Fredericksburg Parent

22 Fredericksburg Parent and Family • October 2025 family money WRITTEN BY NIKKI DUCAS As teenagers start making their own money and paychecks get direct deposited, a checking account is a must but how do they choose which checking account is right for them? There are many factors to consider depending on teens' lifestyle needs. A teen checking account may be the best way to gradually introduce and give hands-on experience using a debit card, reading bank state- ments, tracking expenses and creating a budget. A teen checking account is essentially a checking account with training wheels. I love this analogy because it provides a safe and controlled environment for teenagers to learn how to manage their money while mitigating the potential for costly mistakes as they learn. As a parent of teen boys, I like that teenagers can manage their money with parental guidance and I can monitor activity, set limits and provide guidance with a teen checking account. It also gives me peace of mind since it offers reduced risks and conse- quences like no overdraft fees or the ability for a parent to lock the card if lost or stolen. These accounts allow teenagers to gain practical experience using financial tools and concepts all while having the support and guidance of a parent to help navigate the learning process in a safe manner. When shopping for a teen checking account, teenagers and par- ents should carefully consider the benefits certain accounts offer such as fees, parental controls, account features, online user- friendliness, and ATM accessibility. Some accounts that I researched were Alliant Teen Checking, Axos Bank First Checking, Capital One MONEY Teen Checking Account, Citizens Bank Student Checking, Chase High School Checking, and Connexus Credit Union Teen Checking. I found the Capital One MONEY Teen Checking Account to be an excellent option since we prefer online banking. They don't charge a monthly service fee so more money stays theirs, there are no overdraft or out-of-network ATM fees making it on par with some of the best ATM fees. Another benefit to consider is that it's not just for teens. This par- ticular checking account is available for kids eight years and older, is FDIC insured with $0 liability for unauthorized transactions, can send/receive money with Zelle, and can be linked to external accounts so parents can connect any account to the MONEY teen checking account. Another thought to keep in mind is how much money teenagers need in their bank account. A good rule of thumb is to save 10 percent of what they earn and have at least three months' worth of living expenses saved up in case of emergency. Once your teenager has a steady income, help them set up a savings account so at least 10 percent of their earnings go directly into savings. I have always considered myself financially savvy and want to impart my money managing guidance to my teenagers. It has always been important to my husband and I that we give our boys the tools and resources they need to be successful adults; now they just need to utilize them. How to Choose a Teen Checking Account

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