As a young person, opening your first checking and savings account is an exciting milestone. Not only does it give you a sense of independence and responsibility, but it also sets you up for a strong financial future. Here are some tips for youth opening their first checking and savings account.
- Choose a Bank or Credit Union That Offers Youth Accounts
Many banks and credit unions offer special checking and savings accounts for young people. These accounts often have lower fees and requirements than adult accounts, making them a great option for youth who are just starting out.
- Understand the Fees and Requirements
Before you open a checking or savings account, it’s important to understand the fees and requirements associated with it.
Some youth accounts may have monthly maintenance fees, minimum balance requirements, or restrictions on the number of transactions. Make sure you can meet these requirements and that the fees are reasonable.
- Get Familiar with Online and Mobile Banking
Online and mobile banking can make managing your money easier and more convenient. Make sure the financial institution you choose offers these services, and take the time to get familiar with them.
This will allow you to check your account balance, transfer money, and pay bills from your computer or smartphone.
- Set Savings Goals
Opening a savings account is a great way to start saving money for your future goals. Whether you’re saving for a car, college, or a rainy day, setting savings goals can help you stay motivated and track your progress.
Talk to your financial institution about setting up automatic transfers from your checking account to your savings account to make saving even easier.
- Ask for Help
If you have questions or concerns about opening your first checking and savings account, don’t be afraid to ask for help.
Talk to a trusted adult, such as a parent or teacher, or reach out to a banker or credit union representative.
They can help you understand the process and make informed decisions. At NCU, we offer a couple of ways to get in touch: texting, calling, online chat, and email.
By following these tips, you can open your first checking and savings account with confidence.
Remember to choose a financial institution offering youth accounts, understand the fees and requirements, get familiar with online and mobile banking, set savings goals, and ask for help when needed.
At Northwoods Credit Union, we are committed to helping youth achieve their financial goals. Contact us today to learn more about our youth checking and savings account options.
The following written content was generated by NCU staff with assistance from an AI-based system.