Category: Banking Smarts

  • What to Look out for when Opening a Bank Account

    As a teen, its easy to not know what you are doing when you open your first bank account. Here are some errors to avoid.  One common mistake some make is not checking the terms which is really important because some may have certain clauses which significantly change the account.  Another issue is assuming the…

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  • Why Interest Rates Matter: The Secret to Saving More and Borrowing Smarter

    Ever wonder why your savings account grows (even if just a little) or why borrowing money comes at a cost? It all boils down to one powerful concept: interest rates. It’s a subtle financial principle which dictates numerous different things throughout the world of economics. These include, but are not limited to shaping how much…

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  • Banks vs. Credit Unions: Which is Better for Teens?

    Many teens are excited to get their first job and, more importantly, earn their first paycheck. Many may wonder, however, if banks or credit unions are better institutions for their savings goals. On the surface, banks and credit unions look nearly identical. Both offer checking and savings accounts, mortgages, personal and auto loans, and financial…

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