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finder.com’s rating: 4.2 / 5.0
★★★★★
The Alliant Credit Union Free Teen Checking account is designed for teens between the ages of 13 and 17. It earns 0.25% APY and has no monthly fees or minimum deposit requirements. But parental controls are limited compared to other accounts.
$0 per month
Fee
0.25%
APY
$0
Minimum deposit to open
APY | 0.25% To earn the APY, opt in to eStatements and have at least one electronic deposit to your teen checking account. |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATMs | 80,000 ATMs for free |
ATM transaction fee | $0 |
ATM fee rebates | ATM rebates up to $20/month |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 1% |
Overdraft fee | $25 |
Nonsufficient funds fee | $25 |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
The Alliant Teen Checking account is best for high school students who have already proven themselves financially responsible. The account rewards teens with a 0.25% APY and up to $20 in out-of-network ATM rebates.
But parental controls are limited. By default, Alliant sets ATM withdrawal limits to $100 a day and spending limits to $300 a day. While these limits are put in place to give parents peace of mind, you can’t adjust them to suit your teen’s needs.
Overall, Alliant Teen Checking is a solid option for teens thanks to no monthly fees, a $0 minimum deposit and a rewarding interest rate. There are membership requirements, but don’t let that stop you from opening an account. Anyone can join when they make a one-time $5 donation to Foster Care for Success.
Follow these steps to open an Alliant Teen Checking account online:
Alliant will reach out to you when your application is approved. If you haven’t heard anything within 14 business days, you can call them at 800-328-1935 to request an update.
You can also drop your application off at a local branch, fax it to 773-462-2124 or mail it to:
Alliant Credit Union
Attn: Account Services
PO Box 66945
Chicago, IL 60666-0945
Parents and guardians must meet these requirements to open an account:
Your child must meet these requirements:
You’ll need the following information when you apply for an account:
The account is NCUA-insured and comes with a free box of checks and two debit cards — one for you and one for your teen. It also has these perks:
Although the Alliant Credit Union Teen Checking account has plenty of attractive perks, you’ll want to watch out for these potential drawbacks:
If you want a teen checking account with more parental controls, compare other options until you find one that’s right for you.
Both you and your teen get a debit card when you open an Alliant Teen Checking account. Use your card at any of Alliant’s 80,000 ATMs for free — some of which accept cash deposits. Or, dip your card into an out-of-network ATM and get reimbursed for up to $20 in fees per month.
There are several ways to access money in your Alliant Credit Union Free Teen Checking account:
Alliant has one other checking account option:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.