Teaching Real Life Money Habits with a Teen Checking Account

Jump to: Parent and Teen Permissions | Youth SureBalance Account Features | Account Benefits | SureBalance vs Reloadable Card | Teaching Healthy Money Habits | FAQ

With everyday life becoming increasingly expensive, it is more important than ever for parents to teach their children strong money management skills. Real world experience is the best teacher, and parents can open the door to financial literacy with a teen checking account.

Not all teen accounts are the same. If you are navigating accounts and features and aren’t sure which is best for your teen, let this blog be your guide.

In a snapshot:

The best teen checking accounts provide access to funds and everyday banking services, but with guardrails. Read on to explore how a parent and child can manage a shared account in a way that encourages financial independence while teaching the practical banking skills needed in adulthood.

What permissions does a teen have with a youth checking account?

Every bank and credit union offers unique benefits and features, so it’s important to do your research. The following chart will give you a general idea of what an account owner (teen) and joint owner (parent) can do with a Community First teen checking account.
 

Parent and Teen Permissions

While it is important to provide teens with the opportunity to build real life money skills, it is also crucial to protect them - and their account. Our Youth SureBalance account is designed to do just that!

The following safeguards help teens gain practical money management experience while ensuring responsible oversight.

Community First Youth SureBalance Account Features

A debit card can unlock a lot of freedom for a teen. Whether they’re purchasing a meal at school, going on a first date, or walking the mall with friends, this card gives them options they may not have previously had. Learn more about the benefits of a SureBalance account!

Youth SureBalance Checking Account & Card Benefits

• No monthly maintenance fee.
• No minimum balance requirement.
• No transfer fee. Unlike a reloadable card, our SureBalance card has no transfer fees. Parents can fund the youth SureBalance account at any time with a simple, free transfer.
• Start using the SureBalance debit card right away. When you open in branch, the new card is activated and loaded the same day.
• The Youth SureBalance card can be added to Digital Wallet for easy, convenient use.
• Learn more or set an appointment to open a youth account!

Since many teens reportedly spend most of their money on coffee, drinks, and sneakers**, parents can help guide them toward wiser habits. This could mean setting an allowance per week and only transferring that set amount. For working teens, the parent offers protective oversight of the account and can help their child avoid overspending by rewarding smart choices.

How Does the Youth SureBalance Checking Account Differ from a Reloadable Debit Card?

With the Youth SureBalance checking account, teens can pay bills, set up direct deposit, and use ATMs. While reloadable cards give parents a way to pay their children for chores and teach them the value of money, they’re often a one-way transaction. The Youth SureBalance checking account is a bank account that gives teens the chance to manage money in a real and practical way.

Ways parents can use the Youth SureBalance account to teach good money habits:

• Hold monthly check-ins: Sit down and review account statements with your teen. Discuss whether the purchases aligned with their goals
• Automate a savings split: Set a savings percentage and show your teen how to set up a recurring transfer to a savings account
• Differentiate needs from wants: Use purchase history to categorize spending into essentials and non-essentials.
• Set balance alerts: Help teens stick to a budget by setting a low balance alert and discuss ways to stretch the balance until the next pay.