Capital One Money review
A teen checking account with a competitive APY and unique money management tools.
finder.com’s rating: 4.4 / 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
Fee
0.10%
APY
$0
Minimum deposit to open
Details
| APY | 0.10% |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $0 |
| ATMs | 70,000+ Capital One and Allpoint ATMs nationwide |
| ATM transaction fee | $0 |
| ATM fee rebates | 15 |
| Out-of-network ATM fee | $0 |
Review by
Katia Iervasi
katia.iervasi@finder.comKatia 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:
- Go to the provider’s site and follow the steps to apply.
- From the Capital One website, hover over the Checking & Savings tab and select Money Teen Checking.
- On the landing page, press Open Account.
- Log in if you have an existing Capital One account, credit card or loan. If you don’t, press No.
- Select the adult as the primary account holder. Enter the Personal, Contact, Citizenship and Employment details for both the adult and teen account holder.
- Review and agree to the Terms & Conditions.
- Click Now, Let’s Add Money.
- Follow the prompts to provide identifying documents and fund your initial deposit. Capital One will confirm those details and send you an account number.
Eligibility
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 child must be:
- Between 8 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, track your teen’s spending and set spending controls. You’re also the only one who can set up automatic transfers from your Capital One account.
- Doesn’t convert to another account. Unlike most checking accounts for kids, the account won’t automatically convert into another account once they turn 18. But they can roll over their account balance into a regular Capital One 360 Checking Account if they choose to.
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.
Capital One‘s ATM network and fees
You can dip your Mastercard debit card into 70,000 Capital One, Allpoint and MoneyPass ATMs nationwide for free. If you use an ATM overseas or outside of these networks, 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.
How do I deposit or withdraw my money?
Capital One offers several ways for you and your teen to access your money.
Deposits
- Capital One ATM
- Mobile check deposit on the Capital One mobile app
- ACH transfers
- Direct deposit
- Incoming wire transfer
Withdrawals
- ATM withdrawals
- Debit card
- ACH transfer
Compare Capital One Money with other teen checking accounts
See how Capital One Money stacks up to the competition by comparing account features including interest rate, opening deposit and ATM networks.
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 70,000 Capital One, MoneyPass and Allpoint ATMs across the US. Plus, it offers direct deposits up to two days early.
Does Capital One offer business services?
Yes. Capital One has two customized business checking accounts:
- 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.
- 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
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.
Read the full methodology of how we rate Kids’ debit card accounts.