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Capital One MONEY review

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A teen checking account with a competitive APY and unique money management tools.’s rating: 4.8 / 5.0


This joint checking account is for teens starting to earn money on their own. With no fees, no minimums and a 0.1% APY on all balances, teens have the tools they need to start managing their money with the support of an adult. However, it doesn’t offer checks or bill pay.

$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMs39,000+ Capital One and Allpoint ATMs nationwide
ATM transaction fee$0
ATM fee rebates15

Expert review

Katia Iervasi

Review by

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

The Capital One Money account incentivizes teens to save with a 0.1% interest rate on all balances — which is higher than most checking accounts. The account’s mobile app has unique savings tools that lets your teen split their money into different categories for spending and saving. Once your teen reaches their savings goal, you can choose to reward them with an added bonus.

With parental monitoring and online money management tools, the Capital One MONEY account is one of our top picks for both teens and parents. But if your teen needs an account with checkwriting services, you’ll need to look elsewhere.

How do I open a Capital One MONEY account?

Open a Capital One Money account online or in person at a branch. The online form takes approximately five minutes to fill out. These are the steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Capital One website, hover over the Checking & Savings tab and select Money Teen Checking.
  3. On the landing page, press Open Account.
  4. Log in if you have an existing Capital One account, credit card or loan. If you don’t, press No.
  5. Select the adult as the primary account holder. Enter the Personal, Contact, Citizenship and Employment details for both the adult and teen account holder.
  6. Review and agree to the Terms & Conditions.
  7. Click Now, Let’s Add Money.
  8. Follow the prompts to provide identifying documents and fund your initial deposit. Capital One will confirm those details and send you an account number.


The Money account has two joint owners.

The adult account holder must meet these requirements:

  • At least 18 years old
  • US citizen or resident
  • Have an active Capital One deposit account

The teen account holder must be:

  • Between 13 and 17 years old
  • US citizen or resident

Required information

To apply for an account, you’ll need the following information and documents:

  • Physical address
  • Contact details
  • Employment information
  • Social Security number
  • Citizenship status
  • Government-issued ID, such as a driver’s license or state ID

As the primary account holder, it’s the adult’s responsibility to provide the bulk of these documents. The teen can fill out these fields the best they can.

What are the benefits of a Capital One Money checking account?

The FDIC-insured Capital One Money account has convenient customer service and a top-rated mobile app where teens can check their balance, deposit checks, set up direct deposit, update account information and enable real-time text and email alerts. You’ll also like these benefits:

  • No fees or minimum balances. There’s no charge to open or service the account, and you’ll earn interest on any balance.
  • No overdraft charges. Transactions that overdraw the account will be declined.
  • Accepts cash deposits. Unlike other online accounts that don’t accept cash deposits, your teen can deposit cash in compatible Capital One ATMs nationwide.
  • Earns interest. Unlike other checking accounts, the Capital One Money account rewards growing balances with a 0.1% APY on all balances.
  • Savings tools. Your teen can create savings goals within the app and categorize their money into Spendable and Set Aside categories. You can also choose to reward your teen with bonus money once they’ve reached a savings goal.
  • Parental controls. As the primary account holder, you can access the joint account and track your teen’s spending any time, and you’re the only one who can set up automatic transfers from your Capital One account.

Capital One’s ATM network and fees

You can dip your Mastercard debit card into 39,000 Capital One and AllPoint ATMs nationwide for free. If you use an ATM overseas or outside of the network, you may be charged a fee, but the bank will reimburse you within five days for up to $15 per statement period.

AllPoint ATMs are tucked inside select Target, Walgreens, CVS and convenience stores across the country.

What should I look out for?

While the teen checking account has several positive points, it does have its drawbacks. These include:

  • No Bill Pay or checks. The account doesn’t support bill pay service or come with checkwriting privileges.
  • No 24/7 support. Access live chat during business hours or call from 8 a.m. to 8 p.m., seven days a week. Outside of those hours, customer service support is limited.
  • No sign-up bonus. Capital One regularly runs promos for its checking, savings and money market accounts, but there are currently no rewards for opening this account.

Before you decide if this is a match, you can learn about student checking account options to find the best rates and features for you and your teen’s financial goals.

Compare Capital One Money with other student checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Alliant Credit Union Free Teen Checking
80,000 ATMs for free
No minimum or maximum balance and no monthly service fee.
Capital One MONEY
39,000+ Capital One and Allpoint ATMs nationwide
A teen checking account with zero fees.
Wells Fargo Teen Checking
Everyday checking made easy. Open with $25.
Chase College Checking
16,000 Chase ATMs and nearly 4,900 branches nationwide
New Chase customers can get a $100 signup bonus when they complete 10 qualifying transactions within 60 days of account opening. Plus no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.
USAA Youth Spending
60,000+ USAA ATMs
Enjoy a checking account without the monthly service fees.

Compare up to 4 providers

What other checking options does Capital One offer?

Capital One has one other checking account:

  • Capital One 360 Checking. This online-only account earns 0.1% on your total account balance. It’s free to open and maintain, and you’ll pay nothing to withdraw your money from 39,000 Capital One and AllPoint ATMS across the US.

Does Capital One offer business services?

Yes. Capital One has two customized business checking accounts:

  1. Spark Business Basic Checking. This account helps businesses to manage their cash flow with unlimited transactions and free overdraft protection. The bank will waive the $15 monthly service fee if your previous 30- or 90-day balance averages $2,000 or more.
  2. Spark Business Unlimited Checking. Along with unlimited transactions, this account offers fee-free cash deposits and five free domestic wires each month. The monthly service fee is $35, but Capital One will waive it if your prior 30- or 90-day balance averages $25,000 or more.

Frequently asked questions

Checking account ratings

★★★★★ — 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.

Read the full methodology of how we rate checking accounts.

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