Smart teenagers know that the piggy bank went the way of the dodo as far as banking options are concerned. They need a safe, reliable place to store their allowance money while they save up for concert tickets, a car, or college. Many banks and credit unions offer specialized accounts for teenagers, often linked to a parent’s account. Some of the top banks for teenagers offer free accounts, and have ATM cards with customizable spending limits. These ATM cards can be set to provide alerts to parents, to help track your teen’s budget, and to help teach your teen how to watch for any fraudulent activity. What are your teen’s banking needs? Do they have a job? With direct deposit, it’s easy to use a free checking account. Will they be doing most of their banking online or in person? Many top banks for teenagers offer discounts for customers who agree to bank using only online services and ATM transactions.
When you’re looking for the best deal, be sure to check out what perks the bank is willing to offer. It’s in their best interest to build trust and loyalty with young customers, in hopes that they will later return to the same bank for student loans, home loans, and adult banking services. Many of the top banks and credit unions offer young customers boosted interest rates or annual dividends for regular contributions to a savings account, and for maintaining a minimum number of ATM card uses per month. Specialized services, like photo deposit, are invaluable for students away at college, or traveling during school breaks. Young customers have a wealth of choices, and it’s easier than ever to be choosy in selecting the best bank for teenagers’ accounts.