How can I set up a bank account for my 16-year-old to teach them financial responsibility without giving them complete control?

I totally get where you're coming from - my younger sibling and I both had bank accounts set up by our parents when we were around your age. We had a joint account with them, where they could monitor our spending and transfer money to us as needed. It was a great way to teach us about budgeting and responsible spending, while also giving us some freedom to make our own financial decisions.

One bank that comes to mind that offers features like this is Bank of America's Advantage SafeBalance Banking. It's designed for teens and young adults, and allows parents to set controls like spending limits and overdraft protection. You can also set up mobile deposit and bill pay, which can be really helpful for learning about managing your finances. They also have a program called "Keep the Change" which helps you save money by rounding up your debit card purchases to the nearest dollar and transferring the spare change to your savings account.

As for apps, I've heard great things about FamZoo. It's a virtual bank account that allows you to set up a fake account for your teen, and then transfer real money into it when you're ready. They have features like allowance tracking, savings goals, and even a "pretend" credit card to teach you about responsible spending. You can also set up rules and limits for your teen, like requiring them to save a certain percentage of their allowance or restricting their online purchases.

Ultimately, the key is to find a system that works for both you and your parents. By setting up a joint account or using an app like FamZoo, you can learn about responsible spending and saving while still having some freedom to manage your own finances.