Helping your teen open their own bank account is one of the best ways for them to get hands-on experience managing their own money. It allows your teen more freedom over their finances and the potential to earn some interest. The best checking accounts for teens offer plenty of features that help them learn the ins and outs of money management under your supervision. These accounts tend to have low to no fees, debit cards, lower spending limits, and parental controls. See more of our top bank accounts for teens and kids: 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 Checking Accounts for Teens Best Checking Accounts for Teens Final Verdict Compare Providers How to Choose Checking vs. Savings Pros and Cons Alternatives FAQs Methodology Why We Chose It This account earns our top spot for the best checking account for teens because it rarely charges fees, reimburses ATM fees, earns interest, and is online and mobile-friendly. Pros & Cons Pros Minimal fees Earns interest Offers out-of-network ATM reimbursem*nts Cons No cash deposits No brick and mortar locations Limited educational tools Overview The Axos Bank First Checking account is the best overall account for teens due to its myriad features including parental controls, ATM fee reimbursem*nts, 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 reimbursem*nts 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. Why We Chose It The Capital One MONEY account lets teens set aside money towards savings goals via their app—adults are also privy to their teen’s financial activity. At 18, your newly minted adult can switch to a no-fee Capital One checking account, saving them money while they’re in college. Pros & Cons Pros Offers budgeting tools via their app and website Fee free ATMs throughout the U.S. No overdraft fees Cons No 24/7 customer support Overview Capital One’s MONEY Teen is the best checking account for college savings because the bank’s intuitive tools offer an easy and visual way to track savings. In fact, this bank account is for anyone eight years and up, which is helpful if you want to give your child a head start on money management skills. 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. Why We Chose It 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. Pros & Cons Pros High APY ATM fee reimbursem*nts Cons Need to become a credit union member Must meet certain criteria to earn interest Charges maintenance and return fees Overview Alliant Credit Union’s teen checking account didn’t earn our top score because of its membership requirements and maintenance fees, but does win the best APY because it offers the best current rates. Alliant Credit Union’s membership requirement is flexible—you can join by supporting Foster Care to Success (FC2S), their partner charity. Since an adult needs to be a joint account holder, the adult also needs to be a member. Aside from the high APY, this account offers plenty of features helpful for your teen, including $20 in ATM fee rebates per month, a contactless Visa debit card for you and your teen, and no fees or account minimums. To qualify for interest earnings, account holders need to receive electronic statements and have a minimum of one electronic deposit each month. Alliant Credit Union’s mobile app lets your teen budget on the go and pay using their mobile wallet. Adults can use the app to monitor spending and set up transaction alerts. To open a checking account, both you and your teen need to fill out a membership application form and send it via email. Alliant Credit Union will then send instructions on how to open a teen checking account. Why We Chose It Copper offers an intuitive app alongside educational tools such as quizzes and in-app lessons to help your teen with acquiring financial literacy skills. Pros & Cons Pros No fees Interactive learning content created by financial experts Automatic savings feature Cons No interest Not a fit for those who want online and brick and mortar options No clear verbiage on website about parental controls Overview Copper has partnered with Evolve Bank & Trust, an FDIC-insured bank, to create a checking account specifically for teens. We like that the banking app is designed to help teens learn financial literacy skills with features such as interactive quizzes and other content created by financial literacy advisors. There are no fees, including ATM and overdrafts, though your teen may be charged third-party fees from out-of-network ATMs. Your teen can also set up automatic savings to help reach their financial goals. However, you won’t earn any interest with this account, and your teen won’t be able to access their account outside of the mobile app. To open a Copper account, parents or guardians will first need to open an account, then add their teen onto it (they’ll need to download the app and provide their mobile phone number). Once approved, Copper will mail your teen a debit card. Why We Chose It The Chase First Banking account offers unique features that allow parents more control over their teen’s finances, including assigning chores with rewards, limits on spending categories, and denying requests for money. Pros & Cons Pros Wide range of parental controls No monthly fees Savings feature in mobile app Cons Parent needs to have a qualifying Chase checking account No check deposit or ACH transactions Does not earn interest Overview The Chase First Checking account is a great fit for parents or guardians who want more control or influence over their teen’s checking account. You'll find usual features such as account alerts to track your teen's purchases and setting withdrawal limits through the Chase app. Plus, parents can set limits on specific spending categories and certain types of retailers, and approve or decline their teen's request for money. Other features include a savings feature so that teens can set their own savings goals, and the ability to receive one-time payments once they complete assigned chores. There are no monthly fees, though your teen will be charged out-of-network ATM fees ($3 for non-Chase ATMs in the U.S., $5 for non-Chase ATMs outside the U.S.) . There are also features that are available to your teen including overdraft, check deposits, ACH transactions, and Zelle. To open an account, you'll need to contact Chase to see if you have a qualifying checking account. If you don't, you'll need to open one before being able to open a First Banking account. Read the full Chase Bank review. Why We Chose It The USAA Youth Spending account is geared towards teens of military families and its membership eligibility is more flexible compared to those who are restricted to certain military members. Plus, the account automatically converts to USAA Classic Checking when your teen turns 18, which doesn’t charge any monthly fees. Pros & Cons Pros No monthly fees Converts automatically to a fee-free account at 18 Overdraft protection available Cons Low interest rate Only eligible for qualifying members High minimum balance to earn interest Overview USAA has been serving the military community since 1922 and it’s a solution that makes sense if you’re already a USAA member. Opening an account requires a $25 minimum deposit. Afterward, there are no monthly fees, though if you opt out of overdraft protection, your teen may be subject to overdraft fees. The account offers basic parental controls such as setting withdrawal and debit card limits, account alerts, and limit deposits. At 13, your teen can access their account online or via the mobile app themselves as long as you give them permission. Once your teen turns 18, the account automatically converts to a USAA Classic Checking account with no monthly fees and similar features except there’ll be no more parental control. To open an account, you’ll need to become a member and fill out an application form with your teen. Read the full USAA review. 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 reimbursem*nts. 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. 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: 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 Low or no fees Access to a wide network of ATMs Useful budgeting tools Parental supervision Cons May not earn interest Could charge overdraft fees May charge out-of-network ATM fees Here are some alternatives to teen checking accounts worth exploring: 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. 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. 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. 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 competitive interest rate, ATM fee reimbursem*nt, and budgeting tools. The best banks and credit unions for teen checking accounts include Axos Bank, Capital One, Alliant Credit Union, and Copper. 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. To determine the selections for the best checking accounts for teens list, we started with 12 of the top banks and credit unions and looked at each company’s offerings for checking accounts for teens. We reviewed features including pricing, online or mobile banking options, budgeting or educational tools, parental controls, and interest. We also looked at other stand-out features such as security. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Citizens Bank. "New Research Shows Majority of Teens Feel Unprepared to Finance Their Futures." Axos Bank. "Teen Checking Account." Capital One. "Money Teen Checking Account." Alliant Credit Union. "Teen Checking Account."Best Checking Accounts for Teens of 2024
Best Overall : Axos Bank First Checking
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Best for College Savings : Capital One MONEY
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Best APY : Alliant Credit Union Free Teen Checking
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Best for Educational Tools : Copper
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Best for Parental Controls : Chase First Banking
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Best for Teens From Military Families : USAA Youth Spending
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Final Verdict
Compare the Best Checking Accounts for Teens
Account Minimum Deposit Fees Age Limit to Open APY Parental Controls Axos Bank First Checking Best Overall $50 None 13 0.10% Yes Capital One MONEY Best for College Savings $0 Fees for paper statements and expedited shipping for items like debit cards 8 0.10% Yes Alliant Credit Union Free Teen Checking Best APY $0 $25 NSF fee 13 0.25% Yes Copper Best for Educational Tools $0 None 13 N/A Yes Chase First Banking 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 USAA Youth Spending 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
Checking Accounts for Teens vs. Savings Accounts for Teens
Pros and Cons of Checking Accounts for Teens
Pros Explained
Cons Explained
Alternatives to Checking Accounts for Teens
Frequently Asked Questions
Do Checking Accounts for Teens Help Teach Them About Finance?
How Do I Open Checking Accounts for Teens?
How Much Do Checking Accounts for Teens Cost?
What’s the Best Checking Account for Your Teen?
What Bank Is Best for a Teen Checking Account?
Can My 16-Year-Old Have a Checking Account?
Methodology
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