Bank accounts for under-16s

Which banks do you all use/suggest? I want DS to have a credit card plus a debit card (with access to $ that he has earned as well as his allowance). Ideally I’d like him to be able to manage his account(s) on his own, online. Any thoughts?

We started the kids with our credit union. Both needed an adult co-owner for debit and credit card accounts as minors.

The accounts are managed online and we transfer allowance easily since a parent is co owner.

Just asking - if he can get a debit card, why would you want him to get a credit card? I ask because it seems like the point would be for him to have access to his money rather than allow him to go into debt.

In any case, I doubt he could get a credit card without a co-signer. I like the idea of a credit union with a checking account and debit card.

The credit card (tied to ours) came in handy for all sorts of purchases, but mostly enabled our son to make his own flight arrangements. We only helped him with those freshman year. It became too painful to do it for him as we never knew his exact schedule/exam end times for sure, so we eventually just let him handle all his travel arrangements. He also used it to purchase books, uniforms, school trips, all those things we didn’t want to come out of his own funds. He has always been a very responsible kid and never abused the privilege, and it saved us a ton of frustration.

He used his own funds and his debit card for all incidentals which mostly went into his stomach.

DS had an account with Bank of America which is pretty much everywhere in the northeast. A parent had to be a signer until he was 18.

@WISdad23 The credit card is for travel and plenty of other things. My DD has one (linked to mine) and it has been tremendously helpful since she goes to school on the other side of the country and travels solo. DD rarely uses cash and prefers to use the CC, which she pays in total every month. I think that’s a good habit to get into. Also the online tools these days are great, and she is able to get a breakdown of most of her spending. Her checking account isn’t really hers, it’s mine - she just has a debit card that she uses for it and all of the $ in there is hers. For my son, I was hoping to find something that is more “his” and not simply another account of mine (which is the rule at HSBC). Thanks everyone for the suggestions!

…and now banner ads for banks are popping up on the top of my screen! Creepy.

Chase offers a high school checking account if the parent has a linked checking account. I think there is a minimum balance to waive fees on the parent account…but the required balance isn’t too bad.

We set up a checking account at a bank that is close to the school and has an ATM on campus so if she needed cash she wouldn’t rack up any fees. I deposit a specific amount each month and she has to manage the money for that month. It’s worked out really well this year and there was only one month where she struggled for about a week with no money!

I have two Chase accounts: one for savings, and one connected to my debit card. It’s been pretty simple and my balance is always accessible on my phone.

Thanks everyone!

We are using that Chase’s high school account. Also we added her to one of our credit card account. I trust her to not abuse it. If it is stolen and used by someone else, then Visa won’t make me to pay.