Thursday, May 24, 2012

FREE no fee Money Teen & Parent Bank Account! Great for High School & College Students!

Posted by healthy chocolate florida at 5:35 PM

No fee, No minimum bank account for Teens!

We recently opened a new checking account for our son who will be going off to college in the fall.  It got me to thinking we should have opened him up a checking account years ago.  Now that it is summer time, it is a great time to teach our teens about money.  Many of our teens will have summer jobs or will be getting ready to go to college.  It was hard to figure out what kind of account was the best option.  I mean, should a parent be on the account or should it just be in your teens name? What if the parent needs to handle banking for the child?  Will that be a problem?  I thought I would bring this up as I realized most of my friends with kids going off to college were also looking to open up bank accounts and had the same concerns we did.

To me the ideal account is one that could be managed with the teen and the parent and that had no monthly fees.  Unfortunately due to banking changes, it is much harder to find accounts that don't charge you a monthly fee.  I was not anxious for my son to have to pay a monthly fee for an account and I am sure you are not either!

Here is an affordable option I thought I would pass along.  It is a MONEY account with ING DIRECT.   Teens can keep tracking of savings and spending online or with the ING DIRECT mobile app!

Even better, they also get:

  • Access to 35,000 fee-free Allpoint ATMs.
  • A MasterCard® DebitCard with PayPass
  • No fees or minimum balances.
  • Deposit checks using our mobile app or from your computer with CheckMate, our new remote deposit service.
Encouraging teens to be financially independent is great. Giving them the financial tool to get the job done- that's so MONEY. 

A MONEY teen checking account from ING DIRECT puts teens on the path to financial independence. Learn more.

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