoid fees or gain interest, which can be difficult without a regular salary.

Read more: A guide to verify the minimum balance requirements via the bank

3. Parents and monitoring controls

Depending on your teenage son, their experience in managing money, your comfort level, parents and monitoring controls may be a priority when it comes to choosing a teenager bank account.

Many bank accounts are designed with teenagers taking into account features of parents as well. These features may include the ability to:

• Limits of spending and clouds

• Lock or open your teenage discount card

• Easily transfer money between your accounts

• Prepare banking alerts for your teenage son

• View the date of the treatment of your teenager

Such features allow you to be involved as you want in your teenage son’s resources. This flexibility can be useful if you want to get more supervision at the forefront and reduce the reins with your teenage progress.

The discount card is a comfortable examination account, which allows you to conduct online purchases easily and personal. There are possibilities, your teenage son can also benefit from the discount card.

Look for adolescent accounts that come with a free discount card. Show your teenager how the opponent card can help them build financial habits they will use as adults. In addition, it gives you an opportunity to teach them how to keep their account safe and in a good position. For example, you can teach them how to avoid defrauding the discount card and how to ensure that their account is not increased.

Another reward for teenage bank accounts that come with debit cards is the ease of tracking purchases. If your teenager is used to spend cash, it may be difficult for either of you to follow his spending. The presence of the opponent’s card can make it easier for your teenage son to know where their money goes every month and learn the basics of how the budget.

There are possibilities, your teenage son spends a lot of time online. They may be more comfortable to move in technology and new applications than you are. If your teenager is likely to be from their phones, it is logical to choose a bank account that contains a mobile application capable of use and easy to use.

When comparing adolescent bank accounts, search for banks with good -classified mobile applications. You can use Apple App Store and Google Play to check the categories. You may also want to ask your teenage son about the features of the application they care about. For example, if they want the ability to set savings and work goals, find a bank with an application that provides a savings tool.

Watch our choices for the best 10 mobile phone applications >>

The 16 -year -old can take advantage of a bank account, especially an account designed for adolescents that include useful features. For example, if your 16 -year -old child loves spending but struggles with savings, it may be an account with parenting control tools appropriate. With the presence of the right handrails, a bank account can help build good financial habits of 16 years.

The best bank account for students under the age of 18 depends on your priorities (and your adolescence). Some teenagers may benefit from a more practical approach, and in this case, the account that contains a lot of parental controls may be the best. Others may be ready for more independence and prefer an account with a strong budget and educational features. Regardless, low fees and minimum, solid mobile applications, and free discount card are always useful in the student’s account.

You usually need an involved owner to open a bank account if you are less than 18 years old. Based on the bank, you may be able to open an online teenage account, but other banks may require a personal visit. Regardless, both adolescents and adults will need to provide basic personal information and documents, such as proving the title, valid identifier and social security number. Depending on the account requirements, you may also need money or external bank account to prepare a preliminary deposit.

Read more: What do you need to open a bank account?