Benefits of Having a Teen Savings & Checking Account at CCCU

When your kids were young, you might have introduced them to saving money by using a piggy bank. But now that they are teenagers and possibly getting their first jobs or preparing to go to college, you might be looking for more mature ways to teach them to save and budget. There’s no better way to teach financial responsibility than to have your teen open a savings and checking account with you as the joint owner.

Teen savings account with Clark County Credit Union in Henderson, Nevada

There are so many great benefits of opening a teen savings account that will help them become more responsible and accountable for their financial decisions.  Having their own account will:

  • Promote financial responsibility – when your teens have their own bank accounts, it teaches them to budget, save for their short or long-term goals, and most importantly understand the importance of setting money aside for their future.
  • Teach money management – understanding money management during their teenage years helps develop crucial skills in budgeting, saving and investing which are essential for navigating the complexities of personal finance in adulthood.
  • Cultivate a sense of independence and empowerment – having their own checking account, including a debit card, gives them a sense of ownership and responsibility for their purchases. With your guidance, it also gives them the opportunity to manage their own money, make informed decisions about spending and saving, and track their progress towards their financial goals.
  • Teach basic banking terms – for example, when your 13-year-old starts depositing allowance or money earned for small jobs into their checking account, they will learn to understand fees, APRs, and the importance of not spending more than their available balance.
  • Prepare them for the future – having their own teen savings account can be a steppingstone towards more advanced financial concepts like investments, interest, and building credit.

Open a CCCU Bank Account!

Helping your teens understand how to be responsible with their funds gives them the skills necessary to achieve financial health as adults. At CCCU, we offer a variety of checking and savings accounts you can open for your teens who are 13 and older. For more information, visit www.CCCULV.org or call us at 702-228-2228. We also have a free financial education tool called Banzai Teen that walks your child through real-world scenarios and helps them see the impact of their financial choices.

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