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finder.com’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
Fee
0.10%
APY
$0
Minimum deposit to open
APY | 0.10% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATMs | 39,000+ Capital One and Allpoint ATMs nationwide |
ATM transaction fee | $0 |
ATM fee rebates | 15 |
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).
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.
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:
The Money account has two joint owners.
The adult account holder must meet these requirements:
The teen account holder must be:
To apply for an account, you’ll need the following information and documents:
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.
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:
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.
While the teen checking account has several positive points, it does have its drawbacks. These include:
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 has one other checking account:
Yes. Capital One has two customized business checking accounts:
★★★★★ — 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.