Best Checking Accounts for Teens

The Axos Bank First Checking account is the best overall account for teens due to its myriad features including parental controls, domestic ATM fee reimbursements up to $12 per month, the ability to earn interest (0.10%  APY as of October 2024), and intuitive banking features. 

This checking account is open to teens who are 13 through 17 years old (18 years old in Alabama) and have an adult co-owner on the account. Once your teen reaches adult age, they have the option of converting it to any of Axos Bank’s available checking accounts. There are no account minimums and no monthly or overdraft fees. In addition to mobile banking and a user-friendly website, Axos First Checking offers built-in parental controls for setting up account alerts and enhanced security with biometric login. You can also view your teen’s spending, sync accounts to one dashboard, and lock or unlock your teen's debit card.

With 24/7 customer support and access to 91,000 ATMs across the country, Axos will provide a hassle-free first banking experience for your teen.

Read the full Axos Bank review.

Capital One’s MONEY Teen is the best checking account for college savings because the bank’s intuitive tools offer an easy and visual way to track savings. In fact, this bank account is for anyone eight years and up, which is helpful if you want to give your child a head start on money management skills.

Other benefits of this account include no minimum deposit amount, no monthly maintenance fee, no overdraft charges, mobile banking, and the potential to earn 0.10% APY as of October 2024. The account comes with its own debit card and a spending and withdrawal limit of $500 or less, which the parent can set. Parents can also track account activities on the app, and lock or unlock their kid’s debit card if needed. Once your teen has their account, they can allocate money for spending under 'Spendable' or savings under 'Set Aside.' They can also name categories, set goals and deadlines, and plan for expenses like college tuition or Spring Break.

You and your child can open the Capital One MONEY Teen account online using their application form. 

Read the full Capital One Bank review.

Alliant Credit Union’s teen checking account didn’t earn our top score because of its membership requirements and maintenance fees but it does win the best APY because it offers the best current rates. Alliant Credit Union’s membership requirements are flexible. If you don't live or work in one of the communities near Alliant's corporate headquarters in Chicago, you can still join by becoming a Digital Inclusion Advocate and paying a one-time $5.00 fee.

Aside from the high APY, this account offers plenty of features helpful for your teen, including $20 in ATM fee rebates per month, a contactless Visa debit card for you and your teen, and no fees or account minimums. To qualify for interest earnings, account holders must receive electronic statements and have at least one recurring monthly deposit, such as a direct deposit, ATM deposit, or transfer from an external institution.

Alliant Credit Union’s mobile app lets your teen budget on the go and pay using their mobile wallet. Adults can use the app to monitor spending and set up transaction alerts. 

To open a checking account, both you and your teen need to fill out a membership application form and send it via email. Alliant Credit Union will then send instructions on how to open a teen checking account.

Copper has partnered with Evolve Bank & Trust, an FDIC-insured bank, to create a checking account specifically for teens. We like that the banking app is designed to help teens learn financial literacy skills with features such as interactive quizzes and other content created by financial literacy advisors. 

There are no fees, including ATM and overdrafts, though your teen may be charged third-party fees from out-of-network ATMs. Your teen can also set up automatic savings to help reach their financial goals. However, you won’t earn any interest with this account, and your teen won’t be able to access their account outside of the mobile app. 

To open a Copper account, parents or guardians will first need to open an account, then add their teen onto it (they’ll need to download the app and provide their mobile phone number). Once approved, Copper will mail your teen a debit card.

The Chase First Checking account is a great fit for parents or guardians who want more control or influence over their teen’s checking account.

You'll find usual features such as account alerts to track your teen's purchases and setting withdrawal limits through the Chase app. Plus, parents can set limits on specific spending categories and certain types of retailers, and approve or decline their teen's request for money. Other features include a savings feature so that teens can set their own savings goals, and the ability to receive one-time payments once they complete assigned chores. 

There are no monthly fees, though your teen will be charged out-of-network ATM fees ($3 for non-Chase ATMs in the U.S., $5 for non-Chase ATMs outside the U.S.). There are also features that are available to your teen including overdraft and check deposits.  

To open an account, you'll need to contact Chase to see if you have a qualifying checking account. If you don't, you'll need to open one before being able to open a First Banking account.

Read the full Chase Bank review.

USAA has been serving the military community since 1922 and it’s a solution that makes sense if you’re already a USAA member.

Opening an account requires a $25 minimum deposit. Afterward, there are no monthly fees, though if you opt out of overdraft protection, your teen may be subject to overdraft fees. The account offers basic parental controls such as setting withdrawal and debit card limits, account alerts, and limit deposits. At 13, your teen can access their account online or via the mobile app themselves as long as you give them permission. Once your teen turns 18, the account is eligible to convert to a USAA Classic Checking account. Parents can choose to stay on as joint account holders, allowing continued monitoring of the account and assistance with bills or transfers, which can be beneficial if they choose to attend college.

To open an account, you’ll need to become a member and fill out an application form with your teen. 

Read the full USAA review.