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The best teen checking account offers low fees, tools to develop good money habits and gives teens a convenient way to access their money. Most checking accounts for kids are only available to teens aged 13 to 17 years old and require a parent to open the account. We researched over 165 checking accounts to find the top six bank accounts for teens that have financial literacy tools and low fees and deposit requirements.
What’s changed in 2021?
We reviewed our best list and added Copper Banking for its financial literacy and savings tools and Axos Bank First Checking for its APY, ATM refunds and low fees.
| Account | Best for | Monthly fee | Minimum opening deposit | Learn more |
|---|---|---|---|---|
| Axos Bank First Checking | Earning interest | $0 | $50 | Go to site |
| Copper | Financial quizzes | $0 | $0 | Go to site |
| Alliant Credit Union Free Teen Checking | Free checking and no minimum deposit | $0 | $0 | Read review |
| Capital One Money | Money management tools | $0 | $0 | Read review |
| Wells Fargo Clear Access Banking | Financial independence | $5 | $25 | Read review |
| USAA Youth Spending | Military kids | $0 | $25 | Read review |
Explore our list of the best teen checking accounts available today.
Finder rating 3.5 / 5 ★★★★★
| APY | 0.10% |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $50 |
Finder rating 4 / 5 ★★★★★
| APY | 0.00% |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $0 |
Finder rating 4.1 / 5 ★★★★★
| APY | 0.25% |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $0 |
Finder rating 4.4 / 5 ★★★★★
| APY | 0.10% |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $0 |
Finder rating 3.5 / 5 ★★★★★
| APY | N/A |
|---|---|
| Fee | $5 per month |
| Minimum deposit to open | $25 |
Finder rating 3.4 / 5 ★★★★★
| APY | 0.01% |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $25 |
Most teen checking accounts come with mobile and online banking. But you’ll also want to evaluate these features when shopping around for the best account:
Teach your teen how to manage their checking account by showing them how to monitor their balance, avoid overdrafts and spot any fraudulent activity. You can also teach them how to use check out at the store using their debit card and PIN, as well as how to write checks and deposit them in the bank’s mobile app.
The internet makes banking easy by providing ways to view your account activity and manage your finances online or from an app on your phone. Some banks may have limited online features for minors or require a parent’s permission to bank online — check with the financial institution you’re interested in before signing up.
Security is an important feature to consider when banking online. Never share your bank password with your friends or post it online. For added protection you could also ask for a two-factor authentication, where a special code is texted to your smartphone every time you login to your online banking platform.
A checking account isn’t much use if you don’t have any money in it. Finding a job is one way to gain financial independence and begin saving for your first car or other major expense.
Start by considering what skills you possess that an employer would consider beneficial, and then build a resume that emphasizes those as well as your positive experiences in school. If you get an interview, dress and act professionally. If it’s your first interview, practicing with a friend or parent first can help you stay cool and collected.
Sort the table by APY, fees, minimum deposit, ATMs and more to find a checking account.
Teen checking accounts look and feel like regular checking accounts, but they’re designed for children age 13 to 17. They often have lower fees than their adult counterparts, with many banks offering accounts with no ongoing monthly fees at all.
Another perk of teen checking accounts is that they come with a linked debit card, so you can make purchases online and in-person. Plus, you can withdraw money from an ATM.
But you’ll need a parent or legal guardian as a joint account owner, and depending on the bank they may be able to track your purchases and withdrawals online.
After his 16th birthday, Josh was able to get a part-time job at a local grocery store stocking shelves. He opened a checking account using his birth certificate and student ID so that his paychecks could be automatically deposited.
This means he doesn’t have to take his check to the bank each week and then wait for it to clear. Plus, since the account included a linked debit card, he is able to withdraw that money immediately to have cash in his pocket, while transferring a portion into his savings account for his first car.
At most banks, teens are also eligible to open savings accounts — you can even link a savings account to your checking account so you’re able to easily transfer money over. Money in a savings account will gain interest over time, so the longer you go without touching it, the more you’ll have.
One of the easiest ways to reach a goal, such as Josh’s plan to buy a car, is with a savings plan.
Start by estimating how much you need to save and for how long. Then decide how much of your weekly earnings you can afford to stow away into a savings account — some banks will let you set up automatic transfers from your checking account to your savings account to help you stick to your plan.
When creating your budget, look for ways to spend less on daily expenses. Brown bag your lunch for school or split the cost of renting a movie with a few friends instead of going to a theater. If you have trouble finding ways to save more, check your transaction history for the last several weeks to find out where your money is going.
The best teen checking accounts give you a secure way to stash your funds while still being able to access it when needed. But if you’re under 18, you’ll need an adult to be a joint account owner.
If you’re ready to get started, compare checking accounts to find one that’s the right fit.
Image source: Getty Images
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