Banking for Teens

By Haley Showalter

Checking Accounts

As you get older, you get your first job, and then you get your first paycheck. What do you do with that check? The best thing to do is put it in the bank, rather than cash it and keep it on you. It isn't a very good idea to walk around with a lot of cash on you. You could loose it or someone could rob you or easy to spend. If you have a checking account, you will probably receive a ATM card in the mail. An ATM gives you access to your money in your checkings account and your savings account. Be sure you have enough money in the bank when you are using your ATM card, the last thing you want to do is overdraft your card. You don't want to spend money you don't have because every time you do that the banks charges you more.

Savings Account

A savings account is an account that pays you interest for how long you leave your money in there. Savings account is a good idea if you are trying to save up for something you want. Banks use your money to make loans, so they can pay you interest for the use of your money.