07-15-2021, 10:44 AM
Bazooka,
As others have pointed out, this is a good opportunity to start teaching your daughter about personal financial management. It's something that should be taught at an early age and expanded upon as the years progress. One of the key issues you'll face with bank accounts is that your daughter is a minor. The only bank I found that offered a suitable account was Wells Fargo. It is called a Way2save. However, rather than a bank account, a reloadable debit/credit card is a way to go.
You should teach her to treat it like a normal credit card. Make sure she tracks how much money is loaded onto it and how she spends the bucks. Get her started with a personal finance application. Make sure it has a smartphone app that also syncs with a desktop app. Enter the transaction into the smartphone app. Save the receipt. Sync to computer. Balance the account each month.
Robert
As others have pointed out, this is a good opportunity to start teaching your daughter about personal financial management. It's something that should be taught at an early age and expanded upon as the years progress. One of the key issues you'll face with bank accounts is that your daughter is a minor. The only bank I found that offered a suitable account was Wells Fargo. It is called a Way2save. However, rather than a bank account, a reloadable debit/credit card is a way to go.
You should teach her to treat it like a normal credit card. Make sure she tracks how much money is loaded onto it and how she spends the bucks. Get her started with a personal finance application. Make sure it has a smartphone app that also syncs with a desktop app. Enter the transaction into the smartphone app. Save the receipt. Sync to computer. Balance the account each month.
Robert