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Message
Need bank account for teenager
Posted on 6/26/24 at 4:47 am
Posted on 6/26/24 at 4:47 am
A few months ago I posted about my teenage son working odd jobs around the neighborhood. He’s done well with it in the time he’s had available.
I’m wondering what kind of account he needs. I’m with Capital One and have been looking at a teen checking account so he can have a debit card. Is there something else/different I should be looking into?
Was thinking the debit account is more for a small balance for when he goes out, that we can also transfer money into when needed, and may need some other savings account.
I’m wondering what kind of account he needs. I’m with Capital One and have been looking at a teen checking account so he can have a debit card. Is there something else/different I should be looking into?
Was thinking the debit account is more for a small balance for when he goes out, that we can also transfer money into when needed, and may need some other savings account.
This post was edited on 6/26/24 at 4:50 am
3
Posted on 6/26/24 at 8:30 am to meeple
quote:
I’m with Capital One and have been looking at a teen checking account so he can have a debit card. Is there something else/different I should be looking into?
Not really, it's the best one I found for an adult to easily manage/monitor a young teen's spending habits and teach them about it.
Now as far as the savings goes you could also do the fidelity and get the free 50 like the other poster said. Then they or you could transfer to it, and it'll earn 4.95% right now in SPAXXX money market which is the core account it sticks it in.
ETA: If you don't feel like you need to monitor it closely and can trust them not to overdraw, etc Then maybe just the fidelity. But if you want to be able to easily see whats going on, etc I'd go with the Cap one.
The Cap one is set up to realize you are the parent and need some control and access. The fidelity is set up more like a traditional account ie (its their account, not yours). I have both for my son though as well as a UTMA for him with fidelity. I like them both for different reasons.
This post was edited on 6/26/24 at 8:37 am
Posted on 6/26/24 at 8:38 am to meeple
I would stick with Capitol one and you can easily manage all in one app.
You could open a 360 savings for them too and get 4.25% interest.
You could open a 360 savings for them too and get 4.25% interest.
Posted on 6/26/24 at 10:37 am to LSUSports247
quote:
You could open a 360 savings for them too and get 4.25% interest.
Have to be 18 to have a 360 or joint holder with adult. Which I assume would be taxed at adult rate. Not sure on that though.
This post was edited on 6/26/24 at 10:39 am
Posted on 7/2/24 at 7:21 pm to NATidefan
quote:
also do the fidelity and get the free 50 like the other poster said. Then they or you could transfer to it, and it'll earn 4.95% right now in SPAXXX money market which is the core account it sticks it in.
How easy is it to transfer between the Fidelity youth account and Cap One youth acct ?
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