Top 10 Checking Accounts for Teens (2022)

Capital One

Capital One Financial (COF) has an account geared specifically for teens. The Money account is a no-fee, no-minimum account. The account also pays a 0.10% annual percentage yield (APY).

This account is also great for tech-savvy teens who don't want the hassle of branch-based banking. Opening the account and doing routine transactions like check deposits and transfers can be done from a mobile device on the Capital One app. Parents interested in tracking account activity can elect to receive text notifications for every transaction.

Chase Bank

The Chase High School Checking is geared to students between 13 and 17 years of age. The account from JPMorgan Chase & Co. (JPM) offers a full suite of ways to track account activity and balances including mobile banking, online bill paying, and account alerts.

The bank requires an adult to link an account to the teen's checking account. If the account is later changed to a Chase College Checking account, the monthly service fee is waived for up to five years while in college or if there is at least one direct deposit into the account every month.

Wells Fargo

The Clear Access Banking account at Wells Fargo & Company (WFC) requires a $25 initial deposit and comes with no maintenance fees. Teens can benefit from the money management tools available through the account. The bank offers mobile access for routine banking and fraud monitoring.

(Video) Best Bank Accounts For TEENAGERS in 2021

Union Bank

The Teen Access Checking account at Union Bank (UNB) is designed for teens between ages 13 and 17. It requires $100 to open and does not charge a monthly maintenance fee. The key feature of the account is the ability for parents to set daily spending and withdrawal limits on the ATM or debit card that comes with the account. The account offers access through its mobile banking app, the online banking website, and through its bill-paying program.

USAA

Top 10 Checking Accounts for Teens (9)

(Video) Best Bank Accounts For Teenagers Under 18

The Youth Spending account offered by USAA Federal Savings Bank does not charge maintenance fees and has a $25 minimum deposit. The checking account offers adult account co-owners a variety of options to limit spending, withdrawals, and transfers, as well as overdraft protection with linked credit cards or accounts. The account includes mobile banking and online access. After turning 18, the account automatically converts to a free Classic Checking account which also has no monthly fees.

Alliant Credit Union

The teen checking account at Alliant Credit Union offers online and mobile access, as well as limits on spending and withdrawals. The key feature is its APY of 0.25% which is available for accounts with paperless statements and at least one direct deposit per month. Alliant refunds up to $20 per month in ATM fees if the teen uses out-of-network machines. The account also offers a P2P tool for mobile payments.

Citizen’s Bank

Opening a student account at Citizen’s Bank, which is a subsidiary of Citizen’s Financial (CFG), comes with no monthly fees until the age of 25. It also provides an account experience similar to joint checking accounts with online access and mobile banking.

(Video) Top 4 Checking Accounts For Teenagers/College Student | CNBC's Top Checking Accounts For Students

The advantage for teens is that, when a savings account is linked to the checking account, the bank provides extra tools to help set goals and track savings for the purchase of a car, travel, or college.

Bank of America

While Bank of America does not have a checking account dedicated to teens, its Advantage SafeBalance Banking account comes with no fees as long as your teen is a student.

First National Bank and Trust

With a checking account focused on 16- and 17-year-olds, First National Bank and Trust Company has no monthly fees and a $25 minimum balance to open. Mobile banking, online access, and bill paying are included with the teen checking account.

Your Local Community Bank

Local community banks generally offer many of the same features as larger banks, but often have a more personal touch, with teen-centric websites, financial blog posts, and educational resources.

The personal environment at smaller banks can be more conducive to the sharing of advice, knowledge, and experience from people who have been in the business for years. In addition to banks and credit unions, many fintech startups have built their business models around teens' and kids' financial needs. Examples of these startups include Greenlight, Jassby, Goalsetter, and GoHenry.

(Video) I Found the BEST Checking Account for Teens and Kids

Best Checking Accounts for Teens

For teenagers, having a checking account prior to heading off to college, heading into a trade school or vocational school, or those who go straight into the workforce after high school can provide valuable real-world experience in managing a budget,cash flow, and bills. There are numerous options and features for these accounts, all of which can help them become financially responsible adults. Here are a few things to consider.

Mobile Banking

Let's face it, many teens today spend a lot of time on their mobile devices. So it makes sense that the bank your family chooses for your teen(s) offers the convenience ofmobile banking. It also helps if there are usually little or no fees involved with mobile deposits, transfers, and any other transaction made on a phone or tablet.

For teenagers, having a checking account can provide valuable experience in managing a budget, how to cash flow, and paying bills.

Monthly Minimums and Fees

Ask about any monthly minimum balance requirements and associated fees. This is especially important for teens since they have a limited amount of income. Some banks also waive automated teller machine (ATM) fees, while others have no-fee debit card transactions.

If they decide to stay with the same bank as their teen account, when your child turns 18 years old, they may be able to shift the balance of their teen or student account into a regular checking account.

Parental Controls

While you may want to allow your teen some financial independence, don't give them free rein over their bank accounts. After all, these are the formative years of their lives, and you don't want them spending every single penny in their account.

This is why many banks offer parents to set withdrawal anddebit cardtransaction limits. Some even send text alerts to parents about their teen's banking activity. Another way to keep control over your teen's spending habits—especially if there are no parental control options available—is to become a joint account holder, which many teen accounts require.

If your bank doesn't offer any parental controls, consider becoming a joint account holder with your teen.

Account Conversions

Your teen won't stay a teen forever, and that also rings true for the teen account. Check with the bank to find out what happens to the account after the maximum age limit. Does it automatically convert to a regular checking account? Can your teen keep the account along with its benefits during college? You'll want to find an option that comes with as few hassles as possible.

After you've looked at all the key criteria for your teen's account, you'll want to research which banks meet your needs before you narrow down your choice.

What Do I Need in Order to Open a Bank Account for My Teenager?

When you help your teen open a checking account, both of you will need to provide specific information to the bank including your full name, social security or tax ID number, home address, and a form of government identification, like a driver's license, passport, social security card, or birth certificate.

At What Age Can a Teenager Own a Bank Account?

Teen-centric bank accounts may vary in terms of ages to open an account, some start at age 13. Most student or teen checking accounts call for a parent to be linked or co-owner of the account. Minor children aren't allowed to open a bank account, unless it is a custodial or jointly held account with a parent or family member.

The Bottom Line

If you don't have close proximity to a bank and want to open an account for your teen, you may be able to do so with an online account. Otherwise, most banks offer joint or custodial accounts for teens. There are risks to allowing your teen to open an account, if they rack up overdraft fees by overspending, carry a negative balance, or don't keep their account current, it could impact them in the future, if they want to open an account at the same financial institution.

Because most teen accounts call for a joint-owner (usually a parent), there are opportunities to witness how your child spends their money. It can be a starting point for conversations about finances, and together you can split bank fees. Teaching your child to be fiscally prudent with their earnings from a job, may be helpful as their gain more financial independence in young adulthood.

(Video) THE BEST BANK ACCOUNTS FOR BEGINNERS AND TEENAGERS | Bank accounts for beginner tips and tricks!

FAQs

How can I get an under 18 checking account? ›

In summary. Opening a bank account for a teenager can be done, typically with the help of a parent or guardian as owner of the account. Often, the account may need to be opened in a branch, but some teen accounts can be opened online — again, with the oversight of a parent or guardian.

Which bank account is best for my child? ›

The Best Savings Accounts for Kids for 2022
  • Best Overall: Capital One's Kids Savings Account.
  • Best for Young Children: USAlliance Financial's MyLife Savings for Kids.
  • Best for Teens: Alliant Credit Union's Kids Savings Account.
  • Best for Maximizing Interest: Spectrum Credit Union's MySavings Youth Account.

Which bank is best for students? ›

Compare the Best Banks for Students
CompanyAge RequirementMinimum Deposit
Chase Best Overall13 to 24$0
CapitalOne Best for High School Students8 to 18$0
U.S. Bank Best for College Students18+ for solo account, 14-17 jointly with parent$25
Ally Best Online Bank18+$0
3 more rows

Is Wells Fargo a good bank for students? ›

All in all, the Wells Fargo Student Checking Account is a relatively basic account. It offers the services you need without bells and whistles. If you can meet the requirements to waive the monthly fee, it isn't a bad choice.

Can I get my teenager a debit card? ›

Debit cards for the youngest teens

Since teens must be 16 to get a checking account at many banks, families who want a card for the younger set can opt for prepaid cards. Parents can preload the card with a set amount of funds and reload the card as needed.

Which debit card is best for students? ›

Here's a list of 5 best debit cards for students in India.
  • #1. Youth Debit Card offered by Axis Bank.
  • #2. HDFC Bank's DigiSave Account Debit Card.
  • #3. IDBI Bank's Being Me Debit Card.
  • #4. State Bank of India's Pehli Udaan Debit Card.
  • #5. This debit card is another good option for students.
18 Dec 2018

What banks pay you to open an account? ›

A closer look at the top consumer checking account bonuses
  • Citibank: Up to $2,000 bonus.
  • Fifth Third Bank: $375 bonus.
  • BMO Harris: $300 or $500 bonus.
  • SoFi Bank: up to $300.
  • TD Bank: up to $300.
  • M&T Bank: up to $200 bonus.
  • Chase Bank: $200 or $100 bonus.
  • Huntington National Bank: Up to $300 bonus.
2 Sept 2022

Can a parent take money out of a child's bank account? ›

Under The Uniform Gift to Minors Act and the Uniform Transfer to Minors Act, the money in these counts is legally protected on behalf of the children. While the kids are still minors, a parent will have the right to withdraw money, the requirement being that it is being used directly for the wellbeing of the child.

Can you get a debit card at 16 without parents? ›

Whether you're 18 or not, you'll be able to get a debit card. If you're under 18, you'll just need a parent or guardian on the account with you. But when you're deciding whether or not to get a debit card, age may not be the most important factor.

Can a 15 year old have a debit card? ›

A child can typically get a teen debit card at 13 years old when a parent or legal guardian opens a teen checking joint account on their behalf. Teen checking accounts are typically available until the child turns 18.

How much money should a 10 year old have in the bank? ›

Levine recommends 50 cents to a dollar for every year of age, on a weekly basis. For example, a 10 year old would receive $5 to $10 per week. As your child grows, so should his responsibility for his own discretionary spending.

Which bank account is best? ›

Top Savings Bank Accounts of 2022
  • State Bank of India (SBI) Savings Account. 2.70% p.a.
  • HDFC Bank Savings Account. 3.50% p.a.
  • Kotak Mahindra Bank Savings Account. 3.50% p.a.
  • DCB Bank Savings Account. 6.50% p.a.
  • RBL Bank Savings Account. 6.00% p.a.
  • IndusInd Bank Savings Account. 5.00% p.a.
  • ICICI Savings Bank Account. 3.50% p.a.
10 Aug 2022

What age can a child have a current account? ›

Children can open their own current account once they turn 16. But if they're younger they'll need a parent, grandparent or guardian to do this for them.

What is the best bank for students in USA? ›

Top US Student Checking Accounts
BankBank account nameMinimum initial deposit
Bank of AmericaBank of America Advantage Banking$25
ChaseChase college checking account$25
Wells FargoStudent checking account$25
6 more rows

How many bank accounts should a student have? ›

An expert recommends having four bank accounts for budgeting and building wealth. Open two checking accounts, one for bills and one for spending money. Have a savings account for your emergency fund, then a second account for other savings goals.

Is a student bank account worth it? ›

Is it worth getting a student bank account? Yes, if you're a student and looking to open a new bank account, they can be a good option. Student bank accounts offer perks that often are unmatched by other types of current accounts. This is because banks know your worth — most people rarely switch their current account.

Is PNC bank a good bank? ›

PNC Bank's rating is a B+, better than Wells Fargo or TD Bank, but it too gets low marks for its fees and customer satisfaction. The banks above are worth considering, but they're not your only options. The best banks for you are the ones that offer what you need from a financial services company.

Is chime a good bank? ›

Overall bank rating

The bottom line: Chime is an online-only financial technology company that partners with two banks to offer checking and savings accounts. It doesn't work like a traditional neighborhood bank, but its accounts still have FDIC insurance, so they're safe places to keep your money.

How much money do you need to start a bank account at Wells Fargo? ›

Wells Fargo requires a minimum deposit of $25 to open an account. Be sure to bring cash or a check with you so you'll be able to deposit money into your new account.

Is Greenlight free? ›

Greenlight plans start at $4.99 per month and include debit cards for up to five (5) kids. Your first month is on us, and you can cancel at any time. See our Plans page for more details on plan pricing. If you would like to upgrade to a Custom Card, there is just a one-time fee of $9.99.

Which bank debit card is best? ›

Best Debit Cards to Pick 2022 - 2023
  • SBI Debit Card.
  • HDFC Debit Card.
  • Axis Bank Debit Card.
  • ICICI Bank Debit Card.
  • Yes Bank Debit Card.
  • Kotak Mahindra Debit Card.
  • HSBC Debit Card.
20 Sept 2022

How much is greenlight a month? ›

Rates and fees

One unavoidable downside to the Greenlight card is its ongoing cost: $4.99 per month for the basic plan, $7.98 per month for Greenlight + Invest and $9.98 per month for Greenlight Max.

Which bank has free debit card? ›

These banks are IndusInd Bank, IDBI Bank and Citi Bank. While Citi Bank is wrapping up its operations in India, IDBI Bank and IndusInd Bank are expected to continue offering free unlimited ATM transactions to their customers in India.

Which bank gives instant debit card? ›

MUMBAI: Axis Bank has said that it will provide instant virtual debit cards to customers who open savings account online with video KYC. The debit card will enable customers to transact immediately after opening an account and provide access to full range of 250 banking services online.

Can I have 2 debit cards? ›

There's no rule against having multiple debit cards, though having more than one checking account makes your financial life more complicated. Just make sure your main debit card and checking account — the bread and butter of your banking life — work for you.

What's the easiest online bank account to open? ›

Chime. Chime1 is probably the easiest to join. New members can head online and simply enter their basic details — first and last name, email and Social Security number — and voila, that's all!

Does chime give you free money? ›

Open a new Chime account through a referral link provided by a relative or friend, then receive a qualifying direct deposit of $200 or more within the first 45 days, and you'll earn $100. The person referring you to Chime may receive a $100 referral bonus as a reward.

How can I get $200 from Wells Fargo? ›

Wells Fargo Everyday Checking: Earn $200

It also has a $10 monthly service fee. What is the offer? Open a new Everyday Checking account with a minimum deposit of $25, take in $1,000 worth of qualifying direct deposits during the first 90 days, and earn a $200 bonus.

How do I stop my parents from checking my bank account? ›

To get your parents off of your bank account you'll need to visit a branch of your bank. Show them your identification and request for your parents to be removed from your account. You can also ask for all of your money in the form of a bank draft and close the account altogether.

How much money can a minor withdraw? ›

PehlaKadam : Child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-. Card will be issued in the name of the minor and Guardian. PehliUdaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor.

Can I deposit a check made out to my child? ›

To deposit a check that was written to your child (a minor), please follow these steps: On the back of the check, print your child's name. After the name, add a hyphen and the word "minor." Beneath your child's name, print your name.

What bank account can I open at 16? ›

Can a minor open a bank account? Yes, with an adult. If your child is age 14 through 17, you may open a joint Student Checking 1 or Safe Debit account together online. Visit a branch if you'd like to open a different account or if your child is younger.

Can I cash a 10 year old check? ›

Banks don't have to accept checks that are more than 6 months (180 days) old. That's according to the Uniform Commercial Code (UCC), a set of laws governing commercial exchanges, including checks. Banks are still allowed to process an old check as long as the institution believes the funds are good.

Can my parents see my bank account? ›

No matter how old you are, your parents will have full access to your funds as long as they are joint owners of your account. They will not need your permission to dip into your account, and while it is hard to imagine your parent taking your hard-earned money, or money set aside for tuition, it happens.

Can a 16 year old use Zelle? ›

Age - You represent that you are at least eighteen (18) years of age. The Information You Give Us Must Be Correct - To access this Site or some of the resources it has to offer, you may be asked to provide registration details.

How much money should I have in my debit card? ›

The general rule of thumb is to try to have one or two months' of living expenses in it at all times. Some experts recommend adding 30 percent to this number as an extra cushion. To determine your exact living expenses, track your spending over several months, including all bills and discretionary spending.

Can minor get ATM card? ›

ATM/Debit card eligible for minors of age10 years or more to those who maintain the prescribed minimum balance and subject to consent by parents / guardian for issue of ATM debit card.

How much should a teenager save from paycheck? ›

“A good rule of thumb is to save 10 percent of what you earn, and have at least three months' worth of living expenses saved up in case of an emergency.” Once your teen has a steady job, help him set up a savings program so that at least 10 percent of earnings goes directly into his savings account.

What should I save up for as a teenager? ›

Teenagers' savings goals should have a mix of long-term and short-term goals.
...
Things to Save Up for as a Teenager
  • Back-to-school clothing shopping.
  • School trips.
  • Streaming services.
  • Games & gaming equipment.
  • Presents for others.
  • Prom expenses.
  • Lessons for a hobby (sports, singing, an instrument, etc.)
  • College application fees.
4 Jul 2022

What is the average amount of pocket money for a 14 year old? ›

For kids aged between 4-6 years, the average amount per week is $7.17, while in the 7-9 years age bracket it drops slightly to $7.04. At 10-12 years, the average increases to $11.37, and from 13-15 it goes up again to $14.11. There's no right or wrong when it comes to choosing an amount.

Which bank is best for new account opening? ›

Best Bank to Open Account in India
  • Union Bank of India.
  • HDFC Bank.
  • ICICI Bank.
  • Kotak Bank.
  • Bank of Baroda.
  • Bank of India.
  • Axis Bank.
  • Canara Bank.
15 Dec 2021

Which bank has no minimum balance? ›

Enjoy the advantage of zero balance requirement with the Basic Savings Bank Deposit Account (BSBDA) from ICICI Bank. Designed to help you save up consistently, our zero balance savings account offers you interest at attractive rates.

Can I get my teenager a debit card? ›

Debit cards for the youngest teens

Since teens must be 16 to get a checking account at many banks, families who want a card for the younger set can opt for prepaid cards. Parents can preload the card with a set amount of funds and reload the card as needed.

What is the best account to open for a child? ›

The Best Savings Accounts for Kids for 2022
  • Best Overall: Capital One's Kids Savings Account.
  • Best for Young Children: USAlliance Financial's MyLife Savings for Kids.
  • Best for Teens: Alliant Credit Union's Kids Savings Account.
  • Best for Maximizing Interest: Spectrum Credit Union's MySavings Youth Account.

What happens to my 123 mini account when I turn 18? ›

Young people can open a 1|2|3 Mini account up until their 18th birthday. The account automatically transfers to an adult current account after the holder's 19th birthday if it hasn't been transferred to a different Santander current account before this time.

Can my 16 year old open a bank account? ›

Checking accounts for minors: The minor must be at least 14 years old to open a joint checking account. You may want to consider Student Checking and Safe Debit. You can apply for either of these two accounts together online or in a branch.

Can a 14 year old have a bank account? ›

At most banks, you can open a teen checking account when your child is 13. One parent is usually required to be a joint owner until your child turns 18. As a joint owner, you'll have the ability to monitor and access this account if you wish.

Can a 15 year old open a bank account without parents? ›

Minor children by law can't open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18.

Can 17 years old open bank account? ›

Opening of Bank Accounts in the Names of Minors
  • A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian.
  • Minors above the age of 10 years may be allowed to open and operate savings bank accounts independently, if they so desire.
12 May 2014

Which bank account is best? ›

Top Savings Bank Accounts of 2022
  • State Bank of India (SBI) Savings Account. 2.70% p.a.
  • HDFC Bank Savings Account. 3.50% p.a.
  • Kotak Mahindra Bank Savings Account. 3.50% p.a.
  • DCB Bank Savings Account. 6.50% p.a.
  • RBL Bank Savings Account. 6.00% p.a.
  • IndusInd Bank Savings Account. 5.00% p.a.
  • ICICI Savings Bank Account. 3.50% p.a.
10 Aug 2022

What banks pay you to open an account? ›

A closer look at the top consumer checking account bonuses
  • Citibank: Up to $2,000 bonus.
  • Fifth Third Bank: $375 bonus.
  • BMO Harris: $300 or $500 bonus.
  • SoFi Bank: up to $300.
  • TD Bank: up to $300.
  • M&T Bank: up to $200 bonus.
  • Chase Bank: $200 or $100 bonus.
  • Huntington National Bank: Up to $300 bonus.
2 Sept 2022

Can I cash a 10 year old check? ›

Banks don't have to accept checks that are more than 6 months (180 days) old. That's according to the Uniform Commercial Code (UCC), a set of laws governing commercial exchanges, including checks. Banks are still allowed to process an old check as long as the institution believes the funds are good.

Can you get a PayPal account at 14? ›

If you are an individual, you must be a resident of one of the countries/regions listed on the PayPal Worldwide page and at least 18 years old, or the age of majority in your country/region of residence to open a PayPal account and use the PayPal services.

How can a minor cash a check without an ID? ›

If you don't have a photo ID, many banks will allow your parent to cash the check for you. Your parents will need to sign their names, write "parent of minor" and show their photo ID and your birth certificate.

Can I get a chime card for my child? ›

Teaching Kids About Money FAQs

No, children can't open a Chime account. You must be 18 years or older to open an account and get a Chime debit card. This is pretty common and something parents should be aware of when considering the best time to introduce their kids to a checking and savings account.

Can my parents see what I bought with my debit card? ›

Can My Parents See My Transactions? Yes, but there are ways to prevent it. If your parents have access to the same account, you won't be able to hide your transactions from them entirely; however, they will only be able to see the last 90 days of activity by default.

How do you hide your transactions from your parents? ›

If you really need to hide a purchase, such as when buying a gift or something highly personal, you do have a few options:
  1. Use cash. Cash is a reliable low-profile way of making purchases. ...
  2. Buy and use a gift card. ...
  3. Use an online payment service. ...
  4. Switch to electronic payments.
4 Jan 2021

How can a teenager get a debit card? ›

Most teen debit cards are designed as mobile-first applications, with the ability to sign up online. If the teen is under 18 years of age, there typically needs to be a joint account holder (parent or guardian) that is at least 18 years old to sign up for an account.

Can minor get ATM card? ›

ATM/Debit card eligible for minors of age10 years or more to those who maintain the prescribed minimum balance and subject to consent by parents / guardian for issue of ATM debit card.

Can I get a debit card at 17 without my parents? ›

Banks won't open accounts for minors, without a parent or guardian or somebody over the age of 18 to be a co-signer on the account.

Can minors use Google pay? ›

To use Google Pay you must be 16 years of age or older. If you are 16 or older but under 18 years of age (or the legal age of your country, if greater), you must have your parent or legal guardian's permission to use Google Pay and to accept the Terms. In order to use the Google Pay app, you must be 18+.

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