Debit Cards For Teens

My son is 17 and I recently took him to the bank to open up a teen checking account. Many of the large banks offer these teen accounts, but the best ones are the ones that have no monthly account fees.  Which mean the account is totally FREE.  So, be careful and read the fine print.  Many banks offer teen checking and savings accounts, that come along with high monthly fees.  Avoid these accounts at all costs.

Also, if you simply want to get a debit card for your teen, then try billmyparents – the fee is three bucks ninety-five cents monthly and your teen can use the card anywhere MasterCard is accepted.  They can withdraw cash at ATMs and only pay a small fee of a buck fifty per withdrawal.  My son uses this card and he loves it.  It safer than cash, because if it gets lost you can report it and have a replacement card within one week.  Parents can also transfer money from their checking or savings account regularly for only seventy-five cents per transfer.

Lets help our kids become more responsible and start to trust them with money.  Show them how to pay their bills, maybe start with having them pay their own cell phone bill.  This will make them aware of budgeting and tracking their spending.  Helps build good spending habits.

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