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Teen Money: Opening checking and savings accounts

Sep 29, 2016

girl holding notebook

One of the first steps toward adulthood is having a checking and savings account in your own name. These accounts allow you to save money, make purchases, and pay bills efficiently. Both, however, require you to take an active management role, so that you can achieve your goals. 

Where to open the accounts 
A great place to open your first account is Tucoemas Federal Credit Union! We’re a local, not-for-profit financial institution that is owned by our Members (account holders), and we often have better loan rates and lower fees than banks. Check out some of our deposit account options for more information.

Start a savings account 
Getting into the habit of setting money aside regularly is the foundation for a successful financial future. Be sure to sign up for automatic transfer when you open your account, this will help saving money a breeze. All you have to do is choose the amount you want deducted regularly from your checking account and deposited into your savings account. 
 
If you save some of every paycheck, it won’t be long before you’ve put together a nice sum. Financial experts recommend keeping three to six months’ worth of expenses tucked away in a savings account as a cushion for any unforeseen emergencies. However, after you have built up enough to tide you over in the event of an emergency (job loss, unexpected car repairs, health problems, etc.) you can begin to invest your money and get your money to work for you! 
 
Managing a checking account 
After you open your checking account, it is your responsibility to handle and monitor it correctly. This means knowing how much is in your account at all times, reading your statements for accuracy, and never writing checks for more money than you have in it. Monitoring and managing your account is simple with our Mobiliti app! 
 
Don’t “bounce” checks 
Bouncing checks is serious and expensive business. If there aren’t enough funds to cover a check, it will be rejected when it comes in for payment. The check will be sent back to the person who deposited it and you will be charged for “bouncing” it. To help prevent bounced checks, we offer overdraft protection and courtesy pay.  
 
You can avoid accidentally writing bad checks by always knowing how much you have in your account. Keep track of the deposits you make, ATM withdrawals, debit transactions and online purchases. You can do all this, and more, with our Mobiliti app
 
Managing all of your accounts well is important. If you do, you will you always have the security a savings account brings, and you’ll never waste money on checking account mistakes. If you've got any questions or are interested in opening an account, please visit any branch location.