Yes I do the same to my boys.
That's why I gave them each password to show them that I trust them but they can't open 2nd password to go in internet. They come to ask me to input password for internet. I never say NO to them... I do not forbid them anything what they like to visit. They aware about internet. Mainly important to let them know that they don't give much information to internet. If boys register something, they alway ask me first because they knows that email will go to my account to inform me what they register to. They don't have anything to register but teens emails, chat & discussion in one forum. They don't have each email but they are not interesting anything to have email... (good)... Of course I let Dannyto bid ebay in my account which it's good for him to learn to limit the prices. He won PS2 games and CD music... and happy. It's good movation for him...
The children & teens will go wrong path if they are keep forbid all the time from their parents...