Teaching your children healthy financial habits can help them establish financial peace of mind early in life. This teaches responsibility, discipline and valuable lessons about managing money, setting goals, and making informed financial decisions.

One of the best ways to do this is by teaching your child or teen the importance of saving. You can start by opening a savings or checking account (or both) for them and then having them set realistic financial goals. Whether it's a new bike or a car, encourage them to save a percentage of their money. This hands-on approach helps your child or teen develop valuable financial skills and fosters open communication regarding money matters.

Tip: Designate a night each month to have dinner and discuss their savings goal with them. Let them know how exciting it can be to put money towards something they're passionate about!

SAVINGS ACCOUNTS FOR CHILDREN AND TEENS

Open a Minor Savings Account for your child or teen and fund it with their allowance or direct deposit from their job. Ameris Bank offers these accounts for anyone 18 years or younger, with a parent or guardian as the joint account holder. There is no minimum deposit to open an account and no quarterly service fee. In addition, our Minor Savings Accounts have access to online, mobile, and telephone banking, along with e-statements and alerts.

Once your child's or teen's savings account is set up, talk to them about the benefits of money management. Plan a weekly budget together so they can keep track of how their money is spent. For example, if they want popcorn and a movie on Wednesday, and ice cream on Friday, they’ll how much money they can spend for each activity.

By establishing milestones along their savings journey, your child or teen can experience a sense of accomplishment when they reach each goal. This positive reinforcement encourages them to continue setting new targets and working diligently towards attaining them.

CHECKING ACCOUNTS FOR CHILDREN AND TEENS

A checking account complements your child’s savings account and teaches real-world financial skills. Checking is for everyday spending, whereas a savings account is used for long-term savings and growth.

When your child or teen has a checking account, they won't have to worry about carrying cash. Instead, they can swipe or tap a debit card at any point-of-sale terminal, and they're good to go. A checking account gives your child instant access to money, making it easy to pay for their lunch or school supplies.

A child with a new checking account should learn how to monitor their balance and expenses. This helps avoid overdrafts, negative balances, or insufficient funds. Explaining the basics of checking accounts to your child or teen can help them keep their account in good standing. Moreover, it can help them develop essential financing skills and lay the groundwork for financial independence and success later in life.

THINGS TO CONSIDER WHEN SELECTING AN ACCOUNT

A child's or teenager's first bank account can help build money management skills. While you can choose a regular checking or savings account, consider one designed specifically for teenagers and even younger children.

Check with your bank or credit union on any requirements they might have before opening an account. Some banks and credit unions require a parent as a co-signer while others limit eligibility to teenagers over a certain age, such as 16. Be cautious of accounts with ongoing balance requirements and monthly fees.

Other features to look for include:

• Spending Limits. The bank or parent may set a daily spending limit on a teenager's checking account.
• Parental Restrictions. Some accounts allow you to specify whether your teenager can make deposits, withdrawals, or transfer money.
• Mobile Banking. These features are popular with teens who are familiar with using technology. A good bank account app sends push notifications about their balance and transactions.
• Education. Choose a bank or credit union that offers educational resources for young adults.
• Fees. Look for a checking or savings account without a monthly service fee or minimum balance, like an Ameris Bank Free Checking Account.* Opt-out of overdraft protection so your teenager's card will be declined if they do not have enough money.

Takeaway

Checking and savings accounts are great tools to teach teenagers the financial habits they will use throughout their lives. It is never too soon to teach your teen the importance of healthy financial habits. Look for accounts for young adults with mobile banking and minimal fees, like our Free Checking.

Accounts can be opened online or in person by visiting any Ameris Bank location.

Reviewed April 2025

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

*Other fees such as Overdraft Fees may apply. See the Miscellaneous Services Pricing Guide for details.