For a savings account for a teenager they may want the ability to link it to a checking account.Consider how you will use the account when selecting the type of bank and account requirements.
Also, two banks may have very different interest rate structures.
Parents with teenagers know nothing comes easy, including teen money management.
Select BNPL at checkout and the repayment period of either 104 or 156 weeks.
This is the repayment period you will pay over, once the payment free period (12 months) has ended. The interest is calculated on the payment free period and the repayment period.
Other banks allow children to go behind the counter and see the safe.
The extra services are very valuable teaching tools.
In addition, you can explore an online bank if you feel you don't need to make the physical trips to the bank to teach your children.
Based on the age of your child, your account needs will have different requirements.
From helping your child open a bank account to paying an allowance, you may start to feel like your child’s employer, teacher and financial advisor rolled into one.
See how kids tend to spend and save, and consider teaching them some good money habits that could last a lifetime. Most teens ages 12–17 get money from their parents either in the form of an allowance or via parents paying for things directly.
Ask about services offered for children at the bank you are considering.