Having a checking account is a helpful first step in learning basic money management skills. If you’ve a teen who’s ready for the responsibility, selecting the precise checking account is paramount.

Certain bank accounts are designed with teens in mind. Their special features set them other than traditional accounts, giving teens a healthy dose of freedom with loads of guardrails to maintain them in check.

Together together with your child, research teen bank accounts before selecting one. To narrow your search, search for these five features in the perfect bank accounts for teens.

A teen checking account, sometimes known as a student account, is a checking account designed for the unique financial needs of teenagers. For instance, teen bank accounts often include low or no fees, low minimum balance requirements, and parental controls.

Teen accounts are sometimes a kind of joint checking account, with a teen and parent as co-owners. But older teens — typically ages 18 and up — can normally open an account on their very own.

Whether your teen is opening a checking account for the primary time or they’re in search of a greater fit, keep an eye fixed out for the next features:

Low fees profit anyone, but teens with limited income can be particularly grateful for this perk. Search for accounts with no monthly maintenance fees, which may eat away at your balance every month.

Also, in case your teen wants easy accessibility to money, finding a bank with a big ATM network or free out-of-network transactions is vital. Otherwise, they might be shelling out transaction fees regularly.

Overdraft fees, that are typically around $35, might also be a consideration for teens taking control of their money for the primary time. For those who think your teen could also be vulnerable to spending beyond their available balance, chances are you’ll need to select an account with no overdraft fees.

Read more: The right way to get overdraft fees refunded

Your teen probably doesn’t have an enormous amount of cash to deposit right into a checking account — in truth, they might have little or no. The most effective teen bank accounts have low minimum balance requirements, providing accessibility to those without much money.

Higher yet, find an account to your teen with no minimum balance or opening deposit requirements. This implies they won’t need to worry about depositing or maintaining a certain balance so as to avoid fees or earn interest, which will be tricky with out a regular paycheck.

Read more: A guide to checking account minimum balance requirements by bank

3. Parental controls and monitoring

Depending in your teen, their experience managing money, and your comfort level, parental controls and monitoring could also be a priority with regards to selecting a teen checking account.

Many bank accounts designed with teens in mind incorporate features for fogeys too. These features may include the flexibility to:

• Set spending and withdrawal limits

• Lock or unlock your teen’s debit card

• Easily transfer money between your accounts

• Arrange bank alerts to your teen’s account

• View your teen’s transaction history

Features like these help you be as involved as you wish in your teen’s funds. This flexibility will be useful if you ought to have more supervision up front and loosen the reins as your teen gets older.

A debit card is a convenient checking account feature, allowing you to simply make purchases online and in person. Chances are high, your teen may gain advantage from a debit card too.

Search for teen accounts that include a free debit card. Showing your teen how a debit card works might help them construct financial habits they’ll use as adults. Plus, it gives you a probability to show them tips on how to keep their account secure and in good standing. For instance, you may teach them tips on how to avoid debit card fraud and tips on how to make certain they don’t overdraft their account.

One other bonus of adlescent bank accounts that include debit cards is the benefit of tracking purchases. In case your teen is used to spending money, it may be hard for either of you to trace their spending. Having a debit card could make it easier to your teen to see where their money goes every month and learn the fundamentals of tips on how to budget.

Chances are high, your teen spends a variety of time online. They might even be more comfortable navigating latest tech and apps than you might be. In case your teen is almost definitely to bank from their phone, it is sensible to decide on a checking account that has a capable and user-friendly mobile app.

When comparing teen bank accounts, search for banks with well-rated mobile apps. You need to use the Apple App Store and Google Play to ascertain rankings. Chances are you’ll also need to ask your teen what app features they’re fascinated by. For instance, in the event that they want the flexibility to set and work toward savings goals, search for a bank with an app that provides a savings tool.

See our picks for the ten best mobile banking apps>>

A 16-year-old may gain advantage from a checking account, especially one designed for teens that features helpful features. For instance, in case your 16-year-old likes to spend but struggles with saving, an account with parental spending controls could also be a great fit. With the precise guardrails in place, a checking account might help your 16-year-old construct good financial habits.

The most effective checking account for college kids under 18 relies on your (and your teen’s) priorities. Some teens may profit from a more hands-on approach, during which case an account with loads of parental controls could also be best. Others could also be ready for more independence and like an account with robust budgeting and academic features. Regardless, low fees and minimums, a solid mobile app, and a free debit card are all the time useful in a student account.

Typically, you wish an adult co-owner to open a checking account when you’re under 18. Depending on the bank, chances are you’ll give you the option to open a teen account online, but other banks may require an in-person visit. Regardless, the teenager and adult will each need to supply basic personal information and documentation, reminiscent of proof of address, a sound ID, and a Social Security number. Depending on the account requirements, chances are you’ll also need money or an external checking account to make an initial deposit.

Read more: What do it’s worthwhile to open a checking account?