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Fact Checked
Teen checking accounts can provide an introduction to financial independence and money management at a young age, with guidance from a parent or guardian. The best teen checking accounts offer no or low fees, easy access to money, parental controls, low minimum requirements, digital banking tools and a great customer experience. If the account earns a little interest, all the better.
Not all banks and credit unions offer checking accounts specifically for teens. We’ve compared 14 teen checking accounts at 13 nationally available banks and credit unions to find some of the best checking accounts available for your teenager. Read on to learn more about why we picked each account, its pros and cons and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of April 2, 2024. If you’re seeking a checking account for a college-aged student, please see our ranking of the best student checking accounts.
For Ages
8+
with a parent or legal guardian
Annual Percentage Yield
0.10%
Minimum Deposit Requirement
$0
8+
with a parent or legal guardian
0.10%
$0
We picked the Capital One MONEY Teen Checking account because it has no monthly fees, ATM fees or transfer fees. It offers a rare combination of features and value for both young kids and teens.
Why We Like It
We like this account not only because it’s free but also because it’s easy to use. It offers spending control, activity tracking and allowance transfers for parents and the ability to separate funds for spending and saving for teens.
What We Don’t Like
We don’t like that this account doesn’t let parents set up paid chores, which would be especially helpful for kids at the lower end of the age minimum who earn most of their money through tasks.
Who It’s Best For
The Capital One MONEY Teen Checking account is best for parents, including non-Capital One customers, who want to give their child some independence while keeping a close eye on their activity and control over their funds. It’s well-suited for teens making frequent purchases.
You can open this account using the bank’s online application form. You can link external bank accounts to MONEY, which means parents or guardians don’t need to be a current Capital One customer to open an account. Interest is compounded and credited monthly. Purchases and withdrawals are limited to $500 per day or whatever lower limit the parent or guardian sets. The debit card can be used at more than 70,000 Capital One, MoneyPass and Allpoint ATMs. At age 18, your kid can switch to a regular Capital One 360 checking account and transfer their balance. Notably, this account doesn’t allow teens to spend in certain categories, such as car rental, drinking establishments, liquor stores, cigar stores and some online retailers.
For Ages
6 to 17
Annual Percentage Yield
None
Minimum Deposit Requirement
$0
6 to 17
None
$0
We picked the Chase First Banking℠ account because it offers a hefty suite of features and tools, including more parental controls than the average joint checking account for teens.
Why We Like It
We like this account because it lets parents get granular with their preferences, setting spending limits, savings goals, chores, and more for their kid or teen. Teens can request funds and earn an allowance.
What We Don’t Like
We don’t like that you have to be a Chase customer to open an account or that direct deposits and peer-to-peer transfers aren’t supported.
Who It’s Best For
The Chase First Banking account is best for kids and young teens brand new to banking, especially those who could benefit from budgeting support and who do chores for money. It’s ideal for parents who only want to give their children a small amount of independence for now.
The parent or guardian must have a qualifying Chase checking account relationship to open a Chase First Banking account. You can open this account online, at a Chase Bank branch or by calling Chase. The debit card can be used fee-free at any Chase ATM. Parents can choose where their children can spend and how much they can spend with their debit card. They can create specific categories for different merchants or types of purchases and set different limits for each category called “Places to spend.” “Spend anywhere” money does not fall under one of these categories and is used to cover general spending and excess spending from categories.
For Ages
13 to 17
Annual Percentage Yield
0.25%
Minimum Deposit Requirement
$0
13 to 17
0.25%
$0
We picked the Alliant Credit Union Teen Checking account because it makes using ATMs easy and affordable. Teens have access to more than 80,000 fee-free ATMs and receive up to $20 per month in fee rebates for out-of-network ATM fees.
Why We Like It
We like this account because it’ll put more money in a teen’s pockets. It has no fees, includes ATM rebates and pays 0.25% APY on all balances with qualifying activity (see Details).
What We Don’t Like
We don’t like that Alliant Teen Checking spending limits aren’t adjustable. It has a low limit of $500 each for ATM withdrawals and PIN-based purchases and a high limit of $5,000 for signature-based purchases.
Who It’s Best For
The Alliant Credit Union Teen Checking account is best for older teens who use cash often and have some budgeting experience, as well as for hands-off parents who want to give their teens almost full independence.
eStatements or electronic statements are required to qualify for the stated APY, and you must also receive at least one direct deposit transfer, ATM deposit or bank transfer per month to earn dividends. When you meet requirements, dividends are compounded and credited monthly. You must be a member of the credit union to open an account. To become a member of Alliant Credit Union, you must work for or be retired from a participating partner company, be related to an Alliant member, be a member of an Alliant-related organization or live or work in the greater Chicago area. If none of these apply to you, you can become a member by making a $5 donation to the Alliant Credit Union Foundation. You can open an account by filling out the online application.
For Ages
10 to 17
Annual Percentage Yield
Up to 2.00%
Minimum Deposit Requirement
$0
10 to 17
Up to 2.00%
$0
We picked Connexus Credit Union Teen Checking account because it pays a competitive 2.00% APY on balances up to $1,000. Good interest rates are rarely found in teen banking and are even harder to find with no qualifying requirements.
Why We Like It
We like this account because the easy-to-earn APY is hard to ignore, but we also appreciate the free overdraft protection and widespread ATM access it provides.
What We Don’t Like
We don’t like that this account lacks parental controls. There are no dedicated account management features for parents or guardians, and we also wish the high APY applied to larger balances.
Who It’s Best For
Connexus Teen checking is best for teens and parents looking for a basic joint checking account. It’s not a good fit for kids who want to learn to budget, save and spend with the support of limits and rewards from their parents, and it’s not ideal for parents who want control.
You must be a member of the credit union to open an account, but membership requirements are relatively easy to meet. Membership is open to employees, retirees, family members, members, students and student alumni of participating groups, and residents of various communities and counties in Minnesota, Ohio and Wisconsin. Anyone who doesn’t meet this credit union’s regular membership requirements can become a member by making a one-time $5 donation to the Connexus Association. This account pays a dividend rate of 2.00% on balances up to $1,000. A dividend rate of 0.25% APY is paid on any portion of the balance above $1,000, resulting in a prospective APY range of 0.43% to 2.00%. Dividends are compounded and paid monthly. When members turn 18, this account will automatically transition to a Connexus Innovative checking account.
For Ages
6+
Annual Percentage Yield
2.00% or 5.00%
on savings goal balances up to $5,000
Minimum Deposit Requirement
$0
6+
2.00% or 5.00%
on savings goal balances up to $5,000
$0
We picked Copper Banking because it’s designed to help kids and teens learn important money skills, from saving to budgeting to investing. The app includes a checking account but differs from our other picks by offering more educational tools and quizzes to build financial literacy.
Why We Like It
We like this fintech account because it encourages teens to save with high APYs of up to 5.00%, savings goals and roundups. It also lets them invest, earn cash and transfer money to friends.
What We Don’t Like
We don’t like that Copper charges monthly plan fees. The basic plan costs $4.95 a month, and the Copper + Invest plan, which includes investing features and 5.00% APY, costs $7.95 a month.
Who It’s Best For
Copper is best for young kids and teens who are eager to learn about money and parents who want to expose their kids or teens to a variety of topics beyond banking. It offers more parental controls than most teen checking accounts as well as more ways for kids to earn and use funds.
Parents or guardians can monitor their teen’s spending with real-time alerts and can automate allowance payments and other transfers, as well as set up tasks their teen can complete for money. They can also set merchant blocks to restrict spending at particular stores, create spending limits and see reports of their teen’s spending. Teens can set savings goals, use RoundUps to have debit card transactions rounded up and the extra saved, track how they use their money and complete tasks to earn money. They can also send money to friends and family, invest in preset and managed portfolios and earn Copper credits through the app. Direct deposits and cash deposits are permitted. Copper is FDIC-insured through Evolve Bank & Trust. This account is intended for smartphone use, which means both teens and parents or guardians need to have their own active phone numbers to create accounts.
| Company | Forbes Advisor Rating | For Ages | Annual Percentage Yield | Minimum Deposit Requirement | Learn More | ||||
|---|---|---|---|---|---|---|---|---|---|
| Capital One MONEY Teen Checking |  |
4.8 |  |
8+ | 0.10% | $0 | Learn More | Read Our Full Review | |
| Chase First Banking℠ |  |
4.3 |  |
6 to 17 | None | $0 | Learn More | Read Our Full Review | |
| Alliant Credit Union Teen Checking |  |
4.0 |  |
13 to 17 | 0.25% | $0 | Learn More | Read Our Full Review | |
| Connexus Credit Union Teen Checking |  |
3.7 |  |
10 to 17 | Up to 2.00% | $0 | Learn More | Read Our Full Review | |
| Copper Banking |  |
3.7 | |
6+ | 2.00% or 5.00% | $0 | Learn More | Read Our Full Review |
To create this list, Forbes Advisor analyzed 14 teen checking accounts at 13 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each institution on 11 data points within the categories of fees, access, digital experience, customer experience, parental controls, minimum opening deposit and APY.
The following is the weighting assigned to each category:
Checking accounts offering no or very low fees scored the highest, as did those offering parental controls, broad ATM networks, low minimum requirements and high customer service and digital experience scores. To appear on this list, the checking account must be nationally available.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
A teen checking account is a type of joint account that a parent or guardian holds with a child. Both you and your teen will have the everyday benefits you’d expect from a checking account, like check writing, a debit card and online banking access.
But teen checking accounts offer special features, too. An account may include financial literacy and education tools to help a teen develop smart money management habits. For parents, some teen checking accounts provide purchase approval, transaction alerts and limits on debit card usage.
All the features that come with a teen checking account empower both teens and parents to have ongoing conversations about money, to help kids become responsible spenders.
The minimum age required to open a teen checking account varies from bank to bank. Some banks have accounts designed specifically for teens, while others offer accounts serving a wider age range. For example, the Capital One MONEY Teen Checking is available to kids ages 8 to 18. The Alliant Credit Union Teen Checking, however, is only available for teens ages 13 through 17. Regardless of which account you choose, you or another adult will need to cosign the account if your child is under 18.
Be prepared to provide the following information when opening a teen checking account:
If the account you’re opening requires a minimum deposit, you’ll need money to fund the account. Depending on the bank you choose, you may be able to make the initial deposit with cash, check or a transfer from a separate account.
Helping your teen open a checking account can teach them good money management habits.
Keep in mind some of the benefits and challenges your child might experience when managing a bank account for the first time.
The best checking account for your teen is the one that fits both their needs and yours. Here’s what to consider:
Once you and your teen find an account with ideal features that work for both of you, you’re ready to sign up. Teen checking accounts require that a parent or legal guardian be the joint account holder when the child isn’t yet 18.
Though documentation requirements vary by financial institution, you and your teen will typically need to provide this information on the account application:
Depending on the bank you choose, you may be able to open the account online. If your preferred bank has a local branch, you may want to stop by the branch to open the account—to give your kid a taste of old-fashioned, in-person banking.
Once the account is approved, you or your teen can fund it with cash, a check or an electronic transfer. You can each download the bank’s mobile app and begin setting up alerts and enjoying the app’s many tools and benefits. If the account comes with a debit card, you may need to wait for it to be mailed.
These financial institutions were included in our research for the best CD rates: ableBanking, Acorns, Affinity Federal Credit Union, Affirm, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, American Express, Aspiration, Axos Bank, Apple Federal Credit Union, BancorpSouth Bank, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Betterment, Blue Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Copper, Credit Union of Denver, Dave, Discover, Dollar Savings Direct, E*Trade Bank, EmigrantDirect, Fidelity, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Internet Bank, First National Bank of America, FNBO Direct, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, Heritage Bank, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, LendingClub, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Paramount Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Quontic, Quorum Federal Credit Union, Radius Bank, Regions Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Santander, SFGI Direct, SmartyPig Bank, SoFi, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Step, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalDirect Bank, Truist, Union Bank & Trust, U.S. Bank, USAA, USAlliance Federal Credit Union, Varo Bank, Vio Bank, Virtual Bank, Wealthfront, and Wells Fargo.
There are lots of choices to make when opening your first bank account, but the process doesn’t have to be daunting. You can simplify things by determining the answers to straightforward questions, like why you want a bank account and the kind of account and features you need.
Based on our analysis of 14 teen checking accounts, we awarded the Capital One MONEY Teen Checking account the highest ranking, at 4.8 out of 5 stars. However, each of our top five teen checking accounts stands out in different categories. For instance, Chase First Banking℠ is the best account for parental controls, while Connexus Credit Union Teen Checking is the best for earning interest. The best bank account for teens depends on their—and your—priorities.
It depends on the bank. Some banks—and that obviously includes those that operate exclusively online—offer a digital application process and allow you to fund the account electronically. Others might require you and your teen to visit a branch and open an account in person.
A minor may have a checking account but cannot be the sole account holder. That’s why kids’ savings accounts and checking accounts for teens require that an adult be the account co-owner until the child reaches the age of 18.
It depends on the bank. Some financial institutions, like Alliant Credit Union, will immediately convert a teen account to a regular checking account when a child turns 18. It may leave the cosigner on the new account unless a change is requested. And usually, the bank or credit union will send a new debit card. Some will give you the option of transferring the balance to a regular checking account, but this won’t happen automatically.
The best bank for a teen checking account depends on the needs and preferences of you and your teen. When choosing a bank, look for one that offers low or no fees, a highly-rated digital platform, good customer service, easy accessibility and parental controls, if that’s important to you. If you can get all of those features and a good APY, you’re in great shape. We’ve listed our top picks above, but choose the account that works best for you and your teen.
Typically, a 14-year-old can only open a checking account with an adult cosigner. In the U.S., anyone under the age of 18 needs an adult cosigner to open a bank account. Depending on the bank, a 14-year-old will likely qualify for a teen checking account. They can usually convert this account to a regular checking account when the child turns 18.
There’s no one right amount of money to keep in your teenager’s checking account. It depends on how much financial independence—and responsibility—they have. If they’re younger, don’t have a job and aren’t expected to pay for many expenses, they probably don’t need much in their checking account. But if they have a job, buy their own things and drive themselves around, it might be wise to keep more in their checking account—enough to handle a minor emergency.
It depends on the account, though many kid and teen checking accounts are fee-free. Our top five best banks for teens all offer accounts with no minimum deposit requirements and no monthly fees.
