In the wake of the nationwide financial crisis, teaching young people how to be responsible money managers is now more important than ever. Online bank ING Direct is doing their part by introducing the MONEY account, geared towards teens and pre-teens who are ready to embark upon their personal financial education journey. Savers as young as 11 and 12 are welcome to open a MONEY account.
ING Direct touts their new MONEY account to be “a learner’s permit for handing money” and can be used to facilitate a teenager’s transition to greater financial responsibility and independence. Money can act as a stepping stone on the way to the accounts and financial products that are available to college-aged kids and adults.
Teens and parents can open a MONEY account jointly with as little as a $1 transfer from a parent’s current ING Direct account. MONEY will not be subjected to minimum balance requirements or monthly fees, and comes with a debit card that can be used for free at Allpoint ATMs. Access to the account will be made available via ING Direct mobile banking apps for smartphone devices such as Android, BlackBerry and iPhone.
Spending controls are in place for MONEY accounts to aid parental supervision. Text and email alerts can be attached to ever ATM withdrawal, purchase or incidence of low balance. Parents also have the ability to log on at any time and review posted transactions. MONEY has a $500 daily maximum for ATM and Debit card transactions which, if parents grant permission, can be increased temporarily. Upon their 18th birthday, teens with a MONEY account will be availed of daily transaction limit increases and given the opportunity to link MONEY to external bank accounts.
According to ING spokespeople, MONEY accounts will be made available to consumers within the next couple of months. Pre-registration for a MONEY account is now available for interested teens and parents, and is incentivized by the change to win giveaways such as a MacBook Air and iPod Touch or $1,000 deposit.