Money Matters:

A checking account requires some financial responsibility and can teach you how to balance an account, keep track of spending limits, and more. Typically, these accounts have no limit on the number of withdrawals you can make per month. Many teen^* checking accounts come with a debit card, ATM access, mobile and/or online banking, and provide the co-owner with spend tracking and alerts, and the ability to transfer funds to the teen's^* account.

Like checking accounts, savings accounts typically offer easy access to your money. But unlike many checking accounts, savings accounts also help your money grow thanks to the interest you can earn.

A joint bank account is a checking or savings account that is owned and controlled by two or more people. Any of the account's owners can make deposits into and withdrawals from the account. In many cases, everyone included in a joint checking account receives a debit card to make purchases and access the account through an automated teller machine (ATM). A joint bank account also allows a parent or guardian co-owner to keep tabs on the account balance and transactions.

Custodial savings accounts for minors (UTMA) can be opened and managed by the parent, legal guardian, or other adult (as the custodian), on behalf of a minor (the beneficiary). Only the custodian can make deposit or withdrawal from the account, on behalf of the beneficiary. The custodian is responsible for managing the funds before the beneficiary reaches a certain age (age of majority) as defined by their state, which ranges from age 18-21. Once the beneficiary reaches that certain age in their state, the custodian is responsible for transferring the funds to the beneficiary and closing the custodial account.