🏦 Understanding Banks
Banks are safe places to keep your money! They offer different types of accounts: checking accounts for everyday spending (with a debit card) and savings accounts that earn interest over time. Most banks offer special accounts for teens with low or no fees.
- •Checking accounts: For daily transactions, paying bills, using a debit card
- •Savings accounts: Earn interest on money you don't need right away
- •Online banking: Manage your money 24/7 from your phone or computer
💳 Getting Started
To open an account, you'll typically need a parent or guardian to co-sign until you're 18. Look for accounts with no monthly fees, low minimum balances, and good interest rates. Many banks offer educational resources to help you learn!
- •Compare different banks and their account options
- •Understand fees - some accounts charge monthly maintenance fees
- •Learn to read your bank statements and track your balance