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Teen is checking bank account on computer and looking at debit card.

Checking Accounts Can Help Teens Keep Track of Money

August 12, 2026

If you have a teenager, it’s probably time to encourage them to open a checking account once they have more than a few dollars to keep track of. Putting money into an account can help them monitor their spending and teach them some valuable financial lessons, including:

  • How to regularly track their spending
  • How to make deposits
  • How to budget their money
  • How to use a debit card for purchases and withdrawals

Having banking experience will come in handy as they start making more money and even when it comes to the time they might need to get a loan.

Monitoring spending and budgeting are important first steps in financial literacy. To avoid falling into debt, they’ll want to make sure they always have more money in their account than they are spending. They’ll be able to monitor their account balance 24/7 with their smartphone or computer by using online banking. They can also keep track of their spending and income by using a spreadsheet or a budgeting app, if they prefer. And once a month, they’ll get an updated account statement they can view online.

They will learn that when they use a debit card, it’s like spending cash because the money comes directly from their account in real time. Checking their account frequently will let them know where they’ve been spending money and how much they still have. With online and mobile banking, they can even set alerts to notify them when their account balance falls below a certain amount, meaning it’s either time to stop spending or to deposit more money.

They can also deposit checks by using their smartphone. It’s as simple as taking a couple of photos and following simple instructions in their mobile banking app.

If they find that they regularly have more money than they spend, they might want to open a savings account that will earn them a bit of interest.

Depending on their age, they might need to open their account with the help of a parent or guardian, and that will be a good time to ask about any fees or if there is a minimum balance they need to keep in their account.

Everything they do at this age is likely to be a new experience, but learning how to manage their money today will pay off in the long run.

If you are interested in learning more about checking account options for minors, Iowa State Bank is here to assist. Call 515-288-0111 or stop by any of our 5 convenient locations to get information on current promotions or open an account that’s right for your teen.

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