At what age can my child get a debit card?

Typically, 13 years old is the minimum age to open a checking account for your kid, and, since they cannot open a bank account themselves, a parent or legal guardian will need to open a joint checking account on their behalf. Youth checking accounts are usually available until the child turns 18. When the accountholder turns 18, they become a legal adult, and it is common practice for the teenager’s youth checking account to automatically turn into a regular checking account. Be sure to check the age requirements before opening a youth account.

When should my child get a kid’s debit card?

When to get your child a debit card is deeply personal decision. There isn’t a “perfect” age because financial responsibility is a journey, and getting a debit card is just one step. A kid’s checking account offers potential learning opportunities for your child before being introduced to more complex financial concepts like credit.

If you feel that your child isn’t quite ready for a checking account, there are plenty of other ways to prepare them. Open a youth savings account or use financial literary resources to help them form a strong base understanding of personal finance. Ultimately, you are the most qualified to make the decision about when to give your child a debit card.

How do you pick a checking account for your teenager?

When you decide your teenager is ready for a debit card, there are many youth checking accounts to choose from. How do you decide which one best fits the needs and responsibilities of your child? Here are five things you should keep in mind when choosing your kid’s debit card and checking account.

1. Spending limits: Debit cards grant teenagers the freedom to make their own purchases. Youth checking accounts with spending limits ensure that teenagers don’t overspend and give parents some peace of mind. Learning to budget is an essential lesson to learn.
2. Mobile banking: The convenience of mobile banking is invaluable because you and your child can be immediately notified by alerts, make transfers, and monitor spending. A banking app makes monitoring spending and account management straightforward and easy. Contactless payment options also add another layer of flexibility and security.
3. Minimal to no fees: Since your teenager’s income will be limited, finding an account that keeps fees to a minimum will be a good idea. Keep a look out for perks like waived ATM fees or ATM rebates.
4. High-interest rates: Checking accounts for kids may enjoy higher interest rates. At ITCU, our Geared Up! account for teenagers offers not only higher rates on checking and savings but also certificates of deposit (CDs). Higher interest rates reward saving and teach the benefits of interest. Learning to maintain a healthy account deposit prepares teenagers for the future, be it for a down payment or an emergency.
5. Rewards program: A kid's checking account doesn't have to be purely educational. It can be rewarding, too. Some financial institutions, like ITCU, extend the perks of a rewards program to teens. Your child can earn cash rebates, gift cards and more just by using their debit card.
6. Account conversions: Your child won’t stay a teenager forever, and that holds true for their account. Check what happens to youth accounts when the accountholder turns 18, such as what fees or perks will change.

Searching for a youth checking account with your teenager is a beneficial experience in of itself. It’s a great way to pass on your financial knowledge by helping them identify important benefits and features of an account.

How do debit cards teach teenagers financial independence?

A youth checking account teaches minors the value of money and the importance of budgeting. Managing their account offers a hands-on learning experience that prepares them for the future. This future will more than likely involve a credit card and instilling good spending habits early on is key to being financially healthy as an adult.