As your child gets older, there are many things you’re going to need to help them understand. Especially once your child starts receiving money on a regular basis – which, for many children, is when they get their first job – they’re going to need a checking account so they can deposit and access the money. If you’re trying to decide on the best free checking accounts for your child, here are four things you can do to make the process even easier.
1. Look for as Few Fees as Possible
Free checking accounts do away with the monthly maintenance fees that you may experience with other checking accounts. In some cases, these monthly maintenance fees can be as much as $10-$15, so just looking for a free checking account can help a surprising amount. However, those fees may be added on into other areas, so it’s crucial that you make sure the checking account doesn’t also have overdraft fees, insufficient fund fees, or other fees.
2. Consider an Online-Only Bank
Most of the time, a child who’s looking for their first checking account doesn’t need a lot of bells and whistles when it comes to an account. They just need an easy way to deposit and access money. That means an online-only bank might be the perfect option for younger people who are looking for their first-ever account. Without the extra services a physical bank offers, it’s often less confusing and may have less fees.
3. See How a Checking Account Might Work With a Linked Savings Account
Often, if someone has just gotten their first job, they don’t have a lot of bills they need to pay. That means they might be able to direct much of their money into a savings account. If you’re looking for a great first checking account, you might want to look into whether that checking account can work with a savings account linked to it.
4. Help Them With Understanding Complicated Terms and Conditions
As an adult, you’re probably used to skimming through the jargon that checking accounts may use to attempt to distract you from some of the fees and requirements they have. However, your children aren’t used to this yet, which means you need to teach them. If you’re trying to help your child get the best possible checking account for their needs, it’s a good idea to also teach them how to understand the terms and conditions that come along with those accounts.
Conclusion
A free checking f is typically the best option for a young person who’s just started making money and needs a checking account to deposit it into. However, not all free checking accounts are the same. There are enough free checking accounts out there that you’ll still need to narrow down things even further than that. With these four elements, you’ll be able to determine the best checking account for your child no matter what options you end up considering.
