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For those old enough to remember, the sudden failure of Silicon Valley Bank in March 2023 dredged up uneasy memories of the late-2000s financial crisis. Back then, the world’s biggest banks teetered on the brink of implosion, and ordinary people worried — rightfully so — whether their money was safe, even in “too-big-to-fail” banks. Silicon … Read more

The Alliant Credit Union Teen Checking Account earns a spot on our list of the best bank accounts for kids for several reasons. For starters, it’s virtually fee-free. It can earn a decent yield on all balances. It has a big network of fee-free ATMs and a generous reimbursement fund for out-of-network ATM transactions. It’s … Read more

Opening a bank account for your kids and becoming a joint account holder is a great way to: Reinforce basic banking concepts that we take for granted, such as adding and withdrawing funds Teach basic budgeting skills and demonstrate the importance of spending less than you earn, a cornerstone of financial responsibility Demonstrate the importance … Read more

Your kid’s first bank account should be a checking account. Some parents opt for a kid-friendly prepaid debit card instead, which isn’t technically a bank account but can perform the same basic functions. Your kid’s second bank account should be a savings account, and it should come close on the heels of the checking account. … Read more

Kid-friendly debit cards have lots of built-in advantages, including full adult ownership (usually) and tight controls on transactions. They also tend to have robust educational features and tools to reinforce the money lessons kids naturally learn by using them.The downside is kid-friendly debit cards tend to have higher fees than kids checking accounts or savings … Read more