Everything to know before your first account.
A guided, jargon-free path through banking basics — built for a young person and the adult helping them.
Checking
Built for money coming in and going out. Good for day-to-day spending and paying for things directly.
- · Usually comes with a debit card
- · Often has monthly or overdraft fees
- · Easier to spend from — needs a plan
Savings
Built for money you are keeping. Good for goals, emergencies, and the habit of setting something aside.
- · Usually pays some interest
- · Sometimes requires a minimum balance
- · Harder to spend from — which is the point
Four steps before you walk in.
Talk it through first
Decide together what the account is for: saving, spending, or both.
Gather documents
Most institutions ask for identification and, for minors, a guardian's information.
Check the fees
Minimum balance, monthly maintenance, overdraft, and ATM fees change the real cost.
Set the rules at home
Agree on how much is saved, how much is spendable, and who can see the balance.
Six questions to ask a bank
- 01Can a minor open this account, and what does the guardian need to provide?
- 02Are there monthly fees, and how do I avoid them?
- 03Is there a minimum opening deposit or minimum balance?
- 04Can I set up automatic transfers from another account?
- 05What happens if I spend more than I have?
- 06Is the account insured, and by whom?
For minors, a guardian leads
A parent or legal guardian is required for any account opened for a young person, and stays involved in the conversation from the first visit onward.
Banking readiness checklist
0 of 8This checklist is a learning tool for a conversation with a parent or guardian. It is not an account application, and nothing here is shared with a bank.