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Empower Your Teen’s Financial Future With SmartStart Banking

Mar 21, 2024
Posted by: Stearns Bank
Mother and daughter opening a teen bank account

Raising responsible young adults doesn't happen by chance. It requires clear guidance, open communication, and the right resources. But where do you begin? How can you empower your teen to make smart financial decisions without micromanaging them?

SmartStart Teen Banking from Stearns Bank is your answer. It's more than just a debit card (with awesome cash-back rewards!). It's a complete suite of services that offer your teen the knowledge, confidence, and tools to manage their money wisely.

Teen using debit card on his phone

The Building Blocks of Financial Independence

The road to adulthood is paved with exciting milestones: driver's licenses, first jobs, and the exhilarating freedom of hanging out with friends. But with freedom comes responsibilities, especially with their finances.

Why a Teen Checking Account Matters

A secure checking account offers your teen a safe and organized space for their hard-earned cash, whether it's gifts, allowances, or a paycheck from their first job. 

Think of it as a financial training ground. A debit card lets them experience the convenience and security of cashless spending, while digital banking tools act as their personal finance coaches. They can monitor their balance, track spending patterns, and even set savings goals for their future dreams.

SmartStart Checking: Freedom With Support

Forget just independence, SmartStart Checking empowers your teen to make smart money moves. They'll earn cash rewards on purchases, turning responsible spending into a rewarding experience. Plus, say goodbye to waiting for paper checks! Direct deposit lets them access their allowance or job earnings instantly, giving them the freedom and control they crave.

And tech-savvy teens will love the seamless digital transactions. Connect the account to Apple Pay or Google Pay for contactless payments on the go, making managing their finances feel as effortless as ordering a pizza. 

Teenager using her phone and debit card

Growing Dreams, Growing Savings

Teens crave instant gratification, making saving tough. But a high-yield savings account acts like a financial security blanket, keeping their money safe and sound. Plus, the earlier they start saving, the more compound interest works its wonders!

SmartStart Market Savings: Growing Money Like Magic

With SmartStart Market Savings, your teen can easily track their progress through the user-friendly mobile app. 

Watching their balance climb with industry-leading interest rates every month is a powerful motivator, fueling their saving fire and reinforcing the importance of responsible financial choices. 

Setting goals within the app keeps them focused and engaged, transforming that dream phone or concert ticket into a tangible achievement.

CDs: Higher Returns for Long-Term Savings

Is your teen a goal-oriented saver with bigger dreams in mind? SmartStart CDs lock in their money for a chosen period, like 12 months, but offer significantly higher interest rates, acting as a savings booster! 

And unlike traditional CDs, they can still add to their stash even after the lock-in, maximizing their earning potential. This teaches valuable lessons about commitment and delayed gratification, while reaping the rewards of long-term planning and increased interest earnings.

Mom and teenage daughter learning teen money management skills

Build Lasting Financial Smarts

SmartStart makes learning about money engaging and interactive for your teen. With the StearnsConnect app, valuable financial literacy skills are right at their fingertips, wherever they go.

Budgeting Basics

Help your teen ditch the "wanting everything now" mindset and embrace strategic saving. Budgeting basics become fun with SmartStart's intuitive tools. 

Watch their eyes light up as they track expenses, categorize spending, and see how their choices impact their goals – whether it's that coveted pair of sneakers or a sweet new video game.

Credit Smarts

Credit scores often sound intimidating. SmartStart simplifies the credit world, showing your teen how to monitor their credit profile and build credit responsibly. 

Interactive lessons and expert advice shed light on the dos and don'ts of using credit wisely, paving the way for future car loans and apartment applications with confidence.

Teenager learning about smart money management

Staying Ahead of Scams

Cybersecurity awareness is key in today's digital world. SmartStart teaches your teen to become tech-savvy. Interactive lessons teach them to recognize and avoid scams, manage account security settings, and protect their hard-earned cash. 

Ongoing Financial Education

Financial literacy is a lifelong journey, and SmartStart keeps learning fun and engaging. Interactive lessons, expert advice, and engaging tools make learning about money management exciting and rewarding. 

As your teen's financial knowledge grows, so do their ambitions and capabilities, setting them on a path toward a secure and fulfilling future.

Group of teens taking a selfie

Invest in Their Future With SmartStart!

Every responsible swipe, every penny saved, every smart spending decision – they all become building blocks for a bright financial future. And as a parent, you want to give your teen the tools and knowledge to succeed.

Don't wait any longer to invest in your teen's financial future. Open a SmartStart account today and watch them blossom into confident and responsible money managers.

Learn More About SmartStart Banking