How to Help a Teen Open a Bank Account

Many teens have part-time jobs such as babysitting or delivering newspapers. Teach your teen to be responsible with the money he earns. Advise your teen of the benefits of opening a savings bank account. The following steps can guide both you and your teen.

Instructions

Difficulty: Easy

1. Talk to your teen about how to open a bank account. Advise your teen that saving for the latest hot item makes sense. Then your teen is not left out when all his friends have one.
2. Make an appointment with your teen to go to the bank to open the account. Be available when you say you are going, and take your teen to the bank at the scheduled time.
3. Visit with the representative at the new accounts desk, and request to open a bank account. Mention this is your teen's first bank account. Many times there is a promotion for opening a first account. For example, the bank may deposit extra money if a certain minimum is met to open the account.
4. Sign the account card, but put your teen on the account as the account holder. Advise the bank representative to accept deposits from your teen when they arrive at the bank by herself.
5. Encourage your teen to deposit into the bank account at regular intervals, and watch his savings grow.

Tips & Warnings

• Find a bank that has a branch within easy walking distance of your house or your teen's school. Make it easy for your teen to make regular deposits.