Opening a checking account is a significant milestone in your teen’s journey to financial independence. It’s an opportunity to teach them essential money management skills and responsibility. Take a look at the tips below to help your teen open their first checking account.
Your teen likely needs a checking account for daily spending and a savings account for future goals. Depending on your teen’s age, you may need to be a joint accountholder to provide guidance while allowing them some independence to learn about financial responsibility. Look for accounts designed for teens and students with no monthly fees, low minimum balance requirements, and ATM reimbursements.
Your teen will need to be prepared with a few items when opening a bank account. At Middlesex Savings Bank, this includes:
Before heading to the bank, take the time to ensure that your teen understands the concept of banking. Explain the purpose of checking and savings accounts and the different types of transactions they can make. Refer to our blog on security tips for teens to teach them about safety and responsibility. And, teach them to manage their money by setting a budget, saving, and avoiding overspending. Your teen may have short-term goals, like buying new sneakers or video games, or long-term goals, like saving for a car or college.
With your guidance, your teen will develop the skills and habits needed to manage their money responsibly, laying a foundation for their future financial independence.
To open a teen checking account, consider finding a location nearest you or scheduling an appointment to skip the line.
Do Your Research
Your teen likely needs a checking account for daily spending and a savings account for future goals. Depending on your teen’s age, you may need to be a joint accountholder to provide guidance while allowing them some independence to learn about financial responsibility. Look for accounts designed for teens and students with no monthly fees, low minimum balance requirements, and ATM reimbursements.
Gather Necessary Documents
Your teen will need to be prepared with a few items when opening a bank account. At Middlesex Savings Bank, this includes:
- Personal information, including address, phone number, and Social Security number.
- Two forms of identification (ID).
- Primary ID such as Massachusetts Driver’s License, Massachusetts issued ID Card, Passport or Passport Card.
- Secondary ID such as student ID with photo, major credit card, utility bill, or US Military ID card.
- Money to fund the account. You can use a current account from another bank, credit or debit card, or cash.
Talk to Your Teen
Before heading to the bank, take the time to ensure that your teen understands the concept of banking. Explain the purpose of checking and savings accounts and the different types of transactions they can make. Refer to our blog on security tips for teens to teach them about safety and responsibility. And, teach them to manage their money by setting a budget, saving, and avoiding overspending. Your teen may have short-term goals, like buying new sneakers or video games, or long-term goals, like saving for a car or college. With your guidance, your teen will develop the skills and habits needed to manage their money responsibly, laying a foundation for their future financial independence.
To open a teen checking account, consider finding a location nearest you or scheduling an appointment to skip the line.