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Teen checking accounts offer a great way for teens to budget and learn to establish their own personal finance goals. An ideal teen checking account won’t charge you monthly service fees or overdraft fees. It should also have budgeting features, an easy-to-use mobile app, and intuitive online banking.
Below, you’ll find our top picks for teen checking accounts. All of our favorite accounts are insured by the FDIC or NCUA, so your money is safe even in the rare situation that a bank shuts down. They also have low minimum opening deposits and a sizable ATM network.
Why it stands out: Chase High School Checking is a great choice if you’d like to be part of a national bank. The account doesn’t require a minimum opening deposit or charge monthly service fees.
Teens have access to budgeting tools on the bank’s mobile app to set their own financial goals or keep track of spending. For instance, through the Autosave feature, you’ll be able to set goals and set automatic transfers to save weekly or monthly.
Chase also has more than 4,700 branches and 16,000 free ATMs, which is appealing if you’re looking for a bank close to home. You’ll also be able to open the account if you aren’t a US citizen.
What to look out for: The account doesn’t offer overdraft protection like most of Chase’s other products. You’ll be denied a purchase if it causes you to overdraw from your account.
Also, you can only open Chase High School Checking if your parent has a qualifying Chase checking account.
Why it stands out: The Capital One MONEY Teen Checking Account is an excellent option if you prefer online banking. The online bank doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees. You’ll also be able to contact a customer representative 24/7 via live chat.
What to look out for: The bank has locations in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don’t live in any of these areas, you’ll have to deposit your cash in a CVS instead of a branch.
Also, bear in mind Capital One won’t reimburse you if you’re charged by an out-of-network ATM.
Why it stands out: In addition to having zero monthly service fees and no minimum opening deposit, Connexus offers a competitive interest rate on its teen checking account. This is a unique perk not offered at many institutions.
Connexus Credit Union is an online financial institution with 11 active branches in Wisconsin, Minnesota, Ohio, and New Hampshire. Credit unions require membership to open bank accounts, but Connexus makes it easy for anyone in the US to join. Simply make a $5 donation to the Connexus Association.
What to look out for: Connexus charges a $4 overdraft fee if you overdraw from a bank account. However, the bank offers free overdraft protection, so you can avoid this fee if you link your checking account to a savings account.
We researched many financial institutions to find banks and credit unions that offered teen checking accounts. The following are other banks and credit unions we considered but didn’t choose in the end. You may still want to explore one of these accounts if it appeals to you, though.
Note that we aren’t including online banking platforms, since you need to be 18 years or older to open those accounts.
First and foremost, we wanted to provide you with options. We researched the biggest financial institutions to find the best brick-and-mortar banks, online banks, and credits unions that offer teen checking accounts.
Then, we compared different features and services to determine which accounts stood out from the rest. For our best brick-and-mortar bank, we looked for a teen checking account that didn’t require bank fees and had a substantial branch and ATM network. For online banks and credit unions, we looked for accounts that were easy to open, charged little to no fees, and had long customer service hours.
At Personal Finance Insider, our goal is to create useful content that helps you make good decisions about your money. We recognize every person has distinct preferences, so we provide ample options for you to find the most suitable financial product or account for you.
We research extensively to make sure that you know the standout features and limitations of a financial institution.
Teen checking accounts are a type of joint bank account. Financial institutions typically offer teen checking accounts so that parents can provide older children with more financial tools like a debit card.
If you are under the age of 18, you won’t be able to open a bank account on your own. A parent or adult will need to open an account with you.
Teen checking accounts are different from regular checking accounts in that they offer parental monitoring features. These specialized accounts may also have specific age requirements.
The best bank for you will depend on what your preferences are. There are many banking options — online banks, national banks, local banks — so you should explore a lot of choices before settling with one financial institution.
If you want a bank that offers a wide array of products and services, national banks might be worth exploring.
For high savings rates and low fees, online banks or credit unions may be a great place to start.
If you prefer a bank that has close ties to your communities, consider banking with a local institution.
Keep in mind that teen checking accounts aren’t available at every financial institution.
Many online banks and online banking platforms won’t let you open an account for someone under 18. Some brick-and-mortar institutions may let you open a regular joint bank account with someone under 18, but the accounts won’t come with special interest rates or distinct parental monitoring features.
The Better Business Bureau assesses businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB ratings of our top picks:
Chase is the only financial institution on our list that doesn’t have at least an A rating. Chase has received a A- rating from the BBB because it had government action taken against the business.
In 2020, the Department of Justice required Chase to pay $920 million in a settlement that accused the bank of being involved in wrongful trading.
We talked to banking and financial planning experts to inform these picks and provide advice on finding the best banks and credit unions for your needs.
To learn more about what makes a good bank account and how to choose the best fit, four experts weighed in:
Here’s what they had to say about bank accounts. (Some text may be lightly edited for clarity.)
Tania Brown, CFP:
“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”
Laura Grace Tarpley, Personal Finance Insider:
“I would look for the bank that charges you the least in fees. This means either no monthly fees or you qualify to waive the monthly fees. If you expect to travel, you may want a bank that doesn’t charge foreign transaction or ATM fees.”
Roger Ma, CFP:
“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there’s other stuff that could make life easier, whether it’s a free checks, online bill pay, are they in the Zelle network?”
Mykail James, CFEI:
“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”
Laura Grace Tarpley, Personal Finance Insider:
“I would make a list of the top three to five things you want out of a checking account. Is it a great mobile app, 24/7 customer support, no ATM fees? Then research the best banks for those features.”
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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