Checking Accounts for Teens

Jul 19, 2022 By Triston Martin

Helping your teen establish an account at their bank is among the most effective ways to gain experience managing the money they own. This gives your child greater freedom with their finances and the chance to earn dividends. The best checking accounts designed for teens have various features to help your teenager understand the basics of managing money with your guidance. They typically have fee-free or low debit cards, fewer spending limits, and parental control.


Capital One Financial (COF) has a special account for teens. It is the Money Account, which offers a free and no-minimum balance account. The account also earns a 0.10 percent annual percentage rate. This account is ideal for tech-savvy teens who don't wish to deal with the hassles of bank branches. It is easy to open an account and perform regular transactions such as check deposits, and transfers can be completed through a mobile device using Capital One's Capital One app. Parents who want to track the activity of their account can opt to receive notifications via text for each transaction.


Chase High School Checking Chase High School Checking is targeted at students aged 13-17 years old. The account of JPMorgan Chase & Co. (JPM) has a complete range of options to monitor the balance and activity of your accounts, such as mobile banking, bill payment, and account-related alerts. The bank requires that an adult join an account with the account of the teen's bank. If the account is later transferred to one of the Chase College Checking accounts, the monthly service charge is waived for five years in the college or if there's at least one direct transfer into the account each month.


Clear Access Banking account at Wells Fargo & Company (WFC) is open to those who make a $25 deposit and is free of maintenance fees. Teenagers can benefit from the tools to manage their money through the account. The bank also offers mobile banking for regular banking and surveillance.


This Teen Access checking account offered by Union Bank is specifically designed for teenagers between the ages of 13-17. It is open to anyone who has at least $100 and is not subject to monthly fees for maintenance. The main benefit of the account is the capacity for parents to determine daily withdrawal and spending limits on the debit or ATM card included with the account. The account is accessible via its mobile banking application, the bank's online website, and its bill-paying service.


The youth spending account provided through USAA Federal Savings Bank does not charge any maintenance fees and has a minimum $25 deposit. The checking account gives adult co-owners of accounts a range of choices for limiting spending on transfers, withdrawals, and withdrawals and overdraft protection via the use of credit or debit cards linked. The account also offers online banking as well as mobile banking. When you turn 18, the account is automatically converted into a Classic Checking account with no monthly charges.


Teen accounts at Alliant Credit Union offer online and mobile access and restrictions on withdrawals and spending. The most important feature is the APR of 0.25 percent, which is only accessible to accounts with paperless statement statements, and at minimum, one direct deposit each month. Alliant will reimburse up to $20 in monthly ATM charges for teens using machines outside the network. It also provides the option of P2P for mobile payments.


A student account with Citizen's Bank, an affiliate of Citizen's Financial (CFG), has no monthly fee until age 25. The account also gives customers an experience similar to a joint checking account with access to online banking and mobile banking. The advantage for teenagers is that when the savings account is linked to a banking account for checking, the institution offers additional tools to help achieve goals and monitor savings towards purchases of vehicles or travel expenses, as well as college.


Although Bank of America does not have a checking account specifically dedicated to teenagers, its Advantage SafeBalance Banking account comes with no cost for as long as your child is an undergraduate.


With a checking account geared specifically toward teens aged 16-17, First National Bank and Trust Company does not charge monthly charges and requires a minimum balance of $25 to open the account. Online banking, mobile banking, and bill payment are available with the account for teens.


Community banks, in general, offer the same services as banks with larger branches; however, they typically provide a more personal feel, including websites geared towards teens, financial blog posts, and educational tools. The intimate atmosphere at smaller banks may be more conducive to sharing information, tips, and experiences from those that have worked in the business for many years.

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