5 Best Teen Checking Accounts for October 2024
Written by
Jami Farkas
Edited by
Emily Gadd
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To prepare teens for the adult world, managing cashflow in a bank account is an invaluable skill they should learn. Even if they don’t pay bills, the best time for your child to open one is as a teen, while you can teach the ins and outs of a checking account and money management. That’s why GOBankingRates has done the research to help you find the best teen checking account for your family.
5 Best Checking Accounts for Teens
While many financial institutions offer checking accounts designed for college students, not many have banking products available for younger children. But if you have a high-schooler with a job, it’s probably time for their first checking account. This can help them learn good financial habits.
Here are some of the best checking accounts for teens:
- Capital One Money Teen Checking
- Wells Fargo Clear Access Banking
- Connexus Credit Union Teen Checking Account
- Axos Bank First Checking
- Alliant Credit Union Teen Checking
Pros and Cons of Checking Accounts for Teens
| Bank | Pro | Con |
|---|---|---|
| Capital One Money Teen Checking | Access to more than 70,000 fee-free ATMs nationwide, no maintenance charges | Limited branches should you want your teen to sit down with a banker |
| Wells Fargo Clear Access Banking | Teens can keep the same account until they turn 25 | No check-writing privileges |
| Connexus Credit Union Teen Checking Account | Above-average APY allows you to earn interest faster | Membership required |
| Axos Bank First Checking | Strict limits to help control spending | No physical branches |
| Alliant Credit Union Teen Checking | Daily spending limits help control spending | A parent or guardian must be a member of the credit union |
1. Capital One Money Teen Checking
Capital One’s Money account is open to any child at least eight years old. They access their account through Capital One’s top-rated mobile app and get a free debit card to purchase items in a store or withdraw cash at an ATM. Parents can monitor their child’s account through the app and deposit money even if they are not currently a Capital One customer.
- No minimum balance requirements, minimum opening deposits or monthly service fees
- Pays APY on any balance*
- Open an account online and conduct transactions and personal finance inquiries entirely online or on the mobile app
- Includes a debit card and Zelle for money transfers
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2. Wells Fargo Clear Access Banking
Teens and young adults between the ages of 13 and 24 can open a Wells Fargo Clear Access Banking account so they can continue using the account through college. The account is free as long as the primary account holder is younger than 25 or links the account to a Wells Fargo Campus ATM Card or Campus Debit Card. Wells Fargo has physical branches in 36 states and Washington, D.C., and more than 10,000 ATMs, which means teens can often speak to someone in person and should be able to find a fee-free ATM wherever they go.
- Resources for planning for college, setting up a budget, and scholarship information are available
- Automatic transfers available between linked checking and savings accounts
- Campus Card program available for students at participating schools
- No monthly fee if you’re between 13 and 24 years old
3. Connexus Credit Union Teen Checking Account
Understanding the power of compounding interest is a valuable lesson for teens, and the APY they’ll earn through a Connexus Credit Union Teen Checking account is a great teacher. The credit union’s teen checking account pays an APY of for balances up to $1,000. Members of Connexus Credit Union can sign up their children ages 10 to 17 for a Teen Checking account.
- No fees, but account holders must become members
- Network of 67,000-plus surcharge-free ATMs across the country
- Overdraft protection through linked accounts
4. Axos Bank First Checking
With the Axos Bank First Checking account, daily spending limits make it easier to control spending. The First Checking account is for teens 13 through 17 (18 in Alabama), and it requires an adult co-owner. Parents have visibility into their teen’s spending, and can even lock and unlock their debit card. Axos is an online bank, so there are no physical branches to visit, but all banking can be done through the mobile app.
- No non-sufficient funds or overdraft fees
- Pays APY interest
- Preset limits such as $100 in cash withdrawals and $500 in point-of-sale transactions per day
- Up to $12 in domestic ATM fees are reimbursed each month
5. Alliant Credit Union Teen Checking
Alliant Credit Union’s Teen Checking comes with many of the features offered in other checking accounts for teens. Parents and guardians are account co-owners who can monitor account activity through transaction alerts and the mobile app, and spending limits keep kids in check. Alliant Credit Union offers access to a robust ATM system with more than 80,000 fee-free ATMs, but it also reimburses up to $20 per month to cover fees charged by other ATMs. The account is open to members between the ages of 13 and 17.
- A parent or guardian must be an Alliant member and a joint owner of the account
- Daily spending limit of $500 in cash withdrawals and purchases made with a PIN
- Accounts can earn an APY of with e-statements and electronic deposits
What Is a Teen Checking Account?
A teen checking account is a checking account designed to meet the financial needs of anyone between the ages of 13 and 19. These accounts function like traditional checking accounts offered by banks and credit unions and come with many of the same features, like a debit or ATM card and online banking.
How To Choose a Teen Checking Account
When choosing a checking account for a teen, it helps to consider how and where your teen will access their money. The answers to the following questions can help guide parents and guardians to the right checking account.
- What fees does the bank charge? Most banks waive fees for teen checking accounts, but it’s helpful to verify this before opening an account.
- What are the account features? Find out how you can transfer money and whether you need an account at the bank to do so. Ask about parental controls and overdraft protection. Find out if the account comes with paper checks, an ATM card, or a debit card.
- How do you want your teen to access money? If your teen is going to use ATMs, find out how many fee-free ATMs are nearby. It’s also a good idea to find out if the bank has spending limits for debit card purchases.
- What happens when they turn 18 (or age out)? Some banks automatically convert teen checking accounts to standard checking accounts when the teen no longer qualifies for a teen account. It’s helpful to learn more about this account.
- What other accounts are available? If the bank offers a high-yield savings account or CDs, you have an opportunity to discuss saving and the power of compound interest.
- How much control do you want to have over your teen’s account? Some banks and credit unions require you to be a joint owner on the account, while others offer online access so you can see your teen’s transactions.
How To Open a Checking Account for a Teenager
To open a bank account, you’ll need to prove your identity and make the opening deposit. Banks usually ask for a government-issued ID like a driver’s license or passport along with a secondary ID like a Social Security card or birth certificate. All account holders (which includes a parent or guardian and the teen) need to provide this documentation. You also may need to deposit money into the account, but this requirement varies from bank to bank.
Final Take
Talking to your kids about money cliches can help pennies grow into dollars. After all, a penny saved is a penny earned, and you’ll be able to build on that foundation when they open that first checking account under your watchful eye before they head off to college. Schedule a regular financial meeting to go over the register, talk about spending and saving patterns and discuss upcoming events where your teen might want to pull out their debit card.
FAQ
- Can my 16-year-old open a checking account?
- Yes, there are many options for teen bank accounts. Here are some checking accounts that are available to 16-year-olds:
- Capital One Money Teen Checking
- Wells Fargo Clear Access Banking
- Connexus Credit Union Teen Checking Account
- Axos Bank First Checking
- Alliant Credit Union Teen Checking
- Yes, there are many options for teen bank accounts. Here are some checking accounts that are available to 16-year-olds:
- Can a 14-year-old get a debit card?
- Yes, in general, a teen 13 years old or older, with a parent or legal guardian, can open a teen checking joint account with a linked debit card. Though debit cards are an option, credit cards would not be available until they turn 18.
- Can a 15-year-old have a bank account with a parent?
- Yes. Though teenagers today may be more used to getting paid via payment apps like Venmo, those easy payment apps are linked to some sort of checking or savings account. Here are some bank accounts that are available to 15-year-olds:
- Capital One Money Teen Checking
- Wells Fargo Clear Access Banking
- Connexus Credit Union Teen Checking Account
- Axos Bank First Checking
- Alliant Credit Union Teen Checking
- Yes. Though teenagers today may be more used to getting paid via payment apps like Venmo, those easy payment apps are linked to some sort of checking or savings account. Here are some bank accounts that are available to 15-year-olds:
Karen Doyle, Allison Hache and Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 1, 2024.
*Capital One interest rates accurate as of Oct. 1, 2024. See website for all current rates.
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