Insights & Information

Teens & Finances: Are You Ready For A Checking Account

  • By Sikorsky Credit Union
  • August 30, 2021

Saving money in a piggy bank as a child is fun but as a teenager, you’ll need more than a ceramic pig to manage your money. Opening a checking account is another milestone in life to adulthood and putting money in your own checking account will bring a new sense of independence.

Most teens open a checking account when they get their first job and learning to manage that checking account is key to developing strong financial habits.

What is a checking account and why do you need one?

Checking account – a checking account holds your money until you are ready to spend it. You can access your money by visiting a local branch or by using a debit card to pay for purchases at the store or online.  A debit card will also give you access to your money at an ATM.

Why do you need a checking account?

  • It keeps your money safe
  • Automatically tracks your spending
  • Helps you to pay bills easily
  • Direct deposit for your paycheck
  • Debit card gives easy access to your money
  • Helps you build financial confidence

While banking isn’t a fun topic for teenagers, it’s important to start building a relationship with a financial institution. Find a checking account that free of fees and offers mobile banking which gives you access to your account right from your mobile device.