For a teenager opening his or her first bank account, getting all of the proper documents in order may be slightly confusing. Make sure that your teen understands all the benefits of putting money in a bank -- interest, security, establishing a positive reputation with a bank. Also check to see that your teen has enough money to make an initial deposit. Some banks require a $100 initial deposit, while others are more lenient with their amounts. Opening a bank account always requires some sort of official photo ID, such as a driver's license (or learner's permit) or a passport. You will probably be opening a savings account as your first account, as these have the lowest fees and do not usually require an established credit rating with your bank. A benefit of savings accounts is that they are often able to be linked to other accounts. What many parents do is link their accounts to their teen's accounts, allowing for easy transfers of money in case of emergencies. After your teen has held a savings account reliably for at least a year or two, consider opening a checking account, which will most likely have higher fees, but allows for more flexibility in terms of having a debit card and making payments.
