The first step towards your teen’s financial independence is a checking account
- 22nd State Bank
- Jun 23
- 3 min read
A first job is a rite of passage. It teaches valuable life skills like responsibility, time management, and financial literacy. Whether they’re still in high school or have flown the coop to college, when your teenager brings home their first paycheck, you can ensure they start their financial future on the right foot.
One of our customers recently shared,
"My son got his first summer job and came home with a paycheck in hand. We hadn’t even thought about opening a checking account until he asked where he could deposit it."
It’s never too late, but the earlier your teenager starts learning how to manage their money, the better prepared they’ll be down the road. Here are a few things to keep in mind:
Open a checking account for your teen before they need one
It’s surprisingly easy to overlook. Your teen is focused on prepping for the job interview, you’re juggling work and home life, and suddenly their new boss hands them their first paycheck, and they have nowhere to put it. Without a checking account, your student may be left relying on expensive check-cashing services or funneling money through you, neither of which fosters financial savviness or independence. As soon as your teen lands their first job, head straight to the bank.
Our Student Checking account is designed for first-timers
Not all bank accounts are created equal, especially for young adults. At 22nd State Bank, our Student Checking account is built specifically for those just learning to manage money. There are no monthly maintenance fees or minimum balance requirements, so it’s an ideal way for your teen to practice tracking their spending, saving toward big goals, and making smart financial decisions.
Direct deposits make payday easier
Once your teen has their own account, they can sign up for direct deposit, which employers often require to cut down on the expense of printing paper checks. It’s faster, more secure, and more convenient, so it’s a win-win for everyone. With direct deposit, funds go straight into our Student Checking account, so they don’t have to worry about trips to the bank or accidentally misplacing their check. Just remind your teen they’ll need to provide their account and routing numbers to their employer, usually with a voided check.
Take advantage of teachable moments
From reminding them to check their balances before a purchase to urging them to save a percentage of each paycheck, you can help your teen develop the everyday money skills they’ll use for life. Pair their checking account with a 22nd State Bank Simple Savings account and let them watch their balance grow. And with online banking tools, you can stay in the loop and provide guidance (or head off any unwise purchasing decisions). The goal is to gently guide them towards independence without micromanaging.
Always think towards the future
Right now, your teen might just be buying gas or saving up for a new phone. But soon, they may be handling expenses like rent and tuition. Giving them the experience of managing their own account now prepares them for bigger financial responsibilities ahead. Financial literacy for teens isn’t just about their first paycheck—it’s about building lifelong confidence with money.
Ready to open a checking account for your teen?
22nd State Bank makes it simple. Bring them along—they’ll learn how banking works and feel more ownership over their financial journey.