Tip & How-To about Finance
Gettting your kids to manage their own bank accounts is a great lesson in finance for them. Most banks offer student checking accounts with little or fees and very low minimum deposit to open, so they can take their hard earned babysitting money or lawn mowing money and put it in a safe place. Using a student account you can teach your kids about how credit and debit cards work while still having some control over their spending. Since almost everything is online they can learn to track their spending and you can check in on them to make sure they're not maxing out their credit cards!
Most of the personal student checking accounts are free until graduation from college or for a set number of years from opening so it is a good idea to check all the facts before opening an account. You can find a comprehensive list of the top student checking accounts here.
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