As teens start to gain more independence and take on responsibilities like part-time jobs, managing their own spending or preparing for college, many parents start wondering—is it time for my teen to have a checking account? The answer depends on a few factors, but overall, giving your teen access to a checking account can be a great way to teach money management skills early in life. Here’s how to know if your teen is ready for a checking account.

 

They Have a Source of Income

Whether your teen is earning money from a part-time job, babysitting, dog-walking or even an allowance, having their own income is a good sign it might be time for a checking account. With a place to deposit their money, teens can start to learn the basics of budgeting, saving and spending responsibly.

If your teen is working at a job for a company, many employees receive their paychecks via direct deposit. Direct deposit will electronically transfer your teens’ paycheck directly to a checking account, so your teen will need a checking account to get paid. Direct deposit is beneficial because it gives your teen immediate access to his earnings and eliminates the need for cashing checks or handling large amounts of cash. If your teen sets up direct deposit with a Partner Colorado checking account, he could get paid up to two days early, at no extra cost.^*

 

They’re Asking for More Financial Independence

If your teen starts asking questions like, “Can I use a debit card?” or “Can I have my own money to spend?” it’s a good indication they’re ready to take some control over their finances. A teen checking account allows them to make purchases, learn how to track their spending and understand how to manage a balance.

 

They’re Using Money for Regular Expenses

Does your teen need to pay for gas, school lunches or other daily expenses? A checking account and debit card make it easier and safer for your teen to make those purchases. Rather than handing out cash every few days, you can transfer funds directly to your teen’s account—teaching him to budget and stretch his money to last.

A checking account can also set your teen up to manage recurring costs in the future, like subscription services or auto payments.

 

They’re Starting to Save for Bigger Goals

If your teen is saving for a car, college or a special trip, a checking account can help him manage his money more effectively. Paired with a savings account, a checking account provides a practical way to transfer money, track progress and stay accountable to financial goals.

You can also use this opportunity to introduce tools like online banking and mobile banking apps to show how digital tools can support financial wellness.

 

They’re Getting Ready for Life After High School

Once your teen goes off to college, joins the military or starts a job after high school, he’ll need the tools to handle his finances independently. Giving your teen access to a checking account now, while he still lives at home, gives him a head start in learning how to manage money with your guidance.

This financial practice early on can build confidence and reduce the likelihood of overdrafts, missed payments or impulsive spending later on.

Opening a teen checking account isn’t just about giving your teen a debit card—it’s about empowering your teen to build real-world financial skills. Look for a checking account with no monthly fees and low or no minimum balance requirements. At Partner Colorado, we offer teen checking accounts designed to support your teen at every stage of his financial journey.

Ready to get started? Talk to us today about opening a checking account for your teen!


*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payor. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Early availability is not guaranteed, and may vary from deposit to deposit.