Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Editor’s note: This is a transcript of the audio file.
Having their own checking account can be a great learning experience for teens, but there are a few things to keep in mind. I’m Lucas Wysocki with your Bankrate.com Personal Finance Minute.
The decision to open a teen checking account requires a lot of consideration on the parts of both the parents and the teenager. Even though banks offer reduced fees for teen checking, parents shouldn’t hand the reigns over to a bank account unless they feel the child is responsible enough to avoid unnecessary fees, especially overdrafts.
Kids need to understand balancing their check book and not rely on online statements since transactions might not post until a few days after a check is written. The second consideration is security.
Teens are very susceptible to losing their debit cards or check books and other mishaps that could find them the victims of identity theft. If your teenager has trouble remembering his homework, carefully consider what might happen with their bank account.
Bank accounts are a great learning tool for teenagers, but require parental oversight and a little discipline. For more money savvy tips, visit Bankrate.com. I’m Lucas Wysocki.
Share