Practical Banking Lessons Start Here

You can watch plenty of videos about money, but the best way to learn is by doing. Opening a student checking account gives you hands-on experience with money management, plus the support of a parent or guardian if you need help.

At Space Coast Credit Union (SCCU), our free Student Checking account is designed just for teens 13-17 and an adult co-owner—the required adult joint account holder and SCCU member. There are no monthly fees, no minimum balance, and you get a free Visa® contactless debit card.

Best of all, you'll pick up financial skills that will last a lifetime. Here are seven key skills you’ll learn with an account.
 

1. Build Your Financial Literacy
Opening and managing a checking account is a great way to learn financial basics. You'll get to know money terms like:
Balance: How much money you have
Deposit: Adding money to your account
Routing Number: A unique ID number just for your bank or credit union
Overdraft Fees: A fee charged if you spend more than you have

This knowledge will build your confidence with money. By reviewing monthly statements, you can track where your funds go and catch errors early. It’s also a great time to ask the adult co-owner questions and get advice, helping you make smarter money choices.

2. Learn How to Move Your Money
A checking account is your money’s home base before it goes elsewhere. With an account, you’ll learn to:
• Transfer money to a savings account
• Send funds to a friend who paid for your lunch
• Set up automatic payments for things like your phone bill
• Pay for items with your debit card
• Deposit checks from a job or birthday gift
• Withdraw cash from an ATM

While you might not use paper checks often, it's still useful to know how they work. An adult can show you how to write one to pay a bill or give a gift. You can also learn how to set up direct deposit for your paycheck using a check.

3. Track Your Spending and Create a Budget
A checking account helps you track your spending, which is harder with cash. With SCCU’s Online Banking or Mobile App, you can monitor expenses, start saving, and build smart habits early.

Try the 80/20 rule: save 20% of what you earn and spend the other 80% on needs and wants like clothes, food, or fun. Setting spending limits and tracking expenses now makes handling money much easier as you get older.

4. Understand the Difference Between Needs and Wants
When you get your first job in high school, your first paycheck will show you the value of a dollar and just how much goes to taxes. It's a quick lesson in how your hard work translates to real money.

Your first paycheck is a great time to learn smart spending. You'll start to focus on needs like school supplies, before purchasing your wants, such as new video games. Learning to avoid spending more than you have helps you skip overdraft fees. Saving for bigger goals, like a car or concert tickets, show how smart choices add up.

5. Protect Your Account from Scammers
Scammers often target young people, so having a checking account is a good chance to learn how to stay safe. The adult co-owner can teach you to:
• Cover your PIN when you use a keypad at a store or ATM.
• Keep your debit card in a safe place.
• Create strong, unique passwords for your account.

It’s smart to check your account often to spot fraud early. With SCCU’s Online & Mobile Banking, you can set up alerts for transactions, and you’re automatically enrolled in 2-Way Text Fraud Alerts if anything suspicious happens.

6. Start Building a Good Financial Reputation
While a checking account doesn’t build your credit score, it’s a great way to start your financial history and understand the difference between debit and credit.

Good money habits start here. Even though a checking account doesn’t build credit, lenders may still check how you’ve managed your account when you apply for a loan or credit card. Learning these habits now makes handling credit and loans much easier down the road.

7. Become More Accountable
Most teens are eager for independence. Being an adult means managing your own expenses and saving for important goals, like college or travel. A checking account is a great first step toward reaching those dreams.

You’ll learn to manage deposits for your expenses and, just as important, gain confidence and independence by learning from any mistakes along the way.
 

How to Open a Student Checking Account

You and an adult can easily open a free SCCU Student Checking account online or at your nearest branch with just a $25 opening deposit. When you turn 18, your account will switch to Free Checking automatically.

Reach out to a Team Member to learn more or click the button below to apply for your free Student Checking Account.