Teaching Teens to Manage Money and Open a Bank Account | Ambler Savings Bank


Teaching Teens to Manage and Open a Bank Account

By Erin Cohen, Chief Relationship Officer, Ambler Savings Bank

June 27, 2023

As children grow into teenagers, they gain independence in many ways. From spending more time with friends and hobbies to starting a job, the teenage years are crucial to development and learning. One way to support their independence is by setting up a bank account. Here are three things teens learn by setting up a bank account:

Money Management

With a spending account and savings account, teens can choose the amount of earnings they would like to keep, and where. If a teen earns $400 a week, they can form a habit of saving a certain portion (for example, $300) in their savings account while making the remainder ($100) available in their spending account. Learning how to monitor their account with the Ambler Savings Bank Mobile App, they can track their spending too. This will give them the responsibility to manage their purchases and earnings.

Future Planning

Preparation for the future is important to start building a healthy, positive relationship with finances. Thinking about future goals and saving for them is important for teens to feel prepared and empowered. Maybe it’s buying a car or putting a down payment on an apartment. A bank account will create room for teens to try out different saving and spending options, letting them find what suits their lifestyle, as they become an adult.


By earning and managing their own money, teens with a bank account feel a sense of accountability. Talk to your teen about budgeting, saving, and how to use digital tools to avoid overspending. If a teen is able to hold themselves accountable for this new responsibility, they’re more likely to succeed financially in the future.

When is the right time to set up a teen’s bank account?

recent study by Fidelity shows that 49% of teens age 13-17 are opening bank accounts. At this age, teenagers are typically in high school, working their first job, and earning their first paycheck. High school is also the time many teenagers start thinking about attending college, which is something they may want to start saving for.

What features should you look for in a teen's bank account? 

There are certain features to look for that are highly useful in today’s world. At Ambler Savings Bank, we offer a free mobile app with account alerts to monitor spending, card controls to prevent fraud and digital payment options like Apple Pay® and Google Pay™. These key features are user-friendly and also help build your teen’s accountability.

Cashback rewards are another feature to look for. At Ambler Savings Bank, we offer a $50 bonus to students in the Honors Banking Program who earn an end-of-year weighted GPA of 3.5 or above. Learn more about the program on our website here.

Next Steps to Opening a Teen Bank Account

Ambler Savings Bank’s Honors Banking Program

Teaching Teens to Manage Money 1

Ambler Savings Bank offers the perfect program to help teens start their financial journey. The new Honors Banking Program provides a spending account and savings account for 9th-12th graders. Not only does this program allow teens to open up a bank account, but it will provide them with the benefits of money management, future preparation, and empowerment. Plus, they can be rewarded for earning good grades!

Perks of the Honors Banking Program:

  • Free Debit Card
  • Apple Pay® & Google Pay™
  • Send and receive money with Zelle®
  • Free Mobile App with account alerts
  • Free Online Banking

Join the Honors Banking Program Today!

Ambler Savings Bank is here to help teens on their path to managing money. Visit one of our branches today to start your financial journey! Setting up a teen bank account with our new program has the possibility to instill teens with confidence, prepare them for the future, and teach them how to manage personal finances.

To learn more about the Honors Banking Program, click here.

For our account opening guidelines, click here.


Erin Cohen 2020Erin Cohen is the Chief Relationship Officer at Ambler Savings Bank. 







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