We started looking at "allowance products" last year, but very quickly learned that dd had to be at least 13. So...here we are again trying to figure out a good product.
Im not in love with the pre-paid allowance cards, they have high fees and high minimum transfers.
Td has a student checking account which can have a debit card, but I haven't heard back whether 13 is too young.
what other options?
He's only 7 so this isn't an issue but when he's old enough we will only only deal with savings accounts and cash. I'm not sure how I feel about allowances though why he doesn't get paid for the chores he does now. I rather him learn that cleaning is just apart of life and we don't get paid to clean up our own messes and such.
My 16yo has a "young savers" account thru TD Bank. Which he can only have an ATM card, not a debit card. This one I think she can have at 13.
My eldest has a 'student checking' which I only got him when he graduated and was leaving for college. This account can have a debit card. Also with TD Bank. This one I recall the minimum age being 18 and I believe it has to be changed to a convienence checking when he's 22.
Along with their names my name is also on their individual accounts.
service credit union has accounts for kids as young as 4. Not sure they have debit cards though
Freshly back from TD, doing household stuff, and asked about the student checking account. 13 is the minimum age, as federally mandated, which I've heard before for other related things.
She has to have a co-signer, which I assumed cause she's not 18 and therefore not liable, and it comes with a debit card.
No monthly fee, no minimum balance...and dh and I can monitor all we want.
I'm totally psyched.
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- chicken13
on Mar. 4, 2013 at 11:37 AM