When our kid was that age, we helped her open an account at the same credit union we used. And we helped them open a Roth account at the same investment company we used. (Happens to be vanguard).What's a good bank for youth to deposit cash and direct deposit to and there is a brick and mortar bank so they can deposit check and use ATM if needed. Prefer larger bank/not local (so Bank of Nevada is out etc).
Bonus if they can open Roth IRA there. Otherwise, My thought is they can invest on ETF which doesn't require minimum balance.
This is for small income...housesitting etc. Mainly to instill the habit. Yes, I plan to match 1:1.
They went out of state for college, so there were no local bank branches near by for them. It was never an issue. They can deposit checks with their phone if need be. And ATMs were everywhere, and as long as they used an ATM affiliated with ANY credit union, there were no fees. (I think this is an agreement between all members if the national credit union association, but do your own verification on that)
All the best!
Statistics: Posted by Normchad — Fri May 31, 2024 11:58 pm