Best Bank Account for Teen Summer Job
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Anonymous
| My teen will be working for the first time this summer! Any advice on a specific bank account would be good? I belong to a federal credit union, but I think he can do better! Ideas? Thank you! |
Anonymous
| Do better how?!? Credit unions are great. No one goes to a bank any longer so it doesn't really matter. |
Anonymous
| A credit union was great for our teen. It had low account totals, free debit card, direct deposit and ability to deposit checks via the app. Best of all, they were customer focused and didn't try to sell any products. |
Anonymous
| Op here - sorry I didn’t clarify. My federal credit Union has the following offer Balances over $1,000 will earn 0.05% APY. I think that matters. |
Anonymous
That's standard for checking accounts. If you want a higher rate, open a high yield savings account and put most of his money in there, and then transfer into the checking account as needed for bills, etc. We keep around $4k in our checking account and the rest in savings earning 4.35%. |
Anonymous
| Shop around for student accounts. They often have lower balance requirements. |
Anonymous
|
Capital One has a teen checking account.
The teen owns the account, but both parent/ guardian & the teen can view the account online or through the app. Debit card is free with this checking account. There is also an interest bearing savings account that can also be opened alongside the checking account. This allows you/ your teen to limit the amount they can access to spend on their debit card. |
Anonymous
+1 Both my teens have a Capital One account and it has worked well. |
Anonymous
| Yes on the Capital One teen account. |