Bank accounts for teenagers
ING Direct offers special savings accounts for kids 16 and under. These accounts have no minimum deposit, no monthly fees and competitive interest rates, making them a good "starter" account for teens and kids. In addition, ING Direct has a financial education website known as Planet Orange geared toward children and young teens. The bank allows a minor to open a checking account as long as the account is cosigned by the parent. The teen manages the account and signs the checks, but any financial dispute is settled by the parents.
Young Americans Bank
Exclusively for depositors under 22, the Young Americans Bank (YAB) operates out of Colorado but is available to teens from all over the country. This financial institution allows teens to open a checking account at a younger age than any other bank -- the average age of its account holders is 16. A checking account requires an adult sponsor, but the restrictions are less strict than other banks'. The YAB's parent organization, its Center for Financial Education, also provides classes on financial management and entrepreneurship.
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