The best teen checking accounts offer low fees, easy access and weave in financial learning to develop healthy money habits. Many teens can handle managing money with basic features, so accounts with budgeting and spending tools work well for this age. Most teen bank accounts are available for kids ages 13 to 17 and require a parent to open the account.
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5 best teen checking accounts
Explore our top picks for checking accounts designed for teens.
Step Visa Card is an app and with a secured credit card. There are no monthly fees, no minimum opening deposit and no interest charges. Where it stands out is its credit-building feature, which we’ve yet to see with other teen accounts. Teens can use their secured card like a debit card to help them build a credit history and avoid the woes of credit card interest charges. This account also won’t let them spend more than what’s in their deposit account balance, and parents and guardians get notified when kids spend their money. Step Visa Card also offers cash back on select offers and an optional investment platform they can open with a parent’s approval.
Axos Bank First Checking has no monthly fee but has a $50 minimum opening deposit. You’ll also earn 0.1% APY on your entire balance. But where it sets itself apart is its extensive ATM network. You can withdraw cash for free at over 91,000 Axos ATMs or 55,000 Allpoint ATMs. And if you find yourself at an out-of-network ATM, Axos Bank offers up to $12 in monthly ATM reimbursements.
Pros
Up to $12 in non-network monthly ATM reimbursements
Chase First Banking is a free teen checking account with no opening deposit. It puts parents in the driver’s seat by allowing them to monitor and control their kid’s spending. For example, you can get account alerts whenever your teen makes a purchase, cap how much your kid can withdraw at ATMs and create spending category limits, such as a maximum purchase of $10 at restaurants. But parents need an existing Chase checking account before opening a Chase First Banking account
The Alliant Credit Union Free Teen Checking account features no monthly fee or minimum deposit requirements. It's a great choice to jumpstart your kid’s savings because of its generous 0.25% APY. To earn interest, you must opt your teen to receive electronic statements and they must have at least one recurring monthly direct deposit into the account. And with 80,000 ATMs nationwide and up to $20 in monthly ATM rebates, Alliant won’t nickel-and-dime you to access your money. However, you’re required to join Alliant, which you can easily do by making a one-time $5 donation to Foster Care to Success.
Till Financial is a free debit card with no minimum deposit or balance requirements. While Till doesn’t offer interest, it lets parents boost their teen’s savings by matching their kid’s deposit, making regular weekly contributions or undertaking a parent-paid interest where you’ll contribute a percentage toward your teen’s savings goal balance every month.
Pros
Virtual and physical debit cards
Create multiple savings goals
Optional parental savings contributions
Ability to invite extended family and friends to contribute
Methodology: How we choose the best bank accounts for teens
Finder’s banking experts research over 165 checking accounts to find the top bank accounts for teens. We consider how teens can spend their money, including whether the account comes with a physical debit card for in-store purchases. Plus, we lean heavily into accounts that give teens a leg up, such as building positive credit or earning cash back or interest. We consider the following main factors:
$0 monthly fee
Accounts for ages 13 to 17
No strict membership requirements
No in-person account opening requirements
Parental spending controls, alerts or overdraft protection
Allows teens to easily transition or continue using the account once they turn 18 years old
WATCH: Best checking accounts for teens
How to choose a checking account for my teen
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:
Low fees. Most don’t come with a monthly fee. But you’ll also want to consider how much you could pay for overdrafts, non-network ATM withdrawals and foreign transactions if they’re traveling abroad.
ATM access. If you go with a local bank or credit union, there will most likely be ATMs in your area. But if you choose an online bank, make sure there are in-network ATMs nearby so your teen isn’t dinged for withdrawing cash. Some online banks even offer ATM refunds if you use non-network machines.
Parental controls. Think about how involved you want to be with your teen’s account and then find one with the control tools you need, such as alerts, spending limits and overdraft protections.
APY. Some accounts earn interest to help your teen grow their money. But the APY is usually not as competitive as what you’ll find with a kids savings account.
Account conversion. Consider what happens to your teen’s checking account once they turn 18. Some banks automatically close the account, while others transition it to an adult account, which could potentially have a monthly fee attached to it.
Safety. Make sure the account you choose is from a financial institution that’s FDIC insured up to $250,000.
Compare teen checking accounts
Narrow down your search by filtering by APY, fees, minimum deposit and ATM details. Select Compare on up to four accounts to see their features side by side.
Teen checking account alternatives
While checking accounts for teens introduce kids to the real world of banking, alternatives like prepaid debit cards focus on teaching money management through games, quizzes and financial tools. Check out these prepaid debit cards that dig deeper into financial education.
Greenlight gives you three plans to choose the features that suit your family best. The Core plan starts you off with cards for up to five kids, chore tracking and spending controls to limit your teens’ spending at different stores. Your teen also gets up to a 5% annual bonus on their savings, depending on the plan, and 1% cash back for debit card purchases with Greenlight Max or Infinity. Greenlight Infinity also lets the family turn on location tracking for car crashes or send out an SOS to family or 911 responders
GoHenry lets you automate allowance on a weekly basis and create chores that reward your teen with payment as they finish them. Its spending controls are another huge plus, letting you limit your teen’s spending down to the day, if you’d like. You can also choose whether your teen can shop online or in store, and they’ll have 45+ designs that they can choose from for their debit card. Plus, kids get exclusive access to its gamified financial learning with mini lessons that they can finish in a few minutes. Each lesson is carefully crafted for different ages by financial experts and teachers, using the K–12 Personal Finance Education National Standards.
Pros
Expert-designed financial games
Parental spending controls
45+ card designs and customizations
Cons
Charges extra for multiple kids
Monthly fee
$4.99
ATM withdrawal
$1.50
Card replacement fee
$4.99
Card type
Debit
Card network
Mastercard
Special offer
Get an exclusive 2 months free and $10 allowance when you sign up to GoHenry with Finder's exclusive code: AFFUSFDR10.
FamZoo is one of the most customizable kids’ banking apps we’ve seen. Send your teen’s allowance directly to their prepaid card or the family funding card. You can create lists for chores with the ability to assign recurring or one-off chores that get paid to the first child to nab them. You can also set up parent-paid interest on their savings at the percentage of your choice. Plus, set up an IOU account where your teen has to repay loans with interest — teaching them what it means to borrow money in the real world.
Pros
17+ customizable financial tools
Mock loans and bill pay features
Responsive customer support
Cons
Design not as user friendly as other kids apps
Learning curve to maximize using tools
Not all features accessible on mobile
Fee
$5.99 per month
Additional Card Fee
$0 $3 Additional Card Fee (after first 4 free cards)
Help teens strike a balance in all things finance — among spending, saving, investing and giving. Parents can divvy up allowance between categories automatically, teaching teens to have a save-first mentality. Then, set up recurring chores that get paid out once a week for the chores they completed that week. To show kids the power of compound interest, parents can also match what kids put in savings up to 100%. Last but not least, BusyKid grants one of the largest choices of charities, encouraging your teen to give back to the community.
Checking accounts help teach kids money management skills
A teen checking account is a great way to teach your teen specific skills on how to manage their finances before they jump head-first into an adult account. Show them how to:
Monitor their balance and budget for purchases to avoid overdrafts
Spot fraudulent activity
Make purchases using their debit card and PIN
Write and deposit checks
Part of their financial journey requires having some sort of income, either from a job, chores or a regular allowance. If your teen is ready to find a job, have them consider their interests, skills and positive experiences in school to build a resume to present to potential employers. Show them how to look for a job and go through the interview process so they know what to expect.
What is a teen checking account?
Teen checking accounts look and feel like regular checking accounts, but they’re designed for children aged 13 to 17 with a parent or legal guardian as a joint account owner. They often have lower fees than their adult counterparts, with many banks offering accounts with no ongoing monthly fee at all.
But you won’t find many extra features, such as financial literacy building tools, with these accounts. For extra perks like quizzes or investing options, you’ll need to look to digital accounts like Copper or prepaid debit cards like Greenlight.
What do I need to open a teen bank account?
When you open a bank account for a minor, you’ll need to submit more documentation than when you open an adult bank account. Since teens can’t own a bank account on their own, you’ll need to be a joint owner on the account. Most applications require the following documents:
Government-issued ID for you and your teen
Proof of address
Social Security numbers for you and your teen
Bottom line
The best teen checking accounts give kids a secure way to stash their funds while still being able to access it when needed. But they require an adult to open the account as a joint owner. If you’re ready to get started, compare debit card options to find one that’s the right fit for your family.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
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