Bank account for teen

[Anonymous]

My 13 year old has an occasional job and I want to have a place to put the little cash she gets so she isn’t tempted to spend it all away. How have you handled this? She doesn’t have a debit card yet, but we’ve talked about it. Also talking to her about saving for things she wants (AirPods, for example) vs blowing it all on the want of the moment at Sephora or Starbucks or whatever…..

[Anonymous]

We made appointments for our kids at our bank (Bank of America) and opened a checking account for each of them. This was at age 15 (they're twins) when they both got summer jobs with direct deposit but we could (and probably should) have done it earlier as for a few years before that they just used our credit cards.

They now manage their own money and purchases with their debit cards. For large things that I agree to pay for they still use our credit card.

[Anonymous]

Our bank offers a youth spending account. When our DC was 13 we got her one, with a debit card. Set up Apple Pay on their phone at 14, at 15 they got a Venmo account (babysitting payments- you’d be surprised how few people have cash anymore). They also has a saving account and have a quarterly appointment w us to review spending, savings and donation goals.

[Anonymous]

Cap One has a specific teen money account. It worked out well for us. Parents can access the account. It does not allow for checks but my "kids" are out of college now and have still never written a check so that proved to be a non issue.

[Anonymous]

Anonymous wrote:Cap One has a specific teen money account. It worked out well for us. Parents can access the account. It does not allow for checks but my "kids" are out of college now and have still never written a check so that proved to be a non issue.

+1. The Capital One teen account has worked well for my teens including the older one who went OOS for college this year.

[Anonymous]

We use Capital One as well.

[Anonymous]

Youth savings account. We opened them for our kids at the same bank we use for convenience.

[Anonymous]

Well, the job she has right now is sending her checks so I’ll need something that allows her to deposit a check, at least for awhile. I have heard good things about the Cap one accounts though and I do have their credit card.