It may be hard to believe, but your teenager will be a young adult soon. To set them up for future financial success, it’s important to prepare them with the foundational skills and know-how now. Capital Credit Union offers one of the best checking accounts for teens, as well as a free all-in-one money app for you and your kids.
We value the families in our community and want to help our members achieve financial wellness. Give your kids real-world practice and help them adopt smart money habits by opening the right teen checking account.
There are a few key features that differentiate the best checking accounts for teens from the rest. Evaluate your options and make a smart decision; it could pay dividends in your child’s future.
Debit Card Access
A teen checking account should have many of the same features as a traditional checking account. For example, your teen should have access to their own debit card so they can learn to budget and manage their own finances.With a Capital Credit Union teen checking account, your child has the option of choosing a custom debit card through Greenlight®. This is a debit card program for teens, kids, and families. Give your teen the opportunity to gain experience using a debit card early.
Parental Controls
Worried about your teen having too much financial freedom too soon? Not to worry. The best checking accounts for teens come with parental controls that allow you to monitor their spending habits and guide them toward smart money management.Restrict your child’s spending with parental controls designed to give you peace of mind. For instance, you can set spending limits so your teen doesn’t blow through their money all at once. You can also block unsafe spending categories altogether.
With flexible parental controls, restrictions can easily be modified at any time. Your child feels empowered to manage their own money, while you have the confidence they’re doing it wisely.
Account Monitoring Tools
It’s important your child learns to stay on top of their finances and manage their money wisely, and you can help them. Smart spending and saving begin with smart banking. Enable real-time alerts to stay in the know even when you and your teen are on the go.Notice suspicious activity? Greenlight® provides fraud protection with Mastercard’s Zero Liability Program. The Greenlight® debit card is also FDIC-insured up to $250,000.
In addition to alerts, you and your teen can monitor transactions by tracking spending history. Identify patterns, modify budgets, and manage financial activities together. Your teen can even create custom savings goals, track progress, and round up purchases, with the difference going toward their savings.
Want to help your child reach their financial goals more quickly? Contribute to their savings through Parent-Paid Interest, a customizable interest rate that’s paid out on the first of every month. It’s an excellent way to teach your teen the power of compound interest and reward them for good money habits.
Mobile Banking Apps
Mobile banking apps give your teen the ability to monitor financial transactions from their smart devices at any time. They can easily check their balance, transfer funds, and receive money from friends and family with their own personal QR code. If your teen has a job, they can also enroll in direct deposit for quick and easy access to their paychecks.Designed with the whole family in mind, the Greenlight® app helps streamline household chores and allowances. Simply assign tasks within the app and pay a percentage based on progress or once they’re all done. It’s your choice!
You can also teach your teen the benefits of saving by encouraging them to designate a percentage of their allowance or wages toward savings each month. Set up automatic transfers to their savings account, and they can watch their funds grow over time.
Educational Resources
Knowledge is power, so fuel your child’s financial literacy with educational resources that make learning fun. Greenlight® offers a range of interactive games and exciting educational experiences to help your kids learn and retain money management skills.For example, the Greenlight Level Up™ game features educational challenges and rewards that incentivize your child to want to learn even more. Through mini-games, challenges, and questions, your child will gain their financial footing in everything from budgeting to investing. Level Up™ is a true financial literacy game changer, helping your child learn skills they can put into practice today and use well into the future.
While your child’s financial education may begin with Greenlight®, it certainly doesn’t have to end there. Capital Credit Union provides ongoing educational classes and online resources so that your child can sharpen their money management skills right into adulthood. From learning how to create a monthly budget to understanding how to invest in the stock market, they’ll be armed with the tools they need to achieve long-term financial success.
Minimum Fees
Your teen shouldn’t have to pay to build good financial habits. The best checking accounts for teens have low or no fees, so your teen can get hands-on experience without incurring hefty service fees.If you’re interested in a teen checking account that offers all these great features and benefits, get in touch with the team at Capital Credit Union. The Greenlight® account is designed for kids of any age because we believe you’re never too young or too old to learn how to be money-savvy.
Plus, our teen checking account is free. You simply need to become a Capital Credit Union member to qualify. Joining is easy—simply fill out the online application to get started.
Sometimes the best lessons aren’t learned inside a classroom. They’re learned through practical, hands-on experience and the nurturing guidance and support that comes from those we love.