If you’re looking into a bank account for your child, there are a number of things you’re going to want to look for. Children that are getting their first bank account are often relying on the things you’ve already discovered about banking, which means you might be able to set them out on a better foot than you were on when you first started banking. Here are four things you might want to look for when it comes to a first bank account.
- Ease of Access
Ease of access is one of the most important things when you’re getting your first bank account. That’s why many people opt for an online bank, which typically allows for easy access at any time. If you take a look at the best online banks, you may be able to see which ones offer a great mobile service feature for the type of phone you have, whether it’s an iOS device or an Android one.
Simplicity is an important element when you’re opening your very first bank account. If you’re trying to determine the very first bank account someone should have, it’s typically best to make sure that it’s one that allows them to make a checking account and leave it at that. While there are great ways to utilize investments and savings accounts, someone’s first checking account typically isn’t the right time to introduce them to the more complicated side of banking.
- No Monthly Fee
If you’re looking for a great starter bank account, you should start with an account that doesn’t charge a monthly fee. That’s because starter accounts typically don’t need a lot of bells and whistles, and that means the benefits that come along with a monthly fee often won’t be very helpful. There are plenty of bank accounts that no longer require a monthly fee, and choosing one of these accounts can set your child up for success by ensuring they don’t have to pay anything to keep their account open.
- Ways to Save Money Over Time
While simplicity is certainly an important part of a bank account, you might also want to look for an account that offers options for future growth, but just doesn’t require them. Having a checking account and a savings account in the same bank may allow your child to put away some money on a regular basis, which can definitely set them up for success.
The process of helping a child find their first bank account isn’t always simple. However, you can help set them up for success by helping them choose an account that works well for them. Remember, you know your child best, and you can help them in ways only you know. If you want to set your child up to succeed with banking in the future, use these four points to make sure your child gets a great first checking account.