In today’s fast-paced, digital-first world, financial literacy is becoming an essential skill for young individuals. Recognizing this need, Charles River Bank (CRB) is excited to offer Student Accounts designed specifically for tweens and teens. These spend (checking) and savings accounts aim to provide a strong financial foundation for young people, equipping them with the tools and knowledge necessary to build responsible banking habits from an early age.
The Student Checking and Savings accounts at CRB are more than just banking products—they are educational tools designed to teach young account holders how to manage money effectively. Parents or guardians can be authorized users of the accounts with the child to allow for more oversight and control. Parents can conveniently transfer an allowance or payments for completed tasks directly from their own accounts at CRB or any other bank, integrating seamlessly into the family’s financial ecosystem.
Key Features for Young Account Holders
- Easily monitor all spend and save transactions with CRB Online & Mobile Banking, promoting transparency and accountability.
- Spending Limits: Custom spending limits can be set for their teen’s CRB Debit Mastercard® usage, ensuring that their children learn to budget and spend wisely. This feature provides peace of mind for parents while granting young users a degree of financial independence.
- Remote Check Deposits: In keeping with the digital age, CRB allows young account holders to deposit checks remotely. This feature is not only convenient but also familiarizes tweens and teens with modern banking technology.
- Savings Goals and Activity Tracking: Encouraging savings is a cornerstone of CRB’s program. Young account holders and their parents can use Manage My Money, the powerful personal financial management tool included in CRB Online & Mobil Banking, to set savings goals and track their progress, instilling a sense of achievement and financial discipline.
- Access to Financial Education Tools from our website’s Financial Resource Center like:
- Financial Literacy online courses for students from middle school through high school that can be completed at your own pace
- Informative articles about and interactive tools to help with college budgeting, student loans, building credit, investing and so much more.
By combining parental oversight with real-world banking experience, CRB empowers young people to take control of their financial futures. As these young account holders grow, they will carry with them a solid understanding of financial principles, preparing them for the complex financial decisions they will face as adults. Stop by your local Charles River Bank branch today to open a Student checking or Savings Account. For all of our branches’ hours and locations click here.
