Best Checking Accounts for Teens in April 2024
Updated April 10, 2024 at 2:56 pm
Getting your teen a checking account is not only a rite of passage, but it’s also a first step in teaching them how to manage money. The best teen checking account for you will offer low fees, a robust set of management tools, parental controls, and access to cash at ATMs that are convenient for your teen.
Here’s our take on the best checking accounts for teens.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - Best overall teen checking account: MONEY Teen Checking from Capital One
- Best for ATM fee reimbursements: Axos Bank First Checking
- Best for branch locations: Chase High School Checking
- Best for financial education: Wings Financial Credit Union
- Best credit union teen account openable online: Alliant Credit Union
- Best for parental controls: Copper
- Best for ATM rebates: Campus Checking Account by Navy Federal Credit Union
- Best earning interest: Connexus Credit Union
8 Best Checking Accounts for Teens of 2024
Best Overall Teen Checking Account
Capital One MONEY Teen Checking
Vault Verified
Why We Chose It
Capital One MONEY Teen checking account sets the standard for teen checking accounts with no fees, no minimums and an intuitive mobile app.
Pros
- Open to children as young as eight years old
- Available to children from eight years old
- Converts into a 360 checking account when they turn 18
Cons
- No reimbursements for out-of-network ATM fees.
- Limited branch footprint.
- No checks.
Best for ATM Fee Reimbursements
Axos Bank First Checking
Vault Verified
Why We Chose It
Axos offers a teen checking account with minimal fees and a solid set of tools to help parents manage the account. Plus, Axos reimburses teen First Checking customers up to $12 each month in ATM fees charged by other banks.
Pros
- Reimburses up to $12/month in fees charged by other banks’ ATMs
- Can open an account online
- Mobile app appears to be more refined than many legacy banks’ apps
Cons
- $100 limit on cash withdrawal, $500 limit on purchases may limit older teens
- Entirely online bank means no branch locations
Best for Branch Locations
Chase High School Checking
Vault Verified
Why We Chose It
Chase has more U.S. branch locations than any other bank, plus a teen checking account that is light on fees.
Pros
- Over 4,800 branch locations
- Person-to-person payment with Zelle is available
- Chase First Banking available to kids as young as six
Cons
- Accounts must be opened in-branch
- Must link to a parent/guardian personal Chase checking account
- Automatically converts into a Chase Total Checking account once you turn 18, unless another account option is selected
Best for Financial Education
Wings First Class Checking
Vault Verified
Why We Chose It
Wings First Class Checking offers low fees and a large ATM network. But what sets Wings apart is its extensive financial literacy programs for children and teens. Plus teens can get a cash deposit into their account when they complete the SOAR Explorers or SOAR courses.
Pros
- Financial literacy programs for children and teens
- Cash incentives for completing financial literacy programs
- No monthly service fees and access to 80,000+ surcharge-free ATMs
Cons
- Limited branch footprint
- Overdraft fee
Best Credit Union Teen Account Openable Online
Alliant Credit Union
Vault Verified
Why We Chose It
Alliant Credit Union offers a teen checking account that you can open online and membership is available to anyone with a Social Security Number or ITIN.
Pros
- No monthly service fee and no minimum balance
- Up to $20/month for ATM fees charged by other institutions
- First box of checks free
Cons
- Limited branch footprint
- Savings account with a minimum balance of $5 is required
- Must have one electronic deposit monthly to earn interest
Best for Parental Controls
Copper
Vault Verified
Why We Chose It
Copper is a financial platform where parents can link up to five accounts for their teens. Teens get a debit card, which allows them to access up to 55,000 ATMs across the U.S., save through automated tools like roundups—and get served financial literacy through the app.
Pros
- Parental controls include tracking spending and freezing accounts
- Financial literacy resources and guides for teens
- Up to 5% in monthly savings rewards (with “invest” subscription, otherwise it’s 2%)
Cons
- Parents need to first open an account, then add their children (kids can’t open a separate account)
- Monthly fee of $4.95 ($7.95 with investing account)
Best for ATM Rebates
Navy Federal Credit Union Campus Checking
Vault Verified
Why We Chose It
Navy Federal Credit Union’s Free Campus checking is for eligible teens ages 14 through 18 and who are part of military families. Its debit card features zero liability protection, and teens can enjoy up to $10 a month in ATM fee rebates.
Pros
- No monthly service fee and no minimum balance requirement
- Up to $10/month or $120/year for ATM fees charged by other institutions
- Checks are free
Cons
- Membership required to open an account
- Low interest rate
Best for Earning Interest
Connexus Credit Union
Vault Verified
Why We Chose It
Connexus Credit Union’s featured teen checking offers a competitive 2.0% APR for up to $1,000, which isn’t commonly found among teen banking options.
Pros
- No monthly service fee and no minimum balance requirement
- 67,000 in-network, fee-free ATMs across the US
- Minimum age requirement for teen account starts at 10
Cons
- Competitive APR is capped at $1,000
- Limited branch locations
- No parental controls
Can a Minor Have a Checking Account?
In the United States, minors can’t make a contract, so most banks won’t allow minors to open checking accounts on their own. Some states even have laws that explicitly prohibit minors from opening checking accounts without an adult co-signer. But minors can still have access to a checking account—they’ll just need an adult co-signer or co-owner to open one and can’t be the sole owner or solely responsible for a checking account until they turn 18.
Many banks require the adult account co-signer to be a parent or guardian. Both the minor and the adult will need to provide identification documents such as a government ID, Social Security card, passport or birth certificate. Both the minor and the adult co-owner will be responsible for the checking account.
How To Choose a Teen Checking Account
Choosing the right teen checking account will set your teen up for success as they learn how to manage money. While most teen checking accounts have no (or waived) monthly maintenance fees, you’ll want to dig a bit deeper and look at what fees might be charged for ATM access and overdrafts.
A robust set of management tools, through a mobile app or the bank’s online portal, can help you guide your teen to make smart money decisions by reviewing transactions or limiting access to cash. Finally, consider how they’ll use the account and make sure that there are ATMs available in locations that they’ll have access to.
Fees and Extra Charges
Most teen checking accounts offer either $0 monthly maintenance fees or monthly maintenance fees that are waived until your teen turns 18. But monthly fees aren’t the only fees you might have to pay. Look at what happens in the case of account overdrafts—is the teen going to pay a hefty price for an occasional overdraft, or will the bank decline the transaction without a fee? Another fee that you’ll want to watch out for is the ATM fee charged by your bank and other banks’ ATMs.
Account Management and Supervision Tools
Some measure of adult supervision will help your teen learn how to responsibly use money. You’ll want to consider how a bank helps you supervise, limit and manage your teen’s account before giving them a debit card and sending them to the mall.
At a minimum, you’ll want an easy way to view your teen’s account activity through a mobile app or banking website. Ideally, you’d be able to customize transaction account limits, set up recurring deposits and get real-time transaction notifications as well.
Cash Access and ATM Options
Even if they’re using their debit card to pay for purchases, they may need to occasionally get cash at an ATM to pay friends for expenses. Consider the strength of the ATM network offered by the teen checking account.
If your teen does not have access to a car, be sure the ATM network includes ATMs at locations where you might take your teen anyway—a walkable convenience store, a nearby grocery store, and your preferred big box store are good options. Should you choose a bank without a robust ATM footprint in your area, you’ll want to be sure that the account includes reimbursements for fees charged by other banks’ ATMs.
What Happens After They Turn 18?
Eventually, your teen will become ineligible for a teen checking account. Some banks will require your teen to move to a traditional checking account at 18, but some may let them keep their account until age 24. In every case, you’ll want to look at what happens once they are no longer eligible for a teen account.
Some teen checking accounts will get automatically converted into checking accounts with low fees, but many will convert into accounts that have a monthly maintenance fee. If your bank plans to give your teen a $ 12-a-month fee as their 18th birthday present, you might want to at least help them find a better checking account at that time.
Newsweek writer Jackie Lam contributed to this post.
Frequently Asked Questions
Can My 14-Year-Old Have a Checking Account?
A 14-year-old can have a checking account, but they will need an adult co-signer to open it. Not every bank will offer a checking account to your child, but many offer teen checking accounts. A teen checking account often comes with management features to help parents teach their children how to manage money.
Can I Open a Bank Account Online for My Child?
Some banks may require you to open a bank account for your child at a branch location. But there are banks that let you open an account for a child online, including Capital One and Alliant Credit Union.
Should I Get My Child a Bank Account or Prepaid Card
A prepaid card can give your child spending power, but a bank account is the way to go if you want to build money management skills. Getting a bank account can prepare them to manage money within the traditional banking system as an adult.
What’s the Minimum Age to Open a Checking Account?
You usually need to be at least 18 years old to open a checking account on your own. However, this requirement can vary by state. Some banks have checking account options that allow someone under 18 to open an account. They’ll need a co-signer or custodian to open the account with them.
What Do You Need to Open a Checking Account for a Teen?
To open a checking account for a teen, you’ll need to provide basic personal information like their full name, physical address and date of birth. You’ll also need to bring a valid form of identification, which can include a state-issued ID, driver’s license, passport or birth certificate.
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