Banking guide for teens

Budgeting

Along with banking, managing your money is an essential life skill. Check out these sites for advice and start planning your financial success!

Sorted.org.nz including setting your goals, savings, calculators and Sorted for students

More personal finance websites

Books at your library

Personal budgets and home economics:

Your parents or family may have set up your first bank account for you, but as you get older it's time to start being in charge of your own money.

Get the best deal you can — and independent advice

If you are not sure about any aspect of what's being offered by your bank, get independent financial advice from someone you trust before you sign on the dotted line.

Look for youth or tertiary accounts

Some banks offer specific youth packages — aimed at those at high school who may have started a first job or earn some regular income. Others offer more general accounts, perhaps with discounted fees and charges.

Most banks offer specialist tertiary student banking packages, which often involve overdrafts and credit cards — things which can be useful, but can also mean you pay interest and other charges.

Bank websites

ANZ — youth account and student package
ASB has a range of accounts for savings and transactions
BNZ — Dynamic Money account for 13- to 18-year-olds and the tertiary banking focused Campus pack
CBS Canterbury offer an account for 12- to 21-year-olds
Kiwibank offers youth accounts and a tertiary pack
National Bank offers School plus and Tertiary Plus
PSIS – described on its website as not a registered bank but a very co-operative co-operative, PSIS has a specific account for 13- to 17-year-olds called the Dosh Account
SBS Bank — a range of accounts for savings and transactions
TSB has a range of accounts for savings and transactions
Westpac — Studying — general tips for students and the tertiary-focused Student Pac

Related websites

Sorted for Students — from the Retirement Commission
Kiwisaver — retirement savings scheme
Consumer.org.nz's Banking guide — guide to help you compare fees and services from different banks
New Zealand banks websites from the library's Internet Gateway

Updated August 2010

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