Tips for Choosing the Best Checking Account for Your Child
by Kevin Smith AuthorChoosing your child’s first bank account can be a
challenging process and one of the most significant steps of your life as a
parent. When comparing different accounts, you generally want to choose the
best no fee checking accounts in Johnstown, PA, but there are plenty of other
factors to consider as well. Here are a few tips to keep in mind when choosing
the best checking account for your child.
Look for “No Fee” Accounts
When looking for your child’s first checking account, you
want to make sure there aren’t any fees. This includes fees that might try to
charge your child on a monthly or yearly basis, as well as for depositing or
withdrawing money. Fortunately, such “no fee” checking accounts are being more
and more popular, so you shouldn’t have a tough time finding one.
Look Around at Local Bank Branches
To get a good idea of the different checking accounts you
have to compare from, you should visit local bank branches (or at least visit
them online). Take note of the most appealing checking accounts, so that you
can begin comparing and contrasting them. Remember to take as much time as you
need during this step since it’s crucial that your child’s first bank account
has plenty of perks and meets their individual needs.
Look for Accounts That Don’t Require Deposits
Since this is your child’s first bank account, depending on
their age, they might not have a lot of money to initially deposit. Due to
this, you should look for a checking account that doesn’t require an up-front
deposit to get them started. Although you might want to deposit some money on
their behalf, most banks that need up-front deposits have large fees as
well.
Co-Sign Them up for an Account
Depending on your child’s age, you might have to put the
account in your name first and mark them as a co-signer. This is a safe route
to starting your child’s first bank account and can help teach them
responsibility without putting too much pressure on their shoulders. Plus, this
will allow you to monitor their account and know how and when they’re spending
money from their checking account.
There are many factors to consider when choosing the best,
no free checking account in Johnstown, PA for your child.
Although starting your child’s first bank account may seem stressful, it’s an
important step to take as a parent, to teach your child how to save and spend
money properly.
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Created on Nov 28th 2018 00:34. Viewed 347 times.