Best Checking Accounts for Teens of 2024
- Best Overall: Axos Bank First Checking
- Best for College Savings: Capital One MONEY
- Best APY: Alliant Credit Union Free Teen Checking
- Best for Educational Tools: Copper
- Best for Parental Controls: Chase First Banking
- Best for Teens From Military Families: USAA Youth Spending
In the News: Despite the prevalence of payment apps and mobile banking, teens still use traditional banking tools. In fact, a 2022 study by Citizens Bank found that 59% of teens use debit cards connected to checking accounts (and 9% even use checkbooks). A debit card with low fees and educational resources can give teens a safe way to learn essential banking and budgeting skills—and minimize the need for their parents' financial assistance when they're adults.
Best Overall : Axos Bank First Checking
- Minimum Deposit: $50
- Number of Fees: None
- Age Limit to Open: At least 13 years old
- Minimal fees
- Earns interest
- Offers out-of-network ATM reimbursements
- No cash deposits
- No brick and mortar locations
- Limited educational tools
The Axos Bank First Checking account is the best overall account for teens due to its myriad features including parental controls, ATM fee reimbursements, the ability to earn interest (0.10% APY as of December 2023), and intuitive banking features.
This checking account is open to teens between the ages of 13 and 17—once your teen reaches adult age, they have the option of converting it to any of Axos Bank’s available checking accounts. Your teen will need at least $50 to open the account, but there are no account minimums afterward. Other features include mobile banking, a user-friendly website, and parental controls such as text alerts. Plus, there are no monthly or overdraft fees, and your teen will receive up to $12 worth of ATM fee reimbursements for domestic out-of-network machines. Opening the Axos Bank First Checking account can be done online in about 15 minutes.Read the full Axos Bank review.
Best for College Savings : Capital One MONEY
- Minimum Deposit: $0
- Number of Fees: None except for paper statements and expedited shipping for items like debit cards
- Age Limit to Open: At least 8 years old
- Offers budgeting tools via their app and website
- Fee free ATMs throughout the U.S.
- No overdraft fees
- No 24/7 customer support
Other benefits of this account include no minimum deposit amount, no monthly maintenance fee, no overdraft charges, mobile banking, and the potential to earn 0.10% APY as of December 2023. The account comes with its own debit cards and a spending and withdrawal limit of $500 or an amount the adult joint owner sets. Teens are also barred from spending in certain categories such as car rentals and tobacco. Once your teen has their account, they can immediately start to allocate their money as “Spendable” to go towards spending, “Set Aside” for savings, and even set up savings goals like college tuition.
You and your child can open the Capital One MONEY Teen account online using their application form.Read the full Capital One Bank review.
Best APY : Alliant Credit Union Free Teen Checking
- Minimum Deposit: $0
- Number of Fees: $25 Account Maintenance fee, 15 Return deposit fee, $10 Inactivity fee
- Age Limit to Open: At least 13 years old
Teens can earn up to 0.25% APY (as of December 2023) with this account offering from Alliant Credit Union, the highest we’ve seen so far.
- High APY
- ATM fee reimbursements
- Need to become a credit union member
- Must meet certain criteria to earn interest
- Charges maintenance and return fees
Best for Educational Tools : Copper
- Minimum Deposit: $0
- Number of Fees: None except for out-of-network fees from third-party ATMs
- Age Limit to Open: Must be at least 13 years old
- No fees
- Interactive learning content created by financial experts
- Automatic savings feature
- No interest
- Not a fit for those who want online and brick and mortar options
- No clear verbiage on website about parental controls
Best for Parental Controls : Chase First Banking
- Minimum Deposit: $0
- Number of Fees: $3 fee for third-party ATMs in the U.S., Puerto Rico and the U.S. Virgin Islands, $5 fee for third-party ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply.
- Age Limit to Open: At least 6 years old
- Wide range of parental controls
- No monthly fees
- Savings feature in mobile app
- Parent needs to have a qualifying Chase checking account
- No check deposit or ACH transactions
- Does not earn interest
Read the full Chase Bank review.
Best for Teens From Military Families : USAA Youth Spending
- Minimum Deposit: $25
- Number of Fees: No monthly fees; $2 ATM fee after first 10 withdrawals
- Age Limit to Open: At least 13 years old
- No monthly fees
- Converts automatically to a fee-free account at 18
- Overdraft protection available
- Low interest rate
- Only eligible for qualifying members
- High minimum balance to earn interest
Read the full USAA review.
Final Verdict
There are plenty of choices when it comes to checking accounts for teens that give them the opportunity to start managing their own money. Some accounts, like Cooper, have interactive educational content to encourage positive financial behavior, while others, like the Chase First Banking account, stand out because of their unique parental controls. Still, the best checking account overall is Axos Bank First Checking which offers a decent APY, no monthly fees, parental controls, and up to $12 each month in ATM reimbursements. Plus, its mobile app and website are easy to use, and there are no overdraft or NSF fees. All of the banks listed above are covered by the typical $250,000 in FDIC depositor insurance.Compare the Best Checking Accounts for Teens
Account | Minimum Deposit | Fees | Age Limit to Open | APY | Parental Controls |
---|---|---|---|---|---|
Best Overall | $50 | None | 13 | 0.10% | Yes |
Best for College Savings | $0 | Fees for paper statements and expedited shipping for items like debit cards | 8 | 0.10% | Yes |
Best APY | $0 | $25 NSF fee | 13 | 0.25% | Yes |
Best for Educational Tools | $0 | None | 13 | N/A | Yes |
Best for Parental Controls | $0 | $3 fee for third-party ATMs, $5 fee for third-party ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. | 6 | N/A | Yes |
Best for Teens From Military Families | $25 | $2 ATM fee after first 10 withdrawals | 13 | 0.01% | Yes |
How to Choose the Best Checking Accounts for Teens
Choosing the best checking account for your teen involves looking at features that are the best fit for them. First, determine their needs and yours as a parent. The following are some features to watch out for:
- Spending limits: The best checking account should set a reasonable spending limit (including ATM withdrawals) and one that’s lower than what’s typically offered for adults. In most cases, you’ll see limits for a few hundred dollars or less.
- Parental controls: Being able to set limits like making purchases, withdrawals, and even deposits is crucial. This allows you to gradually give them more responsibility and monitor their financial behavior.
- Debit card: Some accounts offer one for the adult and another one for your teen. Some may also be mobile-friendly, useful if your teen tends to forget everything except for their smartphone.
- Budgeting tools: This feature will help your teen start to understand the value of money management and be able to see where their money is going.
- Mobile and online banking options: Choosing an account that offers online and/or mobile access allows your teen to bank on the go. It'll also help you monitor their account much easier. Check a bank's website to see what the account has to offer and how user-friendly it is.
- Fees: Ideally, look for an account that has no or low monthly fees. Don't forget to check other fees such ones for overdrafts, replacement debit cards, and for using the ATM.
- Overdraft: If a checking account doesn’t have overdraft protection, then your teen could be charged an NSF or overdraft fee. However, many banks don’t charge these fees for teen accounts and will decline the attempted transaction.
Checking Accounts for Teens vs. Savings Accounts for Teens
Some of the main differences between a teen checking and a teen savings account are the number of withdrawals your teen can make, accessibility with a checkbook, and ATM card. In addition, teen savings accounts generally have higher interest rates, allowing your teen to earn some money on their deposits. However, both savings and checking accounts for teens tend to have educational tools, low or no fees, and at times, incentives to help your teen save for the future.Pros and Cons of Checking Accounts for Teens
- Low or no fees
- Access to a wide network of ATMs
- Useful budgeting tools
- Parental supervision
- May not earn interest
- Could charge overdraft fees
- May charge out-of-network ATM fees
Pros Explained
- Low or no fees: The best checking accounts for teens don’t charge monthly maintenance fees or require minimum balances, though the terms will vary by institution.
- Access to a wide network of ATMs: Many checking accounts for teens come with a debit card and an extensive network of fee-free ATMs.
- Useful budgeting tools: Banks may offer budgeting tools or other resources that teens can access online or via mobile app to improve their money management skills.
- Parental supervision: Most teen checking accounts are joint accounts with a parent, so the parent can monitor their child’s spending and saving and access the account when needed. Some accounts also let you set spending limits.
Cons Explained
- May not earn interest: While some banks offer high-yield checking accounts, checking accounts for teens may only come with a nominal APY and not earn much interest on your balance.
- Could charge overdraft fees: If you spend more than you have in your account, you could rack up overdraft fees.
- May charge out-of-network ATM fees: You might also incur a fee for using an out-of-network ATM. Some banks offer reimbursement for ATM fees, but not all do.
Alternatives to Checking Accounts for Teens
Here are some alternatives to teen checking accounts worth exploring:- Savings account for teens: Many banks also offer savings accounts for kids and teens. Similar to teen checking accounts, these savings accounts are often jointly owned by a parent. They’re low-activity accounts that are designed to help you save money, whereas checking accounts are better for withdrawing cash and paying bills.
- Reloadable debit card: Another option is a reloadable debit card, also called a prepaid debit card. You or your teen can load money onto this card and withdraw cash from it. Keep an eye out for fees, though, that could drain your balance.
- Become an authorized user: If you want to help your child build credit, consider adding them as an authorized user on your credit card. If you pay your bills on time and maintain a low credit utilization ratio, your credit habits could build both your and your child’s credit score. Your child doesn’t necessarily have to use or even get a copy of the card themselves to benefit from your good credit habits. Keep an eye out for any age limits or other restrictions around authorized users or credit reporting.
Frequently Asked Questions
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Do Checking Accounts for Teens Help Teach Them About Finance?
Letting your teen open their own checking account gives them an opportunity to understand the value of money. Your teen will be able to develop hands-on experience with saving and spending money. Plus, many bank accounts for teens have features to help parents enforce the importance of managing money well. For example, parents may be able to customize spending limits–once your teen reaches a set amount, any additional purchases will need to be approved by you. Other features include digital tools to help teens set goals and monitor milestones. -
How Do I Open Checking Accounts for Teens?
To open a teen checking account, an adult needs to be a joint account holder. While it's typically a parent or legal guardian, some banks will allow anyone over 18 to do so. Specific requirements differ depending on the bank—typically your teen will need to provide their full name, address, and Social Security number when requesting to open an account. Many banks will require you to open an account in person, though there are plenty of online-only options. Then, it’s a matter of making the initial deposit. -
How Much Do Checking Accounts for Teens Cost?
Many checking accounts for teens don’t have a monthly maintenance fee or account minimums to meet. Typically, there aren’t any NSF or overdraft fees since their debit will automatically be rejected. However, there may be a minimum amount your teen needs to make for their initial deposit. Plus, some checking accounts charge ATM fees which can be substantial with out-of-network machine fees. -
What’s the Best Checking Account for Your Teen?
The best checking account for your teen is one that comes with low or no fees and access to a wide network of fee-free ATMs. When choosing the best checking account for your teen, look for other perks as well, such as a , ATM fee reimbursement, and budgeting tools. -
What Bank Is Best for a Teen Checking Account?
The best banks and credit unions for teen checking accounts include , , , and . -
Can My 16-Year-Old Have a Checking Account?
Yes, your 16-year-old can open a teen checking account, which typically requires joint ownership with a parent or guardian.
Both the parent or guardian and the teen may need to provide identification when opening a teen checking account.