10 Best Teen Checking Accounts of 2024
Teen bank accounts are a fantastic tool for teaching teenagers how to set their own financial goals and create budgets. The greatest checking accounts don’t have overdrafts or monthly service costs, which is extremely important for teenagers. It should also have options for creating budgets, a user-friendly mobile app, and simple internet banking.
The Best Teen Checking Accounts
- Citizens Bank Student Checking: Best brick-and-mortar bank, runner-up
- Capital One MONEY Teen Checking Account: Best online bank
- Axos Bank First Checking: Best online bank, runner-up
- Alliant Teen Checking: Best credit union
- Connexus Credit Union Teen Checking: Best credit union, runner-up
These organizations have continued to be our top choices over the past few months because of their distinctive benefits and low bank fees.
Every financial institution on our list is insured by the NCUA or FDIC. Remember that even if First Republic Bank was just closed, your money is secure at a banking institution that is federally insured. A bank account is safe up to $250,000 per depositor when the financial institution is federally insured.
Best Brick-and-Mortar Teen Checking Account
If joining a national bank is something you’d like to do, Chase High School Checking is a terrific option. There is no monthly service fee or minimum starting deposit required for this account.
The bank’s mobile app provides teens with budgeting tools to help them track their spending and set personal financial objectives. For example, you can establish objectives and schedule automatic transfers to save on a weekly or monthly basis using the Autosave tool.
In addition, Chase has 16,000 complimentary ATMs and over 4,700 branches, making it a desirable option for anyone seeking a nearby bank. If you are not a citizen of the United States, you can still open the account.
Runner-Up Brick-and-Mortar Teen Checking Account
Citizens Bank Student Checking
Teens and young adults can open a bank account with Citizens Bank Student Checking.
If you reside in the Midwest or on the East Coast, Citizens Bank is a good choice. Early direct deposit is available with Citizens Bank Student Checking, and there are no monthly service fees.
The student checking account will automatically switch to a Citizens Bank® One Deposit Checking account after you turn 25.
You cannot open an internet account if you are younger than eighteen. You will need to open an account at a branch instead. You can open a Citizens Bank Student Checking account as an individual bank account if you’re at least 17 years old. But if you’re in the 14–17 age range, you need to register a joint bank account with your parent.
Best Online Bank Teen Checking Account
Capital One MONEY Teen Checking Account
If you like internet banking, the Capital One MONEY Teen Checking Account is a great choice. There are no overdraft, monthly service, or out-of-network ATM fees with the online bank. Moreover, a customer service agent will be available to you via live chat around-the-clock.
However, keep in mind that Capital One will not pay back fees incurred by using an ATM outside of its network.
Runner-Up Online Bank Teen Checking Account
There are neither overdraft nor monthly service fees associated with Axos Bank First Checking. Additionally, you can obtain up to $12 in monthly refunds for ATM fees. Axos Bank offers a comprehensive teen checking account that simplifies the process of avoiding several bank fees.
You can only withdraw $100 in cash from your account each day, and you can only use your debit card to withdraw up to $500.
Best Credit Union Teen Checking Account
For young people between the ages of 13 and 17, Alliant Teen Checking is a wonderful choice. Notably, the account gives $20 in monthly reimbursements for out-of-network ATM fees and has no minimum balance limitations.
If parents wish to employ parental monitoring tools to assist control their child’s spending, they could enjoy Alliant Teen Checking. Parents are allowed to set up alerts for transactions and have complete access to their accounts with the credit union.
To register for an Alliant bank account, you need to be a member. Become a member of specific organizations, an employee, or a retiree to join Alliant. Additionally, if you are a relative of an active Alliant member or reside in specific areas of Illinois, you may be eligible. Joining Foster Care to Success is the simplest method to become a member, and Alliant will pay your $5 joining cost.
Depending on the amount in your account, Connexus might be able to provide a better interest rate. Alliant is, all things considered, a good option for an interest-earning checking account because not all checking accounts do.
Runner-Up Credit Union Teen Checking Account
Connexus Credit Union Teen Checking
Connexus’s teen checking account has no monthly service fees, no minimum opening deposit, and a reasonable interest rate. This is a special benefit that not many schools provide.
Wisconsin, Minnesota, Ohio, and New Hampshire are home to eleven operational branches of the online banking organization Connexus Credit Union. Opening a bank account with a credit union requires membership, but Connexus makes it simple for anyone in the US to do so. All you have to do is give the Connexus Association $5.
If you take more than $4 out of your bank account, Connexus will charge you an overdraft fee. If you link your checking account to a savings account, you can avoid this fee as the bank gives free overdraft protection.
Other Financial Institutions We Considered
In our search for banks and credit unions that provided teen checking accounts, we examined a wide range of financial organizations. These are more banks and credit unions that we thought about but ultimately decided against using. That so, if any of these accounts catch your attention, you might still wish to investigate them.
Be aware that since opening an account requires you to be at least eighteen years old, internet banking platforms are not included in our list.
TD Bank: For those between the ages of 17 and 23, TD Bank offers a student checking account with no monthly service costs.
Wells Fargo: For teenagers, Wells Fargo offers two alternatives for checking accounts. However, a $25 minimum startup deposit is needed for each account, and there can be monthly service costs for one of them. Our best choices for physical banks include fee-free accounts with lower minimum opening deposits.
M&T Bank: M&T Bank provides teenagers with a checkless account. To avoid paying the $4.95 monthly service charge, you must fulfill specific monthly requirements.
Regions Bank: For those who are 25 years of age or under, Regions Bank provides a student checking account. The account has a $50 minimum starting deposit requirements but no monthly service costs. However, the topics we chose for physical banks have more unique aspects.
PNC Bank: Teens can use the PNC Virtual Student Wallet, which has no monthly service fees. If all you want is a simple checking account, the three bank accounts that come with the Virtual Student Wallet may be too much to handle.
Bethpage: Bethpage offers a reliable checking account with no minimum opening deposit and no monthly fees. However, the features of our top choices are more noteworthy.
Customers: Customers provides a good checking account with a cheap minimum starting deposit and no monthly service fees. A competitive interest rate gives our top credit union a tiny advantage over consumers.
Golden 1: There are no monthly service fees and no minimum initial deposit requirements for the Golden 1 New Generation Checking account. However, you can only bank with Golden 1 if you live in California.
USAA: There are no monthly service costs associated with the USAA Youth Spending account, and it offers robust spending tracking tools. However, you, a family member, or a spouse must be a current or former member of the armed forces in order to be eligible for membership.
Bank Trustworthiness and BBB Ratings
Businesses are rated by the Better Business Bureau according to how they handle customer complaints, advertise honestly, and disclose their business practices. The BBB ratings of our top choices are as follows:
| Institution | BBB rating |
| Capital One | A+ |
| Axos | A+ |
| Alliant | A+ |
| Chase | A+ |
| Citizens Bank | B |
| Connexus Credit Union | A+ |
Government action against Citizens Bank and the bank’s slow response time to consumer complaints on the BBB website account for the bank’s B grade.
The Truth in Lending Act was allegedly broken by Citizens Bank in 2020 when the Consumer Financial Protection Bureau launched a lawsuit against the bank for failing to adequately handle credit card-related complaints from customers. In 2023, Citizens agreed to modify its approach to handling credit card billing problems in exchange for a $9 million settlement.
A recent controversy has also included Capital One. 360 Savings was the name of an account offered by the bank. The 360 Performance Savings Account, introduced by Capital One in 2019, offered a noticeably higher interest rate. Many clients opened new 360 Performance Savings Accounts in order to receive the higher rate, even though they thought their previous savings accounts would transfer over to this new one. Thus, for years, some people have been saving much less than others.
The plaintiffs’ attorneys claim in the case that Capital One failed to disclose to 360 Savings clients that these were two different accounts and that 360 Performance Savings had a higher interest rate.
Capital One, however, contends that customers had ample time to discover these facts on their own and wants this action dismissed. The matter is still pending.
Why You Should Trust Us: Our Expert Panel for the Best Teen Checking Accounts
To help you choose the finest banks and credit unions for your needs, we spoke with professionals in banking and financial planning.
What they said about bank accounts is shown here. (For clarity, some text may have been slightly altered.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
Of course, you want to confirm that it is FDIC insured. And how about your financial experience? Do you enjoy entering banks? That’s when you need a local. Are you simply indifferent about seeing your bank at all? If so, you’re good to go online. Do you write checks? Are you not a check writer? Consequently, before you make that choice, consider how you will feel about it.”
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“I would make a list in a bank account of the things that I value most. For instance, there are accounts at certain banks that carry monthly service costs. In order to determine whether I could realistically meet the requirements each month, I would check to see what the conditions are for waiving the monthly service cost. Interest rates are something I’ll consider when looking for a bank account that pays interest. As opposed to the typical bank account, I would guarantee that the account pays a greater interest rate.”
What makes a checking account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“To avoid a monthly fee, I would check the ATM branch locations and then the minimum balance amounts. I believe there are other things that could simplify life, such free checks, online bill payment, and Zelle network compatibility.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“Knowing from which provider your debit card is coming is the most important part about having a checking account. And a lot of folks don’t consider it because some establishments don’t take American Express or MasterCard.”
Sophia Acevedo, CEPF:
“I would like a checking account that provides several options to eliminate the monthly service charge, or one that has no fees at all. I would also consider the availability of customer service and the reviews of mobile apps.”
Methodology: How Did Personal Finance Insider Choose the Best Teen Checking Accounts?
Our mission at Personal Finance Insider is to produce helpful content that guides you in making wise financial decisions. Since each person has unique preferences, we present you a wide range of options to help you select the financial product or account that best suits your needs. On our editorial standards page, you can find out more about how we evaluate and assess items.
Most importantly, we wanted to provide you choices. To identify the top physical banks, internet banks, and credit unions that provide teen checking accounts, we conducted extensive research on the largest financial institutions. Then, in order to identify which accounts were unique from the others, we compared various characteristics and services.