USAA: https://www.usaa.com/inet/pages/youth_checking_main - FDIC member
Bank of America: -- FDIC approved
Chase: https://www.chase.com/online/Checking/chase-checking-account.htm -- FDIC member
Wells Fargo: https://www.wellsfargo.com/jump/checking/teen -- FDICmember
Pentagon FCU/PenFed: --NCUA approved
Citi:https://online.citibank.com/US/JRS/pands/detail.do?ID=ChkStudent -- FDIC member
US Bank:http://www.usbank.com/ICWeb/productComparison.html?productCode=DDA&subProductCode=22,PR -- FDIC member
A couple of things:
**Check the age requirements, some are 13+, others are 16+, and Citi is for college students. Also USAA you can be under 13, not sure how much under though. **
USAA I personally like best, because of the extra benefits. See the USAA comparison to it's competitors on the tab COMPARE, here: https://www.usaa.com/inet/pages/youth_checking_main
***See how far the bank is from you or if they have easy ways to deposit if you are far, such as USAA has Easy Deposits in participating UPS stores. ***
Many people believe USAA is just for military, but they opened it to non-military awhile ago, it's just the military get a few more perks than non-military, but its basically equal
***When making your choice make sure if they are a bank, they are FDIC member/approved. If they are a Credit Union, that they are NCUA approved.***
Wells Fargo, if your parent is added on the account with you. They have a checking called the "teen checking" that is specifically designed for people between 13 and 17. Once you turn 18, you can open an account without your parent having to be on it with you.
Yes, banks do offer teen debit cards. However, these cards are to be prepaid debit cards. A debit card is a debit card, depending on your age you can go with your parents to sign up for one and set certain limitations to the account. That way you have your own card, it can prevent you from over-drafting, and parents can link accounts with students and deposit money in for them at any given time.
To open one without a co-owner you would need to be the age of majority in your jurisdiction, which is usually 18. Most banks offer minor savings accounts and/or teen accounts, which can be opened at nearly any age as long as an adult "guardian" is also a signer on the account.
Many banks will not allow under 18's have a checking account. Wells Fargo and Key Bank will offer a fee free teen checking account. For information on these accounts call the bank or check their sites online.
In most cases (depending on local laws), minors are not able to hold their own bank accounts. Some banks may offer minor savings or teen accounts that are co-owned by a responsible adult or have a designated custodian who can transact on behalf of the minor. You should check with your parents/guardians who can get more information from a nearby bank for you.
Onpoint Credit Union offers auto loans, home equity loans, mortgages and credit cards. One can open up a checking account, savings account and they offer teen accounts. They offer investing workshops and home buying seminars.
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It really depends on the family's situation. For younger children, probably not. It is good for them to learn to do things because it helps the family, not because they get something out of it. They can be thanked and shown appreciation, but adding a monetary value can confuse the message. As they get into the teen years, they will be wanting to do more things like going out to movies with friends or picking up new outfits. When it reaches that point, you have to decide if you want them getting a job outside of the home or focusing more on school activities. If you would rather they not work outside the home, it is a good idea to offer to pay for chores that are above and beyond their basics. Some banks offer teen checking accounts that attach to the parent's account. The teen can get their own debit cards, and it makes it easy for the parent to transfer in chore payments, and to see where their teen is spending their money. It can be a good tool for helping your child understand money and budgeting.
A bank account is a contract; you must be 18 to enter into a contract, so you are not eligible at the age of 16 to open an account on your own. What you can do is open a joint account with your mom.She then assumes the responsibility for the account and the use of the account by you. The lender may issue debit cards, but you will have to explore those policies with your mom. There is, however, no such thing as a "teen account" that allows kids under 18 to open accounts on their own.
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