Best Teen Checking Accounts

A good teen checking account can be your kid's training wheels to become financially responsible. Discover 9 picks like Capital One MONEY and more.

Looking for a safe and controlled way for your teen to learn about money handling?

A teen checking account can equip them with essential financial skills while you keep an eye on their progress.

Here are 9 empowering options to get started.

Acorns Early Kids' Debit Card

• Real-time spend notifications.
• Block and unblock cards easily.
• Teach financial independence safely.

Acorns Early card is issued by Community Federal Savings Bank, member FDIC

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Step Visa Card for Teens

• Teens can earn 4.00% on their savings
• Build credit and develop healthy money habits
• No monthly fees. No overdraft fees. No account minimum fees.

Step is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust, Member FDIC. The Step Visa Card is issued by Evolve Bank & Trust.

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FamZoo Prepaid Card for Kids and Teens

• Order Online
• No Credit Check
• Try for Free

Your funds will be held at SouthState Bank, an FDIC-insured institution

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Capital One MONEY Teen Checking

The Capital One Teen Checking is an online account to introduce your kid to the world of money handling.

For starters, they will receive a MONEY debit card for purchases. That alone can leave them smiling ear-to-ear.

They can also use it for cash withdrawals from 70,000+ in-network ATMs without pesky fees.

Given its parental oversight capabilities, you can enjoy full control with spending limits and instant alerts.

Plus, this account has no minimum deposit or monthly fees. You even get a little something extra in the form of interest on their balance.^[1]

Note that you can only deposit cash through Capital One ATMs, brick-and-mortar branches, and, yes, Capital One Cafes.

Pros:

• No fees on most everyday transactions
  
• Strong parental oversight capabilities
  
• Balance earns interest

Cons:

• No paper checks available
  
• No overdraft protection

Bank of America Advantage SafeBalance Banking®

The Bank of America Advantage SafeBalance Banking® may offer flexibility like no other teen account.

Instead of transitioning to regular checking when your kid turns 18, the banking fee waiver is extended up to age 24. The monthly fee can also be waived by maintaining a minimum daily balance of $500.

If your child is responsible enough, they can start owning their account as early as 16. They can keep enjoying the benefits for up to age 24. These include no monthly maintenance and overdraft fees.

Aside from its generous accommodations, it has plenty of useful features and functions. You can use the budgeting tool in its mobile app to track spending habits and set saving goals. It also has a card lock/unlock feature in case your card goes missing.

Member FDIC

Bank of America Advantage SafeBalance Banking®

• Banking that helps you stay within your balance.
• No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
• Bank of America, N.A. Member FDIC.

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Pros:

• Flexible and loaded with features
  
• Money management tools
  
• No fees on most banking transactions

Cons:

• No paper checks
  
• No interest earned on the balance

Bank of America Promotions You May Like

Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Learn More

Expires 1/31/2025

• The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
• The offer is for new checking customers only.
• Offer expires 01/31/2025.
• To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
• Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
• Additional terms and conditions apply. See offer page for more details.
• *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
• Bank of America, N.A. Member FDIC.

Alliant Credit Union Teen Checking

The Alliant Teen Checking is a joint account that gives you and your mini-me direct access to funds.

If your kid is in a pinch and needs to use an out-of-network ATM, Alliant Credit Union has you covered. That's because they'll refund you up to $20 in ATM fees per month!^[2]

You can even earn interest if you simply subscribe to e-statements, and make at least one monthly electronic deposit to the account.

Alliant is a credit union, so you'd need to become members before opening this account. You can join by being a member of Foster Care to Success, and Alliant will even cover your one-time member donation of $5.^[3] Sweet!

Pros:

• Up to $20 rebate on ATM withdrawal fees
  
• Balance earns interest
  
• One-time membership fee is shouldered by Alliant

Cons:

• No specialized parental controls
  
• Alliant membership is required

Axos Bank First Checking

The Axos Bank First Checking account promises no fees on most daily banking transactions, including overdrafts and non-sufficient funds.

Axos Bank lets you use any ATM nationwide. It doesn't charge for domestic ATM withdrawals (though the ATM provider may do so). But Axos reimburses up to $12 monthly out-of-network ATM fees.

Cash deposits can be made at cash registers in CVS, Rite Aid, and other store chains for a fee. But you can also fund their account by transferring money or depositing a check online at no extra charge.

Moreover, if they lose their debit card, you can immediately lock or unlock it via the app to prevent unauthorized usage.

Note that you cannot customize the app settings for spending. Instead, thresholds for ATM withdrawals and debit purchases are set by bank standards.

Member FDIC

First Checking - 0.10% APY

Click Here to Learn More

• Joint checking account for 13-17 year olds
• No fees
• Up to $12 domestic ATM fee reimbursements per month

Pros:

• Up to $12 rebate on ATM withdrawal fees
  
• Accepts direct and mobile check deposits
  
• 24/7 live phone support (except on some major holidays)

Cons:

• No specialized parental controls
  
• Third-party fees for cash deposits

Chase First Banking℠

Sometimes you like your familiarity with your bank instead of going to another for your kid's first account.

Chase First Banking is a no-fee kids' debit card exclusively available to Chase checking customers. It's best for pre-teens and younger teens.

This parent-owned account can be accessed through the mobile app, where they can track balances and transactions. You can do the same using your existing Chase app access to view this account.

Using the app, you can exercise parental control over the following:

• Adding spending places
  
• Transferring money
  
• Fulfilling requests
  
• Setting allowances
  
• Managing chores
  
• Establishing spending amounts

There's also a feature where you can assign chores to your child and pay for them after. Essentially, you don't only fund their account but also teach them the value of money. However, this account does not allow direct deposits or peer-to-peer transfers.

Pros:

• Lots of parental control functions
  
• Use of a single platform to view all accounts
  
• Reputable national bank

Cons:

• No direct deposit and peer-to-peer transfer
  
• Offer is limited to Chase customers

If you want your teen to access more banking features, Chase has another teen account that may be a better fit.

Chase High School Checking℠

Chase High School Checking allows you to share account ownership with your child aged 13 to 17. It has more tailored content and experiences, while still enjoying zero monthly fees.

But here's where things get better.

Unlike Chase First Banking, direct deposits are available in this account, which is great if your kid has a job. They also get to write checks and make peer-to-peer transfers with Zelle for free.

Kids can also open a separate Chase Savings to use the Auto-save feature in the mobile app. Their monthly fees for this account will be waived until they turn 18.

Pros:

• More money management features
  
• Paper checks and free peer-to-peer transfers
  
• Comes with Auto-save option

Cons:

• Must be opened in person
  
• Balance does not earn interest

Connexus Credit Union Teen Checking

Connexus Credit Union's Teen Checking Account could be worth considering for your kid at least 10 years old.

It earns a competitive APY for balances up to $1,000. Beyond this cap, it will still earn interest, albeit much lower.

Even though Connexus itself is only in WI, IL, and MN, it's part of the CO-OP Shared Branch network, so you can do banking activities at over 5,000 shared branches. You also get fee-free access to 67,000+ MoneyPass and CO-OP ATMs.

Note that this account is available even to non-members. That's because when you open it for your child, they automatically become a Connexus Association member, which makes good sense.

Pros:

• Interest-earning
  
• Access to large ATM network and shared branches
  
• Free statements

Cons:

• No parental control settings
  
• Overdraft charges

USAA Youth Spending Account

Serving in the military does have perks. One of them is getting a USAA Youth Spending Account for your little trooper!

There's no minimum age requirement for this account. Your child simply has to be below 18 years old to qualify.

As a parent, you can oversee the money activities in the account. At the same time, your kid must be 13 years old to have online access.

During this stage, they can unlock more app features. They can view their account balances, transfer money, and make mobile check deposits.

They'll also get a Visa debit card they can use at over 100,000 in-network ATMs with no surcharge. And as a bonus treat, the bank will refund ATM fees up to $10 every statement cycle.

Pros:

• Decent parental control settings
  
• Refunds up to $10/mo out-of-network ATM fees
  
• No overdraft/NSF charges

Cons:

• Limited to military members
  
• No savings goals feature

Navy Federal Credit Union Free Campus Checking

The Navy Federal Credit Union Free Campus Checking is another excellent option for members of the armed forces and their families.

It's available for members from 14 to 24 years old. Thus, a grown-up child can enjoy an extended period of zero monthly fees and minimum deposits.^[4]

It's a basic account, but it has good features for older teens and young adults with responsibility. They can pay bills, write checks, receive direct deposits, and deposit checks.

And it gives up to $10 in ATM fee rebates per statement period.

Pros:

• Overdraft protection
  
• Refunds up to $10/mo out-of-network ATM fees
  
• Paper checks

Cons:

• Charges overdraft fees
  
• No financial education tools

What Are Teen Checking Accounts?

A teen checking account is a joint account designed for parents and teenagers to manage together. It is also known as a high school checking account.

You and your teenage child usually have access and control over the account as co-owners. Nonetheless, your teenager serves as the primary account holder, where they gain financial experience maintaining the account.

This account lets you and your child make deposits and withdrawals and use online banking services.

What is the minimum age to open?

You can open a teen checking account for your child at 13 for most banks, others younger.

Typically, at least one parent must be a joint account owner until your child turns 18. This ensures parental oversight and guidance during the early years of their financial management.

Pros and Cons of Teen Checking Accounts

A teenage checking account is great for teaching children to handle money from an earlier age. Here are some pros and cons:

Pros:

• Educates children about managing money
  
• Sense of financial independence for teens
  
• Provides parental oversight
  
• Ease of spending using a debit card

Cons:

• Limited features compared to regular checking
  
• Lack of credit building
  
• Potential fees on overdraft and ATM withdrawals

Benefits of Having a Teen Checking Account

Overall, opening a teen checking account for your kid could be a good decision. Here are some reasons why:

Teaches your teen to be financially responsible.
When you encourage your kid to handle and grow their money independently, they'll learn how to save and spend more responsibly. Try to put their allowances or part-time work pay in their account.

Managing their money through the account is good exposure that can sprout ownership on their own finances.

Get a head start on your teen's banking history.
The earlier they start, the better the prospects they can get from banks and other financial institutions. Unfortunately, teen checking accounts might not offer interest or other perks.

Instead, try to emulate what they can get if they reach some good milestones on their savings or spending. Give them some rewards to encourage them to build a good banking history early.

Exposes them to banking platforms early.
Banking today evolves quickly, and adult life demands the use of different banking channels to get by. Getting your teens familiarized early with different platforms could get them a long way.

Have them use mobile banking apps, and navigate online banking. Let them try ATMs or transacting with their debit card. Introduce your teen to in-person banking too.

Offers some parental supervision.
Teens might be vulnerable to bad influences in their finances. While you might want them to be independent, they will need some much-needed guidance to avoid mishaps.

Luckily, most teen checking accounts are designed to give the teen's guardian some access to their account. With it, you can offer some advice or intervention when needed.

How to Choose the Best Teen Checking Account

When choosing the right checking account for your teenager, here are some key features to consider:

Parental oversight
You should be able to monitor and control your teen's financial transactions by having your own online access. This way, you can stay informed and guide them in keeping their finances on solid ground.

Spending limits
This is something you can either customize in the settings, or the bank has set by default. Usually, the amount would be much lower to prevent your kid from overspending.

Overdraft protection
This feature will add a layer of financial security. At the same time, it spares your kid from the embarrassment of not having enough funds in the account.

Fees
While many teen accounts don't have monthly and overdraft fees, make sure they are minimal if there are.

Mobile banking
Mobile banking allows convenient access, making it easier for your kid to manage their finances on the go.

ATM access
Your teenager should be easily able to withdraw cash at many nearby ATMs for free.

How to Open a Teen Checking Account

Opening a checking account for your teen is straightforward:

1. Visit the branch or open online.
   
2. Fill out the account opening form by providing your kid's personal information and yours.
   
3. Present you and your kid's IDs
   
4. Review account terms and conditions
   
5. Submit your initial deposit (if required)
   
6. Start using your account!

And that's it! It's usually pretty simple and there are no special requirements. Note that the actual account opening process may vary by bank.

Alternatives to Teen Checking Accounts

Prepaid cards
Prepaid cards can be a great alternative to teen checking accounts. They also give parents and teens control over spending while providing flexibility.

But unlike teen checking accounts, the teenager owns their prepaid card. It cannot be linked to a bank account for funding purposes. Instead, you can load a specific amount of money onto the card, giving your child a budget to work with.

Nonetheless, prepaid cards usually come with online and mobile banking features, enabling them to track transactions and manage finances.

Methodology

To find the best teen checking accounts, we looked at over 50 banks and their account offerings for kids under 18.

While most bank accounts are available to kids within their required age, we did not exclude those with other pre-qualifying conditions.

These are teen accounts for military members and families and existing account holders in a given bank. However, all of them are opened as joint accounts with the child.

Furthermore, we also considered other features that may appeal to many parents. These include parental oversight and controls, receiving timely alerts, zero to minimal fees, and educational tools.

What the Experts Say

CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

Bottom Line

The best teen checking accounts in this article offer a range of features and benefits that could be right for your child.

From setting spending limits to built-in educational tools, these accounts can provide a solid foundation for teens to begin their financial journey.

With the right teen checking account, they can develop financial habits that will serve them well into adulthood.

References