Chris Taylor for Current

How to choose your first bank account

As we say goodbye to summer, many parents across America will soon be saying another kind of farewell: to their teens, as high school grads begin their first year of college.

It’s an exciting time of new independence — and all the responsibilities that come with that.

With finances, especially, it is often the first time that teens are truly in charge of the numbers: opening bank accounts, applying for credit cards, setting a budget, and building up their credit.

Those are all good things, but there is plenty of potential for things going wrong, as well: 50.7% of teens ages 15-18 fail the National Financial Literacy Test, a 30-question survey from the National Financial Educators Council .

Teens may not even be aware of

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