Teaching teens about money early sets them up for lifelong financial success. A teen checking account is more than just a place to store money—it’s a tool for learning how to budget, save, and spend wisely. Here’s how to get started.

Why Open a Teen Checking Account?
A checking account gives teens real-world money management experience in a controlled environment. With features like mobile banking, spending limits, and parental oversight, they can practice handling money while still having a safety net.

Steps to Open a Teen Checking Account
Choose the Right Bank or Credit Union – Look for one with no fees, mobile banking, and parental controls. Credit unions often offer teen-friendly accounts with financial education tools. Centric has great options for teens as well as younger kids.

Gather the Required Documents

1. A parent or guardian as a co-owner (if under 18)
2. Social Security number
3. Valid ID (school ID, passport, or state-issued ID)
4. Make the First Deposit – Many accounts require a small opening deposit. Use this as an opportunity to discuss saving and responsible spending.
5. Set Up Online Banking and Alerts – Real-time notifications help teens track their balance and spending habits.

Building Strong Money Habits
Create a Budget – Teach the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings. This simple rule can be applied at any age to help with budgeting.

Encourage Saving – Setting aside a portion of each deposit builds financial discipline.

Track Spending – Reviewing transactions helps teens recognize smart and impulsive purchases. While this may sometimes feel tricky or awkward, open conversations about money and spending habits create financial awareness and help your teen live better financially.

A teen checking account is more than just a debit card—it’s a stepping stone to financial independence. Start today and let Centric set your teen on the path to responsible money management so they can Live Better Financially!