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Benefits
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Yesterday, I opened a checking account for my 16 yr old so he would have access to his funds via an atm machine rather than carry cash on him. And I added myself as a joint owner on the account so I can watch how he handles it. Does anybody have a horror story about their own kid’s experience? All advice or warnings will be greatly appreciated!
no horror stories here. i think that’s an excellent age...same age my son was when i opened his checking account. it really gives them a sense of responsibility and it’s a great life lesson in economics.
I just opened one for my 18 yr old son. My name is on it so I can add cash as needed.
I think 16 is an appropriate time for this, and it does give them a better sense of responsibility.
"As you open the door to new relationships and remove the chain from your own fears, God will overwhelm you with new splendor."
My kids have all gone and opened their own checking accounts as soon as they were earning their own wages. For most of them that was age 14. My almost 18 year old is a person who prefers cash and she just last month got around to opening a checking account.
No horror stories here and none of them have either me or their dad on their account.
Tulip
I had a checking account at the age of 12. My daughter got one when she was 17 and had a job.
I think at any age is good, it is never too early to teach kids how to manage their money.
I opened mine at age 14. I started a savings account when my son was a toddler. It’s now invested for him. He opened an account on his own when he was 17 to deposit/cash his checks. I believe the earlier the better. Especially now!
I’m with Lola. For my daughter it was 18 and she’s loving the responsibility as well as realizing that money doesn’t grow on trees.
annie123 that was a great idea. pass that to my sister in law. both my kids had their own account at 10. so far it has worked out great. i mean my son is 25 and im not on his any longer but my daughter is the one that i have to watch alittle more but so far so good.
I opened a checking account for myself when I was 18. My son is only 7 but I might open one for him when he starts working.
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