Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Current teen banking review

Last updated:  

Track your teen’s chores, allowance and spending with Current debit card.

Current Bank’s Teen Banking debit card gives you the ability to set up allowances and track your teen’s spending. You can digitally negotiate how much chores are worth and schedule recurring deposits. But the account may not be right for someone looking to teach their teen about more traditional banking.

$36 per year

Fee

N/A

APY

$0

Minimum deposit to open

Details

APYN/A
Fee$36 per year
Minimum deposit to open$0
ATMsAnywhere Visa is accepted
ATM transaction fee$0
Out-of-network ATM fee$3 Subject to ATM operator fee
Foreign transaction fee3%
Overdraft fee$0
Avatar

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

Current teen banking debit card helps you track your teen’s chores and allowance, while giving you some control over how they spend their money.

But the card’s $36 annual fee may start to eat into your teen’s savings. Card fees are also attached to paper statements, international ATM withdrawals and foreign transactions.

What are the benefits of a checking account with Current teen banking?

Similar to other debit cards, you’ll have the ability to track your spending and setup alerts. Other benefits include:

  • Person-to-person transfers. Its Current Pay feature serves as a money transfer app allowing you to send or request money from other Current members using a unique handle or QR code.
  • Round-up for savings. Every purchase made is rounded up to the nearest dollar and the difference is deposited into a specific savings goal.
  • Parental controls. Choose spending categories, set spending limits and decide when to turn the card on and off all from the mobile app.
  • Transaction blocking. Temporarily turn off ATM usage or block certain merchants.
  • Separate funding sources. Unlike most accounts for kids and teens, divorced parents can co-manage this one without having access to each other’s bank account information.

What should I look out for?

Consider the following before you sign up for a Current teen banking card:

  • Annual subscription fee. You’ll pay $36 annually for each teen you add to your account.
  • Additional fees. You’ll incur a 3% transaction fee for purchases made abroad, $3 for international ATM withdrawals and $2 if you receive paper statements.

If you want a debit card with lower fees, you’ll want to keep looking. As always, compare your options when considering a debit card for your teen.

Compare with other checking accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
Up to 2.15%
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
loading

Compare up to 4 providers

How do I open a Current teen banking account?

Sign up for the Current teen banking card in nine steps:

  1. Visit the Current website Cash from the home menu.
  2. Click More about teen banking and then Get started.
  3. Enter your mobile number and then click Sign up.
  4. Once you receive the text message, download the Current app.
  5. Open the app and click Get started.
  6. Verify your number and click Next. Enter the verification code.
  7. Provide your email address, full name, birth date and click Sign up.
  8. Choose the Teen Banking account and add your teen’s information.
  9. Select which card you want your teen to receive.

Eligibility

To sign up, primary account holders must meet the following requirements:

  • At least 18 years old
  • US citizen or permanent resident
  • Valid US residential address

Your teen must meet the following requirements:

  • At least 13 years old
  • US citizen or permanent resident

Required information

You’ll need a smartphone and the following on hand when you’re ready to apply:

  • Valid driver’s license, passport or permanent resident card
  • Valid Social Security number
  • US residential address

How long will it take to get my card?

Your teen’s card will arrive within two weeks, but you can start loading funds to their account immediately.

I got the card. Now what?

Once your teen receives their card, you can start managing the account:

  • Allowances. Set up recurring transfers on a daily, weekly, bi-weekly or monthly basis to act as your teen’s allowance.
  • Chores. Set up a list of chores for your teen with a payment attached.
  • Real-time alerts. Set up alerts to your teen’s spending.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site