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Show teenagers how to start building a future.
Make sure money management is one topic your teen studies during these critical years. Juggling a first job, a social life, and shopping trips with friends isn’t easy. A savings account helps set priorities and smart spending habits. Click below to set up an appointment at any of our branch locations.
Our Teen Savings Account Features:
Our interest-bearing savings account for teenagers also gives a parent or guardian access and visibility into transactions. Transfer funds easily and make withdrawals as needed.
Additional features include:
- Secure online and mobile access to accounts*
- Ability to set alerts to monitor activity
- FDIC insured accounts
*Online and mobile banking terms and conditions will apply; Messaging and data rates may apply.
Savings education tips: Help for parents, a guide for teens.
Explaining why saving matters isn’t always easy. We’re here to help. Explore some helpful talking points and tips about finances and savings to shed light on how it can make a difference later in life.
Here are some of our favorite reads:
Why Should Teenagers Have a Savings Account?
You’re never too young to start an emergency fund, just in case. You’re getting near the age when life’s expenses increase and trust us, you’ll want to be ready. A few things to think about:
- Saving for college
- Getting a car and paying for insurance
- Moving out of your parent’s home
- Not being dependent on anybody for money
How much should I save every month?
Save a little or a lot; it’s entirely up to you and depends on your savings goals. It’s always wise to have emergency savings in the bank, no matter what.
Tip! A good fact to keep in mind as you get ready to move out into the world in the next few years: The golden rule is usually to keep three months’ worth of savings in the bank, enough to pay rent and bills.
If you have a goal, try our savings calculator to see how much you’d need a month and how long it might take to get there.
FYI for your first job.
Got a job? That’s a great step! Plan to set a specific amount aside with every paycheck. 20% is the number many people start with but go with what works for you.
FAQs
For Teens
Can I open an account without my parents?
You can only open a savings or CD account, not a checking account.
Do parents gave to see what’s happening in the account?
If they are joint owners, yes, they can see what’s happening on the account and have equal access to the account.
Do I have to come to the bank with my parents to deposit checks into my account?
No, you do not need to bring your parent to deposit a check into your account. Mobile Deposit and the deposit functionality of your ATM/debit card is disabled until you turn 18, so the deposit would have to happen at the branch.
Can I withdraw money from my account?
If you’re between the ages of 14 and 17, you can receive an ATM card on an exception basis if you meet the following criteria:
- A parent or legal guardian jointly owns the account attached to the card.
- You and your parent/legal guardian sign the card application.
- Your Point of Sale limit doesn’t exceed $500.
- The ATM deposit capability is shut down.
ANY application with a minor must have a parent/guardian signature, including reissue cards. The parent/guardian must acknowledge the minor can have a card and that the parent/guardian is taking responsibility.
If you’re between the ages of 14 and 17, you can receive an ATM only card on an exception basis if all of the following are met:
A parent or legal guardian jointly owns the account attached to the card.
- You and your parent/legal guardian sign the card application
- The Point of Sale capability is shut down (for checking accounts only).
- The ATM deposit capability is shut down.
ANY application with a minor must have a parent/guardian signature, including reissue cards. The parent/guardian must acknowledge the minor can have a card and that the parent/guardian is taking responsibility.
For Parents or Guardians
What is required to set up my teen’s account?
If your account holder is under the age of 18, you’ll have to come into one of our local Kennebunk Savings branches together. Be sure to have your child bring any identification they have available, such as driver’s license, passport, or student I.D. As the parent or guardian, you must provide unexpired identification. We’ll sit down with you and get started.
Can I just set up the account online?
Unfortunately, you can’t open an account with a minor through our online platform. You have to go to a branch.
Will I (as a parent or guardian) have access to the account?
Yes. If you are a joint owner on the account, yes, you can see what’s happening on the account and have equal access to the account as the minor
Do I need to be a Kennebunk Savings account holder?
No, the parent or guardian doesn’t need to be an established customer.
Does my teenager need to keep a minimum amount of money in the savings account?
Yes, your teen needs to keep a minimum of $1.00 in the account to prevent it from closing and conduct activity at least once a year (deposit or withdrawal) to keep the account from becoming inactive.
What happens to a minor’s account once they turn 18?
Parents or guardians can be removed or leave the account as-is. Mobile deposit will activate at this time.
Still have questions?
We’re here for you. Give us a call at 1-800-339-6573 or set up an appointment to meet with us.