Best Bank Accounts for Kids: Top Checking Accounts for 2024
Written by
Cynthia Measom
Edited by
Emily Gadd
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Having a bank account is important for kids of all ages. In fact, in the long run, it’s even more valuable than you might realize.
Checking accounts can teach children important money management skills, such as budgeting and tracking their spending. Additionally, it allows them to get familiar with banking tools they’ll use as adults, which can help foster financial independence.
10 Best Checking Accounts for Kids
Trying to decide which account to open and which would be the best for your child can be challenging, and a lot of banks are competing for your business.
To help, here are some of the best bank accounts for kids and teens out there:
- Chase First Banking: Best for younger children, ages 6 to 12
- Capital One MONEY Teen Checking: Best for Zelle transfers
- Alliant Credit Union Teen Checking: Best for earning a higher rate of interest
- Fidelity Youth: Best for learning to invest
- Wells Fargo Clear Access Banking: Best for avoiding overdrafts
- Axos Bank First Checking: Best for daily spending limits
- PNC Virtual Wallet Student: Best for low or negative balances
- Bank of America Advantage SafeBalance Banking®: Best for older teens and young adults, ages 16 to 24
- Chase High School Checking: Best for families already banking with Chase
- Citizens Student Checking: Best for those looking for no-fee overdraft programs
Chase First Banking
If you’re looking for a bank account for kids with no monthly fees or minimum deposit amount, the Chase First Banking account could be a good choice. Although it’s intended for kids ages 6 to 12, teens up to 17 also qualify for the account. And while the account doesn’t offer an APY, it does have plenty of kid-friendly features.
Why it’s good for kids: Kids receive their debit card for independent spending while parents provide guidance. Parents can keep track of purchases via account alerts and set limits on where and how much their child can spend, including ATM withdrawals. The account also allows parents to auto-transfer set allowance amounts or assign chores and pay their child when they are completed.
| Pros Available to kids as young as 6 No minimum deposit No monthly fee Parents can set spending limits and alerts Tools to help kids set savings goals |
Cons Requires a parent Chase checking account No APY earnings |
Capital One: MONEY Teen Checking
Capital One’s MONEY Teen checking account is available for kids, tweens and teens up to age 18 with a linked parental account. However, parents don’t have to bank with Capital One — any external bank account can be linked. The account does not require a minimum deposit or a monthly maintenance fee and offers an APY of on any balance*.
Why it’s good for kids: Children as young as 8 years old can start using this account, which includes a debit card that’s useable at over 70,000 fee-free ATMs. Teens can also use Zelle to send or receive money and create personalized spending goals.
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| Pros No minimum deposit No monthly fee Parents can set spending alerts Tools to help kids set savings goals |
Cons Low APY earnings No ability for parents to set spending limits |
Alliant Credit Union: Teen Checking
might be the answer.
The account does not require a minimum opening deposit and has no minimum balance requirements or monthly maintenance fees. It comes with a Visa debit card and access to over 80,000 free ATMs.
Additionally, the account offers APY as long as you meet simple requirements.
Why it’s good for kids: The account allows you to “supercharge” the interest. As long as you opt for electronic statements and your teen receives at least one direct deposit, ATM deposit or a deposit from a non-Alliant bank account each month, the account will pay APY on the balance.
| Pros No minimum deposit No monthly fee $20/month in ATM fee rebates Parents can set spending limits and alerts |
Cons Minimum age limit of 13 Requires a parent Alliant account APY is only available if the account has a recurring monthly electronic deposit |
Fidelity Youth
The Fidelity Youth account, available to teens aged 13 to 17, is for those who want to learn to invest.
It offers a APY on uninvested cash balances, has no monthly fees and requires no minimum deposit. Teens also will have access to a brokerage account to start investing with just $1.
Additionally, the account includes in-app lessons on saving and investing with rewards for completing them. Teens can also exchange any unused gift cards they have for cash to save or invest.
Why it’s good for teens: This account is perfect for teens who want to learn about investing. The interactive lessons and rewards keep them engaged while building saving and investing skills. Plus, their uninvested balance will earn a high APY.
| Pros No minimum deposit No monthly fee Both saving and investing capabilities High APY on your cash |
Cons Minimum age limit of 13 Requires a parent Fidelity account Limited parental access to the account |
Wells Fargo: Clear Access Banking
Wells Fargo’s Clear Access Banking is a non-interest-bearing account that’s available to a wider range of ages — 13 to 24. However, note that if your child is 17 or younger, you will need to visit a banking branch to open the account. The account has a $5 monthly service fee, but it’s waived for account holders who are 13 to 24. No overdraft protection is provided and a $25 minimum opening deposit is required.
Why it’s good for kids: This account is ideal for teenagers because there’s no overdraft protection, which makes it a good way to learn how to manage money effectively.
| Pros Monthly fee waived for minors No ongoing balance requirement Works as a second-chance bank account Offers credit monitoring |
Cons $25 minimum deposit requirement No APY earnings Minors must open an account at a branch Minimum age limit of 13 Limited parental controls |
Axos Bank: First Checking
Axos Bank’s First Checking is for teens aged 13 to 17. It has no monthly fees, overdraft fees or minimum opening deposit. The account offers a modest APY and includes a debit card with daily limits of $100 for cash withdrawals and $500 for debit transactions. It also reimburses up to $12 per month in domestic ATM fees.
Why it’s good for kids: The account’s daily transaction limits of $100 for withdrawals and $500 for purchases can help keep spending from getting way out of hand.
| Pros No minimum deposit No monthly fee $12/month in ATM fee reimbursements Parents can set spending alerts |
Cons Low APY earnings Minimum age limit of 13 No ability for parents to set spending limits No physical branches |
PNC Virtual Wallet Student
PNC’s Virtual Wallet® Student is available for students ages 14 and up. The account is unique in that it functions as three separate accounts: non-interest-bearing checking (Spend), interest-bearing checking (Reserve) and interest-bearing savings (Growth). The APY depends on your reserve or growth balance. It has no monthly service fees for up to six years and doesn’t require a minimum deposit.
In the event of the first overdraft fee on your Spend account, PNC provides a courtesy refund. The account also features Low Cash Mode, which allows account holders extra time to fund their accounts to avoid overdraft fees and the ability to pay or return certain checks or payments when the account’s balance is negative.
Why it’s good for kids: This account is ideal for students who frequently experience low or negative balances and want to prevent overdrafts and fees.
| Pros No minimum deposit No monthly fee Refund of first overdraft fee Includes savings account with high APY |
Cons Minimum age limit of 14 Minors 15 and under must open an account at a branch Limited parental controls |
Bank of America: Advantage SafeBalance Banking
Bank of America, Member FDIC, Advantage SafeBalance Banking account is available for older teens and young adults who are 16 to 24 and requires a $25 minimum opening deposit. The account doesn’t allow overdrafts, which means no overdraft fees. However, if your payment is returned or declined due to insufficient funds, the merchant or third-party seller may charge a fee. The $4.95 monthly maintenance fee is waived when the account owner is under the age of 25. The account also includes Zelle capability.
Why it’s good for kids: This account is good for kids and young adults, ages 16 to 24, who are looking to avoid overdraft fees and monthly maintenance fees.
| Pros Monthly fee waived for minors Comes with budgeting tools Offers automatic round-ups Available to young account holders |
Cons $25 minimum deposit requirement No APY earnings Minors 13 and under must open an account at a branch Limited parental controls |
Chase High School Checking
Chase High School Checking is a non-interest-bearing account intended for kids ages 13 to 17. There’s no monthly fee if the account is linked to a parent’s or guardian’s qualifying Chase account, and no minimum deposit is required. The account includes a debit card and access to more than 15,000 ATMs.
Additionally, teens can set and track savings goals and transfer money via Zelle using the Chase banking app.
Why it’s good for kids: This account is suited for kids who have a parent who banks at Chase because they can avoid the monthly maintenance fee.
| Pros No monthly fee Offers an autosave feature Parental can set spending alerts |
Cons No APY earnings Requires a parent Chase checking account open account at a branch Limited other parental controls |
Citizens Student Checking
Like the Bank of America Advantage SafeBalance Banking account, Citizens Student Checking is available to a wider age range — 14 to 24 24-year-olds. It’s a non-interest-bearing account that has no monthly maintenance fee or overdraft fees. Plus, account holders won’t incur any ATM fees from Citizens for using an out-of-network ATM. If you prefer an overdraft plan, the typical fees for the service are waived on this account. Two plans are offered: Savings Overdraft and Overdraft Line of Credit.
Why it’s good for kids: If you’re interested in an account that offers a no-fee overdraft plan, Citizens Savings Overdraft is a good choice. Most kids’ checking accounts do not allow overdrafts.
| Pros Monthly fee waived for minors No overdraft fees Direct deposit up to two days early |
Cons No APY earnings Minimum age limit of 14 No parental controls |
How to Choose the Best Bank Account for Kids
There are many bank accounts for kids on the market that offer different features and benefits. There are several factors to consider when comparing and choosing the best bank account:
- Fees and Balance Requirements: Many bank accounts for kids waive their normal deposit and balance requirements and monthly fees, but that’s not always the case. Make sure to compare costs across accounts to find one you’re comfortable with.
- Minimum Age Requirement: The age requirements on kids’ bank accounts vary from bank to bank. Some banks offer accounts to children as young as six, while others require the child listed on the account to be a teen.
- Parental Controls: Many kids’ bank accounts offer parental controls, including spending limits, spending alerts, weekly allowance limits, the ability to turn the debit card on and off, and more. The younger your child, the more likely you are to want these controls.
- Spending Options: Most checking accounts for kids come with a debit card, while others also offer check-writing privileges, the ability to send money via Zelle, ATM access, and more. Consider what payment methods you want your child to have.
- Online vs. In-Branch Access: Some of the banks on our list require you to open your child’s bank account in a branch, but they also have the benefit of many locations. Others may allow you to open the account online but may not have any branches.
- Interest Rates: Some of the bank accounts on our list offer competitive interest rates, meaning your child can earn interest on the money in their account. Others either don’t offer interest payments or have very low rates.
- Educational Tools: A key benefit of having a bank account for your child is the ability for them to learn about money. Consider choosing an account that has educational tools to help them learn.
What Age Should Kids Get a Bank Account?
Kids should likely get their bank account by the time they start earning their own money, whether that be from a part-time job in high school or other side jobs, such as babysitting or lawn-mowing. However, it may be a good idea to get your child a bank account even earlier.
Though minors legally can’t open their bank accounts, parents can open them for their children, sometimes as young as six years old. Children can grasp financial concepts much younger than we might think, and opening a bank account early on allows them to learn about saving and spending in a controlled environment.
How Kids’ Bank Accounts Teach Financial Literacy
One of the key benefits of opening a bank account for your child is that it can help them learn financial literacy. First, simply having a bank account can help your child learn the process of opening and managing their account, receiving account statements, making deposits, and more.
Once their account is open and they’ve deposited money, you have an excellent opportunity to teach them about responsible money management. You can teach them how to make and stick to a budget. And if they want to save some of their money, you can teach them how to set and track their savings goals.
Opening your child a bank account can also open the door for you to talk to them about bigger-picture financial concepts, such as long-term goals, investing, earning money, paying bills, online safety, and more.
Final Take
Choosing the right checking account for your child can set them up for financial success by teaching essential money management skills. With so many great options available, it’s easier than ever to find an account that fits your child’s needs and helps them build a solid financial foundation.
FAQ
Here are the answers to some of the most frequently asked questions about bank accounts for kids.- Can I open a bank account for my child?
- Yes, parents can open a bank account for their child. Many banks offer checking accounts specifically designed for kids and teens, with features that allow parental oversight.
- What is the best bank account to start for a child?
- The best bank account for a child depends on their age and needs. Here are some to consider:
- Chase First Banking: Best for younger children, ages 6 to 12
- Capital One MONEY Teen Checking: Best for Zelle transfers
- Alliant Credit Union Teen Checking: Best for earning a higher rate of interest
- Fidelity Youth: Best for learning to invest
- Wells Fargo Clear Access Banking: Best for avoiding overdrafts
- Axos Bank First Checking: Best for daily spending limits
- PNC Virtual Wallet Student: Best for low or negative balances
- Bank of America Advantage SafeBalance Banking: Best for older teens and young adults, ages 16 to 24
- Chase High School Checking: Best for families already banking with Chase
- Citizens Student Checking: Best for those looking for no-fee overdraft programs
- The best bank account for a child depends on their age and needs. Here are some to consider:
- Can kids under 13 have a bank account?
- Yes, kids under 13 can have a bank account with a parent or guardian as a co-owner. Accounts like Chase First Banking are specifically designed for kids as young as six.
The information related to Chase First Banking and Chase High School Checking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive a commission for this product.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 11, 2024.
*Capital One interest rates are accurate as of Oct. 11, 2024. See the website for all current rates.
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