Opening a bank account for teenagers: things to know

Opening your first bank account can be a daunting task, but it doesn’t have to be. A good dose of planning and research can make the job much easier. The following tips are here to prepare you for the first leg of your journey. Welcome to the wonderful and extremely complicated world of bank accounts.

Determine how much money you want to put in the account

Some banks require a minimum starting balance, usually in the double digits. Bring a check or cash with you when you start opening your account. There may also be monthly service charges for some accounts, depending on the tier. Online student bank accounts tend not to have these fees.

Beware of fees

In today’s economy, many banks are choosing to implement more and more fees and penalties for things people used to get for free. Take the time to read the fine print. Does the savings account have monthly fees? Will the bank reimburse you for ATM transactions, or are you expected to cover them yourself? Ask lots of questions before opening an account.

Read also: Opening a bank account for a minor: what you need to know

Look beyond what’s free

Many banks will try to lure you in with promotions like free ATM withdrawals for 6 months. Account should be taken of the conditions, limits and general practices of the bank. Once the promotions are over, the bank that looked great to you may not be so great anymore!

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A bank and ATMs near you

If you don’t have easy access to a convenient ATM, especially one owned by the bank itself, you may be wasting your time quickly.

Access to ATMs can vary wildly from place to place, so it’s best to do some research beforehand. Make sure you have at least one near you, and also consider the places you tend to frequent (holidays, sports destinations, restaurants.) Cash withdrawal is no longer as important to our days, but it’s good to have this option near you.

Consider online banking

Many banks today offer online banking services only. If you have a direct deposit to do and you’re a tech savvy, these accounts tend to have almost no fees and can be a great way to keep as much money as possible. They also usually cover any ATM fees you may encounter. The caveat, of course, is the fact that they are online only. In other words, don’t expect there to be a branch if you run into a problem.

The importance of savings

When you were a kid, you probably spent money every time you received it. It may sound strange, but money is actually more fun when you take the time to save it. Try to find an account that earns you minimal interest each year.

Don’t be afraid to leave anytime

You are not entering into a lifetime relationship with the bank of your choice. If your situation changes over time, as you move to a new city, you may want to reconsider your options. Although banks reward loyalty, there’s no need to stick with it if it doesn’t work out. This is also true if you have just started banking with a bank and they are not meeting your expectations.

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Read also: Can you open a joint account with your son?

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