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The fact that the account requires a parent to “support” it means you have the ability to step in and assist if your teen needs it.
You can transfer money in and out of the account from your own external bank account.
This is a great way to teach kids about the connection between work and income.
If you’re a really strict parent, you can seven set up “billing”, where you charge your kids for things like their share of the mobile phone bill!
Capital One isn’t the only company to get into the teen banking game.
A few other banks have stepped up to help out with student banking accounts. It’s likely that your local bank or credit union may have some options for students as well.
In addition to online options like these Pay Pal alternatives, take a look at some mobile apps that can help you and your kids transfer money Ryan has a BSc degree in Electrical Engineering.These are popular retailers like Dunkin Donuts, Whole Foods, Walgreens, and many more. There are plenty of websites that teach kids money management skills.And if they want to earn more, there are even ways kids can earn money on the internet.However what it lacks are most of the fees you’ll find when you sign up for student accounts with any of the big banks. You can set up allowance amounts for each child, and have that automatically transfer into their cards at whatever interval you set up.You can even connect scheduled chores and jobs to payments or penalties.