A bank might seem like a mysterious and magical place, like Gringotts Wizarding Bank in the Harry Potter stories. Or maybe it seems like a place that only adults visit, with a team of financial advisors barking long words. But the truth is, you can have a savings or checking account and learn all about how to save money (and spend it wisely) when you’re as young as six years old. You just need to know where to look.

In 2025, Chase Bank opened a new branch in Falls Church, at the West Falls development, and I dropped by recently to talk with the financial advisors who work there. Who knew there were so many banking options for young people to learn how to handle money and even earn interest? Well, as it turns out, the people who work at Chase did.

“A bank is a safe place to store money you don’t need to spend right away,” Ruth Eshun, the Vice President, Branch Manager of Chase’ s West Falls location told me. “Instead of keeping dollars in a drawer where they can get lost … you keep them safe in an account at a bank – like Chase in Falls Church.”

Opening a savings or checking account is a great way to learn good money habits at an early age. You can start by depositing money you earn from allowance or receive for your birthday. Having an account can help you watch your money grow and stay within a budget, which is the amount of money you decide in advance that you want to spend and save.

So how and where do you get started with a bank account? You can start by visiting a neighborhood branch with your parent or guardian. Walking into a bank and opening your first savings or checking account might sound like a big event, or maybe even a little overwhelming. But it’s actually just a matter of sitting down with someone who knows a lot about money and how to spend wisely. And the best part of meeting with someone in person, at a bank like Chase, is that if something is confusing, you can just ask them to explain.

“Ask questions,” advised Erin Daise, Assistant Vice President, Private Client Banker at Chase. “There are no ‘silly’ questions at the bank. If you don’t understand a word, like ‘interest’, ask us to explain it in a new way.”

People who work in banks like Chase understand how to explain things in plain language. They can show you what a deposit slip is, how to read a balance, and how to think about savings goals. (They also have some fun activity sheets on hand, with a maze and word search.)

Some of the options you’ll find at Chase, for example, include a joint savings account with a parent or guardian, who would have control over the account. There is no monthly service fee for account owners under the age of 25 and you can start the account with a very small amount, or even nothing at all, depending on the account. 

Chase also offers a custodial account, which is set up by a parent, guardian or adult on behalf of a minor. In this type of account, children cannot handle any activities and the custodian fully controls the account. 

One of the best parts about having a savings accounts, is a not-so-little thing called “interest” and you earn this on your money when you keep it in a bank.

“Interest is like a small ‘thank you’ the bank pays you for keeping your money in savings,” said Olivia Martin, who is a Relationship Banker with Chase. “In many savings accounts, interest is calculated regularly and then added to your account on a schedule. Once it’s added, your balance is a bit bigger – so next time, you can earn interest on a slightly bigger amount.”

Kids and teens aren’t just limited to savings accounts. In fact, Chase First Banking is a checking account that’s designed specifically for kids 6 -12 in mind, and available for ages 6 -17. It’s parent-owned and includes a debit card. There is also Chase High School Checking, which is parent co-owned for teens aged 13 – 17 and includes access to the online payment platform Zelle, as well as direct deposit options.

Having a checking or savings account can also encourage you to, well, save! 

“Give your money a job,” Erin told me. “Pick a goal: ‘I’m saving for a LEGO set,’ or ‘I’m saving for summer.’”

Erin also provided me with a handout that explains the S.M.A.R.T. method for creating goals, in this case saving money. “S” is for having a Specific goal or something you want to purchase, like a hoverboard; “M” is for having a Measurable goal so you know you’re making progress, like saving money whenever you receive it; “A” is for having an Achievable goal so you won’t be discouraged, like saving a percentage of the money you receive; “R” is for having a Relevant goal so that you’re purchasing something you can use, like a hoverboard; and “T” is for having a Timely goal of when you hope to be able to make your purchase, such as three months or even just soon, if you’re not sure how much money you can save each week.

Banking doesn’t sound so scary or mysterious anymore, does it? Although, watching your money grow and being able to make purchases you saved up for yourself can seem pretty magical.