Managing money is one of the most important life skills you can learn, and there’s no better time to start than during your teenage years. At Peshtigo National Bank, we’re here to help you take your first steps toward financial independence. Whether you’re saving for college, your first car, or just want to manage your allowance wisely, opening a bank account is a great place to start.
Here’s everything you need to know about banking basics for teens:
Why Open a Bank Account?
Opening a bank account gives you a safe place to keep your money while making it easier to track your spending and savings. Here are some benefits of having your own account:
- Security: Your money is protected and insured, unlike cash in your wallet.
- Convenience: Access your money anytime with a debit card or online banking. Teens aged 14 and older can get a debit card with a parent co-signer.
- Savings Growth: Earn interest on your savings while developing good financial habits.
- Money Management Skills: Learn to budget, save, and plan.
Types of Bank Accounts for Teens
There are two main types of accounts you’ll likely encounter:
- Student Checking Account:
- Perfect for everyday spending.
- Includes a debit card for purchases and ATM withdrawals.
- Often allows you to set up direct deposits for paychecks.
2. Young Savers Account:
- Ideal for setting aside money for longer-term goals.
- Earns interest on your balance to help your savings grow.
- Encourages the habit of saving before spending.
How to Open a Bank Account
Opening a bank account as a teen is simple and straightforward. Here’s what you’ll need:
- Parent or Guardian: Teens under 18 need a parent or guardian to co-sign the account.
- Identification: Bring a valid ID, such as passport or driver’s license.
- Social Security Card: This is required to open a bank account. We need to scan the physical card.
- Initial Deposit: Accounts require a small deposit to get started in the amount of a $100.
Stop by your nearest Peshtigo National Bank branch, and our friendly team will walk you through the process step-by-step.
Using Your Bank Account Wisely
Once your account is open, here are some tips to manage it responsibly:
- Track Your Spending: Use online or mobile banking to monitor your transactions and keep tabs on your balance.
- Set Savings Goals: Decide on something you want to save for and set aside money each week to reach your goal.
- Avoid Overdrafts: Only spend money you have in your account to avoid fees.
- Learn About Interest: Understand how interest works and how it can help your savings grow over time.
Peshtigo National Bank’s Teen Banking Options
At Peshtigo National Bank, we offer accounts designed with teens in mind. Our accounts come with:
- No Monthly Fees
- Easy-to-Use Online Banking Tools
- Access to Friendly Bankers Ready to Help
We’re here to make your banking experience simple and rewarding. If you’re ready to start your financial journey, visit us at one of our branches or give us a call to learn more.
Final Thoughts
Banking is an essential life skill, and starting as a teen gives you a head start on managing your money confidently. At Peshtigo National Bank, we’re here to support you every step of the way. Let’s build a strong financial foundation together!
Ready to get started? Stop by any Peshtigo National Bank branch today and take your first steps toward financial independence!