It might be time for them to open their first savings/checking account! At Alabama ONE, we believe in financial wellness, and that begins with encouraging healthy spending and savings habits in your teen, the very first time they start to handle money.
The Next Step Teen Account is a joint account, and you and your teenager are co-owners. Both of you can make deposits, withdrawals, access the mobile app, online banking, and even receive text alerts regarding the account. This is one account with two very different experiences. For the teen, this is a first taste of independence, can be empowering, and maybe even a safe place for mistakes to be made. For the parent, it allows an opportunity to supervise the teen’s first steps into adulthood. With visibility and control, the parent can teach better money management and guide best practices, while allowing their teen some financial freedom.
The Next Step Teen Account is a free savings/checking account offered to teens age 13-17. The teen will become a member of Alabama ONE, and receive a credit-union-issued debit Mastercard® with digital wallet and tap-to-pay capabilities. Additional optional incentives for your teen to develop healthy financial skills are offered through Alabama ONE at https://alabamaone.kofetime.com/registration/
You can easily transfer any custodial/minor account or Berenstain Bears Cub Account to a Teen Account at age 13. There is no need to set up a new account and your child will maintain their current Alabama ONE Member ID. To transfer, just visit one of our branches or call 1-800-225-0110 and speak to a team member.
If your child is age 13-17, check out the new Next Step Teen Account. There is no minimum deposit and there are no monthly fees. The Next Step Teen Account is a tool that you can use to safely teach skills that will last a lifetime and set your teen up to become a financially stable adult.
It’s fast to set up and easy to use. Open your account today:
Our FREE KOFE e-Learning Resources give your the critical knowledge and skills you need to make the financial decisions that are best for you and your family.
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