Start a Teen Checking Account Today!

You have dreams:

  • Your own car
  • Trade School or College 
  • Taking your crush on a real date
  • A new outfit for the upcoming dance
  • Movies with friends

Let us help! We keep your money secure so it’s ready when you’re ready. 

Are you over 13 years old and live in western Kentucky? Then you qualify for a Signet checking account! 

“I opened my first checking account when I was 15.  Being able to use my own account when I wanted to buy something, gave me a better understanding of how a debit card worked and how to balance my account. I was also able to transfer money from my checking to my savings online to help me budget for my future car expenses. Now, I use my account almost every day!” Emma, age 17

What do you need to start a checking account?

  1. Stop by any of our Signet branches with a parent or legal guardian and ask to start an account. 
  2. Bring one of the following documents for identification: 
    • Driver’s license/permit
    • Social Security Card
    • Birth Certificate
    • School ID card
  3. To open an account with us, we’ll start with your savings account first. You’ll need $5. This is the minimum balance for a savings account at all times. Then, we’ll set up your checking account which does not have a minimum balance. NOTE: Even if you’re a minor, Kentucky law states we may issue a savings account to you with absolute ownership (no parent necessary), as long as you can sign your name.
  4. Once your account is set up, don’t forget to download our mobile app so you can manage your account from your phone. You can check your account before you purchase, pay bills in seconds, deposit checks with your phone’s camera, and you can move money from savings into checking with just a few taps.  

Why Should You Start A Checking Account In Your Teens?

You (or your teen kid) may have friends who already have a checking account. You see them swiping their cards at the ball game or out at the mall. But, that’s not the reason you need a checking account right now. Here’s why (if mom and dad aren’t sure, use some of these ideas to help convince them it’s time): 

  • You’ll learn how to spend and save responsibly. Spending money is a good thing. Saving money is a good thing. But, you have to learn how to balance the two to succeed with your money. 
  • You’ll already have an account for direct deposit when you start your first job. Most employers today require a checking account to deposit your paycheck. 
  • You’ll learn how to budget for things you need first and things you want second. 
  • Your parent/guardian can monitor your account through text alerts and even have the ability to turn your debit card off. (Parents love this feature, so be sure to mention this one! But also be sure not to give them a reason to turn your card off.) 

PARENTS: How do you know when your teen is ready for a teen account?

Parents, if you’re wondering if this is a good move for your child, just know that we’ve worked with a lot of different teens and adults over the decades. We don’t know your child, but we do recommend your teen get a checking account between the ages of 13-16. At that age you can still monitor their account and teach them valuable money lessons before they get their first job and have more money at their disposal. 

We’ve seen young adults struggle greatly because they don’t get a checking account until they graduate high school or even later. They leave home and discover they don’t understand how to handle basic money matters: 

  • They’ve never paid a bill on their own. 
  • They’ve never had to budget for what they actually need every month. 
  • They don’t understand what impacts their credit or why credit scores are important. 
  • They don’t know why they can’t get a credit card or car loan without someone co-signing. 
  • They struggle to handle their money correctly and frequently ask for financial help/loans from family and friends. 

Both of my kids were 16 when they got their checking account. They both made that decision on their own and it was largely due to having a job and wanting to be able to access the money they were making more easily than they could with a savings account. I believe having an account has taught them about the value of money as they can easily log in to see their balance and relate it directly to the amount of work they’ve done to earn the money. It has helped them both to become better savers and to think twice before buying something they don’t really need.” – Sherri

Even if your teen isn’t ready today, now is the time to start preparing them for this responsibility. Let them help you pay bills one month, show them your budget, let them do the grocery shopping one week, etc. 

Since you are a joint owner of this checking account, you still have some control and can intervene with good life lessons when bad money choices are made on a smaller scale. You even have the ability to turn off their debit card. Just be sure to download our mobile app once the account is set up to set up text alerts and monitor their account. 

It may be a little scary letting them have free reign over their own money, but remember, it’s better to let them make a few mistakes and learn now, than it is 10 years from now when the risks are much higher.