Bank account and debit card for 14 yr old

[Anonymous]

My 14 yr old DS will have his first job this summer. Is he too young to open his own bank account and get a debit card for it? If so, what did your teens do with their summer earnings?

[Anonymous]

Save it.

[Anonymous]

He needs a bank account. My kids have Capital One teen MONEY accounts.

https://www.capitalone.com/bank/checking-accounts/teen-checking-account/

[Anonymous]

My DS (age 15) has one with Burke & Herbert. I get his paycheck, deposit part in his savings account and part in his checking/debit account. He doesn't have a lot of experience with it yet (he's only been working about 6 weeks) but has already learned some important lessons. I do NOT have his savings account linked to his checking/debit account because I do NOT want overdraft protection. If he doesn't have enough money for a transactions, I want the transaction to be rejected. He has got to learn to track his balances and be mindful of what he's buying.

OTOH, my DD (age13) went to Mexico on a class trip. I opened another checking account in my name and gave her the debit card (it was her money in the account). She's done a fabulous job managing it. My point is that you have to know your kid and what lessons will need to be repeated/reinforced.

[Anonymous]

My teens have an account that is linked to ours. We can move money into it for them in case of emergency and keep an eye on balances and purchases, but their paychecks get directly deposited into them.

[Anonymous]

Anonymous wrote:My teens have an account that is linked to ours. We can move money into it for them in case of emergency and keep an eye on balances and purchases, but their paychecks get directly deposited into them.

Same. And, periodically we review their spending and help them develop plans to save for bigger things that they want. We use Capital One.

[Anonymous]

Perfect time to teach him about money and saving. He should have a checking account and a debit card, but more importantly get him a Vanguard account and have him put 15% into their s&p 500 index. Tell him this account will be for large purchases (house down payment, wedding, etc.) when he’s done with college. Also tell him that smart adults are always saving a portion of their income for retirement, but any savings right now will give him an advantage over everyone else at 22.

Don’t get him a credit card now, but do get him a small ($1k) one his senior year in college. He’ll need to start building credit eventually.

[Anonymous]

Anonymous wrote:Perfect time to teach him about money and saving. He should have a checking account and a debit card, but more importantly get him a Vanguard account and have him put 15% into their s&p 500 index. Tell him this account will be for large purchases (house down payment, wedding, etc.) when he’s done with college. Also tell him that smart adults are always saving a portion of their income for retirement, but any savings right now will give him an advantage over everyone else at 22.

Don’t get him a credit card now, but do get him a small ($1k) one his senior year in college. He’ll need to start building credit eventually.

Senior year, kids are around 21. Maybe you should not be doing this stuff for them at that point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Perfect time to teach him about money and saving. He should have a checking account and a debit card, but more importantly get him a Vanguard account and have him put 15% into their s&p 500 index. Tell him this account will be for large purchases (house down payment, wedding, etc.) when he’s done with college. Also tell him that smart adults are always saving a portion of their income for retirement, but any savings right now will give him an advantage over everyone else at 22.

Don’t get him a credit card now, but do get him a small ($1k) one his senior year in college. He’ll need to start building credit eventually.

Senior year, kids are around 21. Maybe you should not be doing this stuff for them at that point.

I’m 35 and still call my father for advice and help. Why do you think parenting stops at 18?

[Anonymous]

My parents helped me open a minor checking account with ATM card when I was 14. I think most banks offer something like this, with a lower minimum balance than adult accounts. My parents provided the minimum balance, which I just pretended didn't exist. How nice it would have been if there had been Visa debit cards back then! Instead I had the joy of writing checks and using my passport as ID (too young to drive!).

Teach him how to balance his account. Using cash rather than debit card for incidentals is probably wise, unless he wants to track his balance daily.

[Anonymous]

My parents put it away in a bank account for college. They gave us spending money. Will do the same.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Perfect time to teach him about money and saving. He should have a checking account and a debit card, but more importantly get him a Vanguard account and have him put 15% into their s&p 500 index. Tell him this account will be for large purchases (house down payment, wedding, etc.) when he’s done with college. Also tell him that smart adults are always saving a portion of their income for retirement, but any savings right now will give him an advantage over everyone else at 22.

Don’t get him a credit card now, but do get him a small ($1k) one his senior year in college. He’ll need to start building credit eventually.

Senior year, kids are around 21. Maybe you should not be doing this stuff for them at that point.

I’m 35 and still call my father for advice and help. Why do you think parenting stops at 18?

Advice is one thing. That's not what this said.

[Anonymous]

Dude my 7 year old has a bank account with an ATM!

[Anonymous]

Yes, my kids have always had a bank account for monetary gifts at Christmas.

[Anonymous]

I opened accounts (linked to mine so I can see them online( for my kids when they turned 13. They have a savings and a spending that comes with a debit card. It’s great! Not only does their money (from jobs and gifts) get put right into their accounts but I can tell them to buy something they need and th then just transfer money into their account to reimburse. So convenient!