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What Are the Advantages of a Free Debit Card for Teen Checking Accounts?

Young woman with a debit card

It’s never too early to teach your kids the importance of financial responsibility. When they’re young, it could be as simple as providing them with an allowance so they can learn how to save some, spend some, and perhaps even give some to a worthy cause. But as your child grows older and enters the teen years, they’ll need to learn more about budgeting and money management principles. One of the best ways to do that is to open a checking account with a linked debit card.

Rivermark Community Credit Union offers a free debit card and checking for teens. It’s simple to enroll and user-friendly as well, even for teens with little banking experience. That’s because we believe in the importance of financial education for youth and want to make that knowledge as accessible as possible. Here are some of the other reasons you’ll want to take advantage of our free debit card for teen checking accounts.

It Pays to Bank with Us

It literally pays to bank with Rivermark Community Credit Union. We offer a very high-interest rate on our checking and savings accounts. That includes our youth accounts as well.

When you open a Rivermark Community Credit Union Free Checking Plus account, you can earn up to 2.00% APY on balances up to $15,000*. That’s an incredibly competitive rate that will help your teen’s money grow over time. They will quickly learn the value of compound interest.

Your teen will also learn the value of having an account with a credit union like ours. Rivermark’s high-interest rates on checking and savings accounts and low-interest rates on loans, including student loans, will help your teen stretch that hard-earned money of theirs.

Little Risk Involved

We know what you’re thinking. But wait—my teen is a novice when it comes to having their own account. What if my child mishandles their finances? What if there are overdraft fees and I wind up having to pay for it?

Not so fast. Rivermark Community Credit Union has you and your teen covered. We understand that even the best of us make mistakes sometimes. That’s why we offer overdraft protection for your teen’s checking account. By linking the account to a savings account with a safety cushion, you’ll be covered in the event that your teen makes a mistake and overdraws on the account. The difference will simply be transferred from the savings account into the checking account with no fees assessed.

Speaking of fees, our youth checking account has no monthly fee or minimum balance requirement. We have truly designed this account to help your teen understand basic money concepts like budgeting and saving. We also offer up to $12 per month in ATM fee refunds. That means your teen can enjoy all the advantages of our youth checking account without the fees often associated with similar accounts.

Easy to Build Good Credit

For a teenager just starting out on the road to financial independence, one of the greatest challenges can be establishing good credit. It can be difficult to get a lender to approve you for a credit card or auto loan when you haven’t had the opportunity to build solid credit yet. But the Rivermark Visa helps teens do just that. It gives them the ability to establish good credit at a young age.

That’s important since the length of credit history is one of the factors influencing your credit score. By taking advantage of our free debit card for teens, your child can start building that credit now and establishing a credit history prior to applying for student loans, auto loans, and the like. This will help them qualify for a competitive interest rate.

Likewise, not establishing that credit history early on can lead to higher interest rates and cost your teen significantly more money in the long run. Our Rivermark Go Money for Teens accounts are designed for children as young as 13. That means by the time your teenager turns 18, they’ll already have five years of banking history established. That can make a huge difference in terms of applying for loans and credit.

Provides the Complete Experience

In addition to providing a free debit card for teens, our youth checking account also offers a complete online and mobile experience. Your teen will not only get experience using a debit card for purchases but learn how to navigate their account online as well.

Your teenager will be able to monitor their spending by checking online statements and viewing monthly transactions. If your teen has questions or needs some extra assistance navigating the online or mobile system, we’ll be here to help with excellent customer service and a variety of helpful resources. Starting this process early on will give your teenager time to learn what they need to know to be able to manage accounts and money on their own.

The value of having your own account at an early age cannot be understated. There’s so much to learn about finances and how money works that it’s important to start as early as possible. Our Go Money for Teen accounts are designed for teens in the 13- to 17-year-old age range.

In addition to offering our teen checking accounts, we also have savings and money market accounts available. Teens will be able to familiarize themselves with how multiple types of accounts work before heading off to college on their own.

The best time to learn money principles is when you’re young. You can learn from your mistakes as you prepare to be financially independent for the first time. Rivermark is the perfect place to grow in your knowledge of finances while watching your money grow at the same time.


*APY = Annual Percentage Yield. Rates are subject to change after account opening. Minimum opening deposit is $25.00. To earn the Free Checking Plus rate of 2.00% APY on balances up to and including $15,000, and 0.05% APY on balances over $15,000, you must meet the following monthly requirements: Twelve (12) posted and cleared debit card transactions; Log in to Online Banking; and receive e-Statements. In addition to earning the higher rate, you will receive automatic refunds on ATM fees, up to $12 maximum per month. If account requirements are not met, the rate will be 0.05% APY and ATM fees will not be refunded. Fees may reduce earnings.