Best Teen Checking Accounts Of December 2023 (2024)

Not all banks and credit unions offer checking accounts specifically for teens. We’ve compared 14 teen checking accounts at 13 nationally available banks and credit unions to find some of the best checking accounts available for your teenager. Read on to learn more about why we picked each account, its pros and cons, and to access individual bank reviews.

Annual percentage yields (APYs) and account details are accurate as of December 1, 2023. If you’re seeking a checking account for a college-aged student, please see our ranking of the best student checking accounts.

To create this list, Forbes Advisor analyzed 14 teen checking accounts at 13 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each institution on 11 data points within the categories of fees, access, digital experience, customer experience, parental controls, minimum opening deposit and APY.

The following is the weighting assigned to each category:

• Fees: 35%
• Access: 15%
• Digital Experience: 15%
• Customer Experience: 10%
• Parental Controls: 10%
• Minimum Opening Deposit: 10%
• APY: 5%

Checking accounts offering no or very low fees scored the highest, as did those offering parental controls, broad ATM networks, low minimum requirements and high customer service and digital experience scores. To appear on this list, the checking account must be nationally available.

To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.

A teen checking account is a type of joint account that a parent or guardian holds with a child. Both you and your teen will have the everyday benefits you’d expect from a checking account, like check writing, a debit card and online banking access.

But teen checking accounts offer special features, too. An account may include financial literacy and education tools to help a teen develop smart money management habits. For parents, some teen checking accounts provide purchase approval, transaction alerts and limits on debit card usage.

All the features that come with a teen checking account empower both teens and parents to have ongoing conversations about money, to help kids become responsible spenders.

What Is the Minimum Age To Open a Teen Checking Account?

The minimum age required to open a teen checking account varies from bank to bank. Some banks have accounts designed specifically for teens, while others offer accounts serving a wider age range. For example, the Capital One MONEY Teen Checking is available to kids ages 8 to 18. The Alliant Credit Union Teen Checking, however, is only available for teens ages 13 through 17. Regardless of which account you choose, you or another adult will need to cosign the account if your child is under 18.

What Do You Need To Open a Teen Checking Account?

Be prepared to provide the following information when opening a teen checking account:

1. Full names
2. Physical address
3. Phone number
4. Email address
5. Government-issued photo ID
6. Social Security numbers

If the account you’re opening requires a minimum deposit, you’ll need money to fund the account. Depending on the bank you choose, you may be able to make the initial deposit with cash, check or a transfer from a separate account.

Helping your teen open a checking account can teach them good money management habits.

Keep in mind some of the benefits and challenges your child might experience when managing a bank account for the first time.

Pros

• Your child can learn to use a bank account and debit card.
• You may be able to set spending limits and monitor your child’s spending and saving.
• Teen accounts provide kids with a safe place to make money mistakes before adulthood.

Cons

• Your kid might overdraw their account when learning to use a debit card.
• Your child could rack up fees, depending on the account.

The best checking account for your teen is the one that fits both their needs and yours. Here’s what to consider:

• Fees. Because teens may use their checking account for daily transactions and are still getting used to managing their financial life, it’s important to keep fees low. Keep an eye out for monthly fees, ATM fees, overdraft fees and non-sufficient funds (NSF) fees.
• Minimums. The best teen checking accounts keep minimum balance requirements to open and maintain an account near zero. Be sure your teen can meet the bank or credit union’s minimum requirements. Better yet, find an account with no minimums whatsoever.
• Access. The ability to easily access the account—for withdrawals, deposits and money management—is crucial. Look for a bank or credit union that offers a convenient ATM network and digital banking. If you or your teen prefers in-person branch banking, look for a bank or credit union with branches near you.
• Parental controls. One of the main benefits of teen checking accounts is that they allow parents and guardians to monitor and manage accounts. Look for features that will enable the level of control you’d like to have over your teen’s financial life.
• Customer experience. It’s essential to easily and quickly get in touch with a customer service representative should an issue or question arise. Check out third-party rating services like the Better Business Bureau and Trustpilot to get a sense of a bank or credit union’s customer service experience.
• Digital experience. The teen checking account you choose must be with a bank or credit union that offers an exceptional online and mobile experience. This is because you’ll likely be monitoring and managing your teen’s account online or via a mobile app.
• APY. Though APY isn’t always as crucial with a teen checking account, it can be a cherry on top. Earning some interest, and learning how interest earnings work, may be beneficial and educational for teenagers.
• Safety. At banks, look for your account to be insured by the Federal Deposit Insurance Corporation (FDIC). Check for insurance from the National Credit Union Administration (NCUA) at credit unions.

Once you and your teen find an account with ideal features that work for both of you, you’re ready to sign up. Teen checking accounts require that a parent or legal guardian be the joint account holder when the child isn’t yet 18.

Though documentation requirements vary by financial institution, you and your teen will typically need to provide this information on the account application:

• Legal proof of your full names (A teen can supply a state-issued ID or even a birth certificate.)
• Social Security numbers
• Proof of address

Depending on the bank you choose, you may be able to open the account online. If your preferred bank has a local branch, you may want to stop by the branch to open the account—to give your kid a taste of old-fashioned, in-person banking.

Once the account is approved, you or your teen can fund it with cash, a check or an electronic transfer. You can each download the bank’s mobile app and begin setting up alerts and enjoying the app’s many tools and benefits. If the account comes with a debit card, you may need to wait for it to be mailed.

• 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

Teen checking accounts can help instill positive financial habits from an early age. The best teen checking accounts allow parents and guardians to set ground rules, and they include features that teach teens the importance of wise spending and saving. Those are skills that can set them up for success in high school and beyond.

These financial institutions were included in our research for the best CD rates: ableBanking, Acorns, Affinity Federal Credit Union, Affirm, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, American Express, Aspiration, Axos Bank, Apple Federal Credit Union, BancorpSouth Bank, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Betterment, Blue Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIBC Bank, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Copper, Credit Union of Denver, Dave, Discover, Dollar Savings Direct, E*Trade Bank, EmigrantDirect, Fidelity, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Internet Bank, First National Bank of America, FNBO Direct, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, Heritage Bank, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, LendingClub, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Paramount Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Regions Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Santander, SFGI Direct, SmartyPig Bank, SoFi, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Step, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalDirect Bank, Truist, Union Bank & Trust, U.S. Bank, USAA, USAlliance Federal Credit Union, Varo Bank, Vio Bank, Virtual Bank, Wealthfront, and Wells Fargo.

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