Is Your Child Ready for a Bank Account?
Published on May 1, 2025
•3 min read
When Should You Open a Bank Account for Your Child?
That’s a good question, but there’s no one-size-fits-all answer. Every child is different, which means they’re ready for this step at different ages and stages of development. For some children, it could be as early as 10 or 12, and for others it may not be until high school.
Ultimately, it’s up to the parents to decide if their child is ready for a bank account. If they are, opening a bank account for kids can be a powerful tool to build financial literacy for children and instill lifelong money habits.
Start by Teaching Kids About Saving and Spending
Maybe your child is earning money from chores, a part-time job, or receiving cash in birthday cards. No matter how they’re making money, it’s never too early to start the conversation about spending versus saving.
Since children don’t have to pay bills, it’s okay for a decent portion of their money to go toward fun purchases. But now is a great time to set savings goals. Work with your child to decide what percentage of their earnings to save, and help them stick with it.
Make Saving Simple and Relatable
For example, if they save just $5 to $10 per month, that adds up to $60–$120 a year. If your child has their eye on something big—like a video game or new shoes—show them how consistent saving can help them afford it. This builds motivation and develops good money management skills.
A kids’ savings account also helps them see their money grow, especially with regular deposits.
Online Banking for Kids: A Modern Solution
Piggy banks are great, but today’s world is digital—and so is banking. Instead of handling physical cash, you can help your child manage their money digitally with online banking for kids.
Choose a Kid-Friendly Bank Account with Parental Controls
Look for a children’s bank account that includes online access for both kids and parents. At Metro Credit Union, we’ve partnered with Greenlight, a smart banking app and debit card designed specifically for families.
With separate apps for parents and kids:
- Children can monitor their balances, play financial games, and set budgeting goals.
- Parents can transfer money, assign chores, set savings targets, and monitor activity.
This approach helps kids learn responsibility and financial independence while giving parents the tools to guide them.
Digital Banking Safety Tips for Kids
As kids go digital, it’s important to teach them how to bank safely online. Here are essential safety tips to cover:
- Never share your account or debit card number.
- Don’t post or share photos of your personal or banking information.
- Only parents should know your banking password.
- Always ask a parent to verify websites before entering card info.
- Report a lost card or suspicious activity immediately.
With Metro and Greenlight, parents have full visibility into their child’s account, so any issues can be caught quickly.
Why Open a Bank Account for Your Child Now?
Helping your child open their first bank account is a major milestone—and a smart step toward building strong financial habits early in life. The earlier kids start learning about saving, budgeting, and spending wisely, the better prepared they’ll be for the future.
Get Started with a Kids’ Bank Account Today
Ready to teach your child about money in a real, hands-on way? Give them the Greenlight with Metro Credit Union’s kid-friendly banking solutions.
Connect with a Metro agent in our Digital Branch today to open your child’s first bank account and set them on the path to financial success.
