How to help your teen open a bank account

Published: Sep. 13, 2021 at 11:10 AM EDT|Updated: Sep. 13, 2021 at 11:21 AM EDT
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RICHMOND, Va. (WWBT) - Whether it’s a first job or allowance money, once your child turns into a teen, they are allowed to finally have a bank account. So, why not move their earnings from a piggy bank to a place where they could even learn how to earn a little interest.

Cherry Dale, a financial coach with the Virginia Credit Union says, it’s a life lesson worth starting early.

“They can open up a checking account with a guardian at age 13. They can actually open up their own individual account without a guardian at 15,” said Dale.

They can also get a debit card. Dale says it’s important you teach them not only the ins and outs of a debit card but how to manage a checking and savings account.

“What you can teach them is the importance of saving with a checking account and how it all works. Paying themselves first when they get income coming in. Automatically putting that into savings with the rest in checking,” said Dale.

She says it really teaches them that concept at a very early age, so, when they do go out into the world on their own. Saving for the future is already instill in them.

Copyright 2021 WWBT. All rights reserved.

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