Anonymous wrote:My 20 yr old rising college senior has -

- Checking account in bank with a credit card linked to it.
- Roth
- Investment brokerage account.

He also have access to our google pay, uber account, starbucks account, macys, kohls, rei, costco, amazon. So we pay for everything for now. He is super frugal. Only treats his girlfriend to nice things with his money.

This basically, although a few less retail accounts and mine is a rising junior and checking account has debit card not credit card. We get reminders when it gets below a certain level and refill it.

My 20 yr old rising college senior has -

- Checking account in bank with a credit card linked to it.
- Roth
- Investment brokerage account.

He also have access to our google pay, uber account, starbucks account, macys, kohls, rei, costco, amazon. So we pay for everything for now. He is super frugal. Only treats his girlfriend to nice things with his money.

Checking account
Savings account
Roth
Investment brokerage account

I would say get checking because that is how people pay bills.
My kid has checking (with debit card), savings, a CD, and an IRA. She also has our credit card in her name for big things (football tickets, train tickets)

Rising junior-not sure how many bank accounts. Just know I can't access anymore. ~$1,000 limit on personal cc. Authorized user on another cc with a higher limit.

Rising freshman-checking and savings and authorized user on one of our cc.

my kid pays off his credit card every month because he's set it up to autopay. I dont think he's ever reviewed a statement, which is not great but I think it's pretty normal now

DC1 - just graduated. Had a debit/savings and brokerage accts. Junior year got a cc and puts everything on it for cash back, pays off every month. Very disciplined.

DC2 - sophomore. Debit/savings and brokerage accounts.

My rising junior happens to have 5 accounts, because he has two different banks. Checking and trading in one, and checking, savings and credit card in the other. Two debit cards and one secured credit card. It happened this way over a few years because he travels to our home country, and we feel better if he has several modes of payment. Sometimes American cards don't always work in every business, particularly automated registers for metro or train tickets (he really should open accounts in our home country, but that's complicated, they require proof of residency). When he started out as a freshman, he only had the checking with debit card, and trading at Charles Schwab.

Investment account (with stocks and any excess cash in money market funds), checking account tied to it and CC in their own name with a $500/month limit (Discover).

Anonymous wrote:Checking account, savings account and parent’s credit card with their name on it (actual card and also downloaded to Apple Pay).

This is the exact setup we have with DC as well.

Checking account, savings account and parent’s credit card with their name on it (actual card and also downloaded to Apple Pay).

This doesn't have to happen the first month he's on his own. You dont want to be hounding him to pay off his $100 credit card bill on time. I'd stick with what's he's been doing - with access to your credit card. And rethink over xmas

At most banks, the bill pay feature works only with "checking" accounts, but he can also have the credit card company "pull" form the accoutn instead, just not sure if that works on a savings account. Good thing for him to figure out as part of adulting!

No one is writing checks, so if he can withdraw cash from his savings account, I don't think he'd need a second account. My child is also an authorized user for our credit card for bigger expenses that we pay for.

Kid now has a debit card linked to a savings account. we can add money into that account at a moments notice

does he need a checking account, credit card, etc? I think he needs checking if he wants to pay a credit card. seems like a lot to manage.