Youth Banking: Setting Your Kids Up for a Smarter Summer

Written by Ashvin Prakash, VP, Product Strategy, Everwise Credit Union

With spring in the air and summer just around the corner, families are busy planning for the months ahead. Whether it’s afternoons at the pool, a first summer job, or preparing for college, kids are ready to embrace the freedom that comes with summer break.

But with that freedom comes something new: financial responsibility.

From earning their first paycheck to spending money with friends, kids today need safe, simple ways to manage their money. The good news? There are more tools than ever to help them build smart financial habits early. The challenge is choosing the right one.

Here’s how to think about the best options based on where they are in their journey:

Best Accounts to Start Building Savings 

If your child isn’t quite ready to spend money yet, a savings (or share) account is the perfect starting point. 

These accounts help kids take their first step beyond the piggy bank—offering a safe place to store money while introducing the concept of saving. Many financial institutions allow you to open an account in your child’s name, giving them a sense of ownership without the risk of overspending. 

Most options come with:

• No monthly fees
• Easy transfers from a parent’s account
• Opportunities to watch their savings grow

It’s a simple, low-risk way to start building strong habits—and a foundation for future financial confidence. 

Best Accounts to Teach Everyday Money Skills 

Youth debit cards work like a checking account with training wheels, allowing kids to spend, receive funds from parents, and learn to budget and save. 

At the same time, parents stay in control. You can set spending limits, restrict purchases, and even tie money to chores—helping kids understand the connection between earning and spending. 

Many platforms also include built-in financial education tools, using games and real-world scenarios to teach budgeting, saving, and even basic investing concepts. 

While some youth debit cards come with a small monthly fee, many local financial institutions offer free options—so it’s worth exploring what’s available to you. 

Best Accounts for Teens Ready for Independence 

Starting around age 13, joint checking accounts let teens manage money more independently while parents can still maintain oversight. 

With a checking account, teens can: 

• Track balances through mobile banking  
• Withdraw cash from ATMs  
• Make everyday purchases  
• Deposit paychecks from part-time jobs  

It’s real-world experience with real responsibility. 

That said, it’s important to choose the right account. Some come with fees for overdrafts, low balances, or out-of-network ATM use. 

Look for accounts with:

• No monthly fees
• No minimum balance requirements
• Minimal or no penalty fees

It’s real-world experience with real responsibility — and the start of a lasting relationship with a financial institution.

Final Thoughts 

There’s no one-size-fits-all solution. The right account depends on your child’s age, maturity, and how they plan to use their money — but starting early makes a difference. At Everwise, we’re proud to support every step of that journey, from first savings accounts to youth debit cards and to no-fee checking. Learn more at everwisecu.com.

The information provided is for educational purposes only. The views and opinions expressed are solely those of the author. This information should not be considered to constitute financial, tax, legal, or accounting advice or recommendations. Please consult with an attorney, financial or tax professional for guidance.