5 Best Teen Checking Accounts for October 2024

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A teen checking account is an excellent tool for helping young individuals take their first steps toward financial independence. Designed specifically for teenagers, these accounts provide a safe and controlled environment to learn essential money management skills, such as budgeting, saving, and responsible spending. By using a checking account, teens can gain valuable hands-on experience that sets the foundation for financial literacy and long-term financial success.

When choosing a checking account for your teen, it’s important to consider key factors like monthly fees, accessibility to funds, and features such as parental controls, mobile app functionality, and deposit requirements. These aspects can make all the difference in ensuring the account meets both the teen’s and the parent’s needs. With the right checking account, teenagers can gain confidence in managing their money while building habits that will serve them well into adulthood.

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:

1. Capital One Money Teen Checking
2. Wells Fargo Clear Access Banking
3. Connexus Credit Union Teen Checking Account
4. Axos Bank First Checking
5. Alliant Credit Union Teen Checking

Pros and Cons of Checking Accounts for Teens

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

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

How to Open a Teen Checking Account

Opening a teen checking account is a straightforward process, but it requires meeting certain eligibility criteria. Most banks have age restrictions, typically allowing teens between 13 and 17 years old to open an account with a parental co-signer. The parent or guardian acts as a joint account holder, providing oversight and ensuring the account complies with banking regulations for minors.

To open an account, both the parent and teen will need to provide documentation. Common requirements include a Social Security number, government-issued ID (such as a passport or driver’s license for the parent and school ID for the teen), and proof of address, such as a utility bill or lease agreement. Once you have these documents ready, visit the bank in person or apply online. Parents and teens will typically review the account’s terms, sign the necessary agreements, and fund the account with an initial deposit. This collaborative process ensures both parties are aligned on the account’s features and responsibilities.

Conclusion

Choosing the right checking account for your teen is a crucial step in fostering their financial literacy and independence. The right account not only provides essential banking tools but also creates opportunities for teens to develop budgeting, saving, and spending habits that will serve them throughout their lives.

As you explore different options, consider factors like fees, accessibility, and features that align with your teen’s unique needs and preferences. Comparing accounts carefully ensures you select one that supports their growth while offering the necessary oversight for parents. Remember, banking tools are just the beginning–pairing them with ongoing financial education will empower your teen to confidently navigate their financial future.

Conclusion

Choosing the right checking account for your teen is a crucial step in fostering their financial literacy and independence. The right account not only provides essential banking tools but also creates opportunities for teens to develop budgeting, saving, and spending habits that will serve them throughout their lives.

As you explore different options, consider factors like fees, accessibility, and features that align with your teen’s unique needs and preferences. Comparing accounts carefully ensures you select one that supports their growth while offering the necessary oversight for parents. Remember, banking tools are just the beginning–pairing them with ongoing financial education will empower your teen to confidently navigate their financial future.

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 Dec. 13, 2024.

*Capital One interest rates accurate as of Dec. 13, 2024. See website for all current rates.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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