What are the best checking bank accounts to open one for your teenager?

Encourage your child to start taking control of their own finances

When children grow up, their needs change and they make their own decisions, much more so when they become teenagers. Outings with friends, the movies, meals at school and other expenses to enjoy your youth. If you don’t want your offspring constantly bothering you asking for money for everything, it’s time to consider opening a bank account for them.

Your teenage son or daughter is at the perfect age to start learning about personal finances and how to manage their own money responsibly. A bank account can be good training.

Here are the top 5 account options for teens.

1. Chase Bank

This bank has a special checking account for young people: Chase High School. This option is aimed at students between 17 and 24 years of age. It offers a full suite of security to track activity and account balances. Includes mobile banking, online bill pay and account alerts. You only need a minimum deposit of $25 dollars to open the account.

2. Capital One

Money account is no load and no minimum deposit for teen use. It also generates an annual percentage yield of 0.20% (APY).

As it is designed for young people, technology goes hand in hand with this option, since they can carry out transactions such as check deposits and transfers from the Capital One mobile application. And if, as a parent, you worry about your expenses, you can track the activity of the account with text notifications for each transaction.

3. Bank of America

As mentioned by Investopedia, although this bank does not have a dedicated checking account especially for young people, its Advantage Banking account does not have fees while your child is a student. As a parent, you can open a joint checking account for your child with all the regular features.

4. Wells Fargo

Teen Checking requires an initial deposit of $25 and does not include maintenance fees. You can receive notifications about transactions and you can set limits on debit card spending and account withdrawals so you don’t overdraw your money.

5. Alliant Credit Union

Alliant Credit Union has a teen checking account with online and mobile access and limits on spending and withdrawals.

It has one of the best returns on the market at 0.45% APY, plus it reimburses you up to $20 per month in ATM fees if your teen uses machines outside the network.

Security, control in account management, technology and the beginning of your children’s financial independence are the key points so that you can choose the best option for your young descendant.