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finder.com’s rating: 5.0 / 5.0
★★★★★
Give your child the gift of their very first checking account with Axos Bank First Checking. This account is made for kids ages 13 to 17 and touts a competitive 0.25% APY, up to $12 in ATM reimbursements and no monthly fees.
$0 per month
Fee
0.25%
APY
$50
Minimum deposit to open
APY | 0.25% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $50 |
ATM fee rebates | Up to $12 domestic ATM fee reimbursements per month |
Overdraft fee | $0 |
Nonsufficient funds fee | $0 |
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.
There’s a lot to love about the Axos Bank First Checking account. It has no monthly fees or overdrafts, so your child won’t get penalized if they make a mistake while learning to manage their money.
It also has a competitive 0.25% APY. While this rate isn’t enough to grow a substantial nest egg — they’ll earn $0.25 a year for every $100 they keep in the account — it’s enough to reward them for keeping a balance.
This account doesn’t have many downsides. But the biggest one is that your teen won’t be able to write checks or deposit cash. They’ll also need at least $50 to get started.
Open an Axos Bank First Checking account for your child using these steps:
Parents and guardians must meet these requirements to be eligible for an account:
Your child must meet these requirements:
Have this information ready when opening your Axos Bank First Checking account:
Looking for an account with different features? Check out these top-rated teen checking accounts.
Axos Bank isn’t a part of any ATM network. Instead, your teen can use their debit card to withdraw money from any ATM. They’ll get reimbursed for up to $12 in fees charged by the ATM operator. Axos Bank doesn’t charge any ATM fees on its end.
Use this table to see how Axos Bank First Checking stacks up against other checking accounts.
There are several ways to access funds in your Axos Bank First Checking account:
Axos has a wide range of checking accounts for individuals and businesses:
★★★★★ — 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.