Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Did you open a checking account for your teen?

My son is 13 and has saved up quite a bit of money over the years. I'm thinking of getting him a checking account. Do you have one for your teen? Is it linked to yours? Fees?

 
Orionsgirl

Asked by Orionsgirl at 12:13 PM on Sep. 28, 2010 in Teens (13-17)

Level 31 (48,442 Credits)
This question is closed.
Answers (13)
  • We just started an account for our 15 year old. He has started working. It is called a high school account. there are no fees and no minimum amount needed. It is at Chase. It isn't checking, but he has a debit card.
    mompam

    Answer by mompam at 12:38 PM on Sep. 28, 2010

  • I got one when I got a job, but only had a savings about befor then. Some banks do provide an ATM card for savings. I would think that would be a better way to go. That way its impossible for him to overdraw.
    karamille

    Answer by karamille at 12:15 PM on Sep. 28, 2010

  • I opened a checking account for my son when he turned 16 and started working (he had savings accounts and CDs only up to that point). There was only ONE bank in our area that would allow him to have a checking account (I am also on the account but he is the primary account holder). Everyone else told us you had to be 18 to have a savings account but apparently that wasn't entirely true. It is NOT tied to any of our accounts - it's at a completely different bank than where we have our accounts. There are no fees and it did come with a debit card also tied to the account.
    FootballMom85

    Answer by FootballMom85 at 12:20 PM on Sep. 28, 2010

  • I had a checking account when I was 16 but that's just because I had a job.
    mommy_of_two388

    Answer by mommy_of_two388 at 12:14 PM on Sep. 28, 2010

  • Mine was free and under my own name
    mommy_of_two388

    Answer by mommy_of_two388 at 12:14 PM on Sep. 28, 2010

  • Oops, I meant everyone else told us you had to be 18 to have a CHECKING account.
    FootballMom85

    Answer by FootballMom85 at 12:21 PM on Sep. 28, 2010

  • No
    AnittaT

    Answer by AnittaT at 12:21 PM on Sep. 28, 2010

  • I think I would only let him put a portion of it into checking. I'd be scared my son might get excited and spend it all, but I think it's a great idea!!
    skittles1108

    Answer by skittles1108 at 12:33 PM on Sep. 28, 2010

  • My 9 and 10 year olds have savings accounts. When they are 15-16 and have a job with regular money coming in, we will open them a checking account.
    missanc

    Answer by missanc at 2:11 PM on Sep. 28, 2010

  • I took my daughters when they were 15 and had their first jobs. We set up accounts at the credit union because they don't get charged any fees. Although I'm on the accounts until they're 18, we treat the accounts as 100% theirs.
    ceallaigh

    Answer by ceallaigh at 3:29 PM on Sep. 28, 2010

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN