Your children are growing up and starting to take on more responsibilities each day. With so much of their life ahead of them, you can get them started on the right foot by setting up their very own bank account. But what kind of teen bank account do you open for your child? The experts at Provident State Bank are here to guide you with different options for teen checking accounts and saving accounts. We understand this is a time for an excellent adventure for your teen, and we offer financial security, so your child has a safe place to keep their money. Our banking experts encourage you to view our list below about two exceptional banking options for your teenager.
There are a multitude of benefits for opening your teen a checking account. Most companies offer direct deposit so your teenager can have their paycheck placed automatically in the account without fear of losing the check. Your children can use their online bank checking account to pay bills or set money aside for their savings account. It gives them a chance to learn about general spending habits and how to allocate funds to different needs and wants.
A teen checking account also comes with a debit card, so your child will not have to carry around large amounts of cash. This account can be monitored by you, so your teenager learns about responsible spending. Be sure to ask a bank associate for more information about checking account offers for your child!
Money begins flowing for a teenager when they start their first job. With minimal expenses, saving this income can go a long way toward purchasing future items, such as a car or home, or maybe paying for college. We recommend taking a portion of the money deposited into your teen checking account and placing it into a savings account. Over time, this money collects interest. Though it may not seem like a lot at the time, it is pretty easy to save because a teenager rarely has emergency expenses that would cause them to withdraw the money for a significant purchase.
Contact a professional at Provident State Bank, and we can help you get started in creating this account for your growing teenager!