Tips for Choosing the Best Checking Account for Your Child

by Kevin Smith Author

Choosing 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.