Best Teen Checking Accounts Of 2024
With parental or guardian support, teen checking accounts can offer an early introduction to financial independence and money management. The greatest teen checking accounts have minimal criteria, no or little fees, simple access to funds, parental controls, digital banking tools, and excellent customer service. Better still, if the account generates a little interest.
Best Teen Checking Accounts 2024
Not every bank or credit union provides teen-only checking accounts. To identify some of the greatest checking accounts for your adolescent, we’ve examined 14 teen checking accounts offered by 13 nationally recognized banks and credit unions. Continue reading to see why we chose each account, its benefits and drawbacks, and to check reviews of specific banks.
The account information and annual percentage yields (APYs) are current as of December 1, 2023. Please take a look at our list of the top student checking accounts if you’re looking to open a checking account for a college student.
Methodology
Forbes Advisor examined 14 teen checking accounts at 13 different financial institutions—a mix of credit unions, traditional brick-and-mortar banks, and internet banks—to compile this ranking. Within the categories of costs, access, digital experience, customer service, parental restrictions, minimum opening deposit, and APY, we ranked each institution based on 11 data points.
The weighting given to each category is as follows:
- Fees: 35%
- Access: 15%
- Digital Experience: 15%
- Customer Experience: 10%
- Parental Controls: 10%
- Minimum Opening Deposit: 10%
- APY: 5%
The best-scoring checking accounts had parental controls, a wide range of ATM networks, minimal prerequisites, excellent customer service, and a positive digital experience. The checking account needs to be accessible across the country to be included here.
See our article on How Forbes Advisor Reviews Banks to find out more about our editorial process, rating, and review methodology.
What Is a Teen Checking Account?
One kind of joint account that a parent or guardian has with a child is a teen checking account. The standard features of a checking account, such as the ability to write checks, use a debit card, and access online banking, will be available to both you and your teenager.
However, teen checking accounts also come with unique characteristics. To assist a teen in forming wise financial management practices, an account may contain educational resources and financial literacy. Certain juvenile checking accounts include transaction alerts, limits on debit card usage, and purchase permission for parents.
With all the capabilities that come with an adolescent checking account, parents and teens may have continuous financial conversations to assist youngsters in learning how to make smart purchases.
What Is the Minimum Age To Open a Teen Checking Account?
Bank to bank differs in the minimum age needed to open a teen checking account. While some banks offer accounts catering to a larger age range, some have accounts created just for teenagers. For instance, children between the ages of 8 and 18 can use the Capital One MONEY Teen Checking. That being said, minors between the ages of 13 and 17 can only use the Alliant Credit Union Teen Checking. Whichever account you select, if your child is under 18, you or another adult must cosign the account.
What Do You Need To Open a Teen Checking Account?
When registering for a teen checking account, be ready to supply the following details:
- Full names
- Physical address
- Phone number
- Email address
- Government-issued photo ID
- Social Security numbers
Money to fund the account is required if the account you’re opening has a minimum deposit requirement. You might be able to use cash, a cheque, or a transfer from a different account to make the initial deposit, depending on which bank you select.
Pros and Cons of Bank Accounts for Teens
Your adolescent can learn sound money management practices by assisting them in opening a checking account.
Recall some of the advantages and difficulties your youngster may encounter when handling their first bank account.
Pros
Debit cards and bank accounts are skills that your child can pick up.
You might be able to supervise your child’s savings and spending and to set spending limitations.
Kids can safely make financial blunders with teen accounts before they become adults.
Cons
When your child first uses a debit card, they may overdraw their account.
Fees may accrue for your child, depending on the account.
How to Choose a Teen Checking Account
The checking account that best suits your teen’s demands as well as yours is the finest choice. Consider the following:
It’s crucial to keep costs modest because teenagers may use their checking accounts for regular transactions and are still learning how to handle their finances. Pay attention to any monthly, ATM, overdraft, or non-sufficient fund (NSF) fees.
Minimums.Top teen checking accounts Limit the minimum amount needed to open and keep an account open to almost nothing. Make sure your kid can fulfill the minimal requirements set by the credit union or bank. Even better, look for an account with no minimal requirements at all.
Access.
It is essential to have easy access to the account for managing money, making deposits, and withdrawing funds. Choose a bank or credit union that provides digital banking together with an easy-to-use ATM network. Find a bank or credit union with branches close to you if you or your teen prefers in-person branch banking.
Parental controls.
The ability of parents and guardians to oversee and manage accounts is one of the key advantages of teen checking accounts. Seek for characteristics that will allow you to maintain a degree of financial control over your kid.
Customer experience.
If a problem or query comes up, it is imperative to be able to contact a customer support agent quickly and efficiently. To learn more about the quality of customer service provided by a bank or credit union, check out independent rating services like Trustpilot and the Better Business Bureau.
Digital experience.
You have to select a bank or credit union that provides an outstanding mobile and internet experience for your teen checking account. This is due to the likelihood that you will be using a mobile app or internet to manage and keep an eye on your teen’s account.
APY.
With a teen checking account, APY isn’t always as important, but it can still be the icing on the cake. Teenagers may benefit and learn by earning some interest and understanding how interest earnings work.
Safety.
Make sure your account is protected by the Federal Deposit Insurance Corporation (FDIC) when you visit a bank. At credit unions, look for insurance from the National Credit Union Administration (NCUA).
How To Open a Bank Account for a Teenager
You’re ready to join up as soon as you and your adolescent identify an account with features that are ideal for you both. When a youngster is under the age of 18, teen checking accounts require a parent or legal guardian to be the joint account holder.
Financial institutions have different documentation requirements, but generally speaking, you and your adolescent will need to fill out the account application with the following information:
Verification of your full name legally (A teenager may present a birth certificate or an ID from the state.)
Social Security numbers
Evidence of address
You might be able to open the account online, depending on the bank you select. To introduce your child to traditional, in-person banking, you might wish to visit the local branch of your chosen bank to open the account.
You or your teen may fund the account with cash, a cheque, or an electronic transfer after it has been approved. Each of you can download the bank’s mobile app to start configuring alerts and making use of all the features and advantages it offers. You might have to wait for the debit card to arrive in the mail if the account comes with one.
Recap: Best Teen Checking Accounts
- Capital One MONEY Teen Checking: Best for No Fees
- Chase First Banking℠: Best for Parental Controls
- Alliant Credit Union Teen Checking: Best for ATM Access
- Connexus Credit Union Teen Checking: Best for Earning Interest
- Copper Banking: Best for Building Financial Literacy
Conclusion
Positive financial habits can be ingrained from an early age with the aid of teen checking accounts. The finest teen checking accounts have features that teach teens the value of prudent saving and spending, and they let parents and guardians set ground rules. These are the kinds of abilities that can help them succeed in high school and beyond.