Best account for 17yo who wants debit card?

[shortbun]

My 17yo son has earned quite a bit of money in the last year. He wants a bank account where he doesn't lose much monthly and he wants a debit card. He's going to call around and try to find the best account. Ideas? Right now, it's in a safe in a closet and he doesn't feel secure with that. Neither do I. I had no idea how much he had until Monday of this week. I'm going to check my credit union.

 

[worm761]

A local credit union was going to be my suggestion.

 

[lost*in*cyberspace]

Many banks have special accounts for teenagers/young adults. Check into these.

 

[vicki_c]

ING has a nice teen's account - called a MONEY account. It earns interest, but less than a savings account and has a debit card. My son (who is only 13) had one but unfortunately we determined he wasn't quite ready for a debit card yet. :-(

https://home.ingdirect.com/money

Of course, your son is almost an adult so this may not be for him either. I love ING banking in general though.

edited: added as a result of hannathy's comment below - ING has a great network of ATMs - they use the Allpoint network - that is probably one of the best features of our accounts there - the ATM machines are everywhere - 7-11s, our local independent market, Walgreens or CVS (can't remember which) - but basically there are probably 10 ATMs within a few miles of our house (all free to use) vs. previously we had only one farther away location to get cash with our Wells Fargo account. But I agree with the idea of making it convenient for going away to college, if that's in the plans.

 

[Hannathy]

Does he have any idea where he is going to school next year? Banks that have branches on campuses often have what they call student accounts that offer free ATM and checking accounts for students.


My DD picked a bank that had a branch on her campus and one in our town and she has free checking and ATM use at any of their ATM's and 3 free uses a month at any other ATM. There is also no monthly fees and if she opened a savings also she could have automatic coverage for over draws so she put $100 in there and leaves it sit and she has earned a couple cents on it!

Even if he doesn't know where he is going make sure he asks if they have student accounts.

 

[cah5525]

I too considered where my daughter would be after graduating so we chose Bank of America since they seem to be in every major city.

 

[PHXscuba]

Our son has a sub-account under our set of accounts at Bank of America. So he has a checking account and debit card but no fees. I had to sign a few things (because it is under our account) but his checks and debit are just in his name. He still deals mostly in cash but doesn't have a wad of bills in his room. So I would say starting with your bank/credit union would be a good place to start.

PHXscuba

p.s. If it's not a big bank with a lot of locations, make sure it's the kind of place that remits ATM fees from other banks. Very helpful.

 

[Cheshire Figment]

Chase often has promotions where they will give you a $100 or $150 bonus for opening a checking account which has a debit card. They do not have any routine fees as long as you do at least five debit card transactions every month (statement cycle).

 

[BubMunkeyBles]

I had free checking through what was then Wachovia at that age because that's the ATM they had on my college campus. I later got free student checking from BOA.

 

[mrsbornkuntry]

My daughter has her account at my bank, I like it so if I need to give her money I can just transfer it straight over to her account instead of dealing with cash.

 

[Psychodisney]

Our bank offers a student checking account/debit card for no fee. He's able to use his debit card out of state(college) for access to his money. We figured out a budgetr for the semester and made that money available to him in that accoutn. To avoid ATM fees, the bank suggested using the debit card for a small purchase and opt for cash back. I am also listed on the account co I can check on it and make deposits or transfer money from his savings if needed.

 

[kaseyC]

We set up a Chase High School Checking account for our 16 yr old DD. It has a Chase Visa Debit card. It's connected to one of our checking accounts so I can easily transfer her monthly allowance. It's set up so she and I both get text alerts if she is below a certain amount.

 

[shortbun]

College is two years away. He's a junior. Late summer birthday, adopted, preemie, boy...and on and on. Anyway, no idea about colleges. He wants to be a writer and we're investigating what that means as far as colleges go.
The money is all his. He earns it and doesn't get an allowance from us although WHEN he does go to college, that will probably change. He just wants to make his cash more secure and have a card which with he can access it with ease. I'll check on all these things. Thanks everybody!

 

[Tinkmom]

Our son has a sub-account under our set of accounts . . . So he has a checking account and debit card but no fees.
. . .
So I would say starting with your bank/credit union would be a good place to start.

p.s. If it's not a big bank with a lot of locations, make sure it's the kind of place that remits ATM fees from other banks. Very helpful.

This is what we did with both of my children and it has worked well. (I was a little annoyed that my credit union, where I have had accounts for 25 years, ran a credit check on ME when I participated in helping my son open a checking account. My credit rating is fine, but the next time I checked it there was a comment that there were too many inquiries and the ONLY inquiry was from my CU!)

 

[Minnie Momma]

Just my 2 cents:
Most banks will have a free student checking account that usually goes up to age 21. A very good place to start. The account should be free except for the cost of checks and any overdraft charges that may occur.
Check cards/debit cards should be used with caution. From what you tell us of your son he seems to be very responsible. Make sure he keeps a close eye on his purchases and available balance.
If your bank charges when you use foreign ATMs, go to a grocery store and buy a pack of gum/drink and get cash back. Soooo much cheaper than the fees incurred fron the other bank and yours combined.
Linking a savings account with the checking is a great idea in case of accidental overdraft.
Look for on-line banking as well. It is a great way for him to keep track of anything and everything that may happen to his account -- legitimate or fraudulent. (Actually, it is a good idea for everyone) And on-line banking can be as simple as looking at a daily balance and looking at transactions. you do not have to transfer money or pay bills -- but that is a bonus.
I would also encourage a secondary signer on the account. If your son would be away from home and there is an issue, the secondary signer can have access to the information and do necessary transactions.

BTW - can you tell I work at a bank?

 

[jenlynn0808]

We set DD14 up with a checking account through our credit union which therefore gives her the debit card. She and I are both on the account, so I can access it if needed. She has the Mastercard logo on it, so she can use it wherever, whenever she needs it. She carries it and her student id with her (since she isn't old enough to drive, it has acted like a picture id for her) and has never had a problem using it. DH and I wanted her to have some sense of fiscal responsibility before she enters the real world. We have yet to put money into her account, all the money in the account she has earned from babysitting or doing other odd jobs.

 

[goofyredraider]

My kids have debit cards through our bank USAA. Yes, my 6 year old has an account- they are youth prepaid debit cards with MasterCard logos--- I have access to managing them though.

I got my first checking account at 15 though.

 

[mjkacmom]

Dd16 has a debit accout with TD bank, with me as a co-signer. No minimum balance required.

 

[MrsPete]

A local credit union was going to be my suggestion.

I too considered where my daughter would be after graduating so we chose Bank of America since they seem to be in every major city.

These two are closest to my answer.

I helped my daughter set up a checking account /debit card the summer before her senior year so she could gain experience with banking before she headed off to college. We looked around and chose the State Employees' Credit Union (I'm a state employee, and she can join as my dependant) because they charge $1/month for student accounts, whereas all the banks we investigated charged much more. She wasn't happy with the $1, but it was the best we could find.

When we toured colleges, one of the things we noted was what banking was available on campus (she doesn't have a car on campus). Because we only looked at state schools, every one of them had a State Employees' Credit Union on campus.