The Best Checking Accounts For Teens 2024

Empower teens to take control of their finances with our comprehensive guide to the best checking accounts tailored specifically for young individuals.

Written by
Rebekah A. Brown
Last Update on Jan 10, 2024

Discover the top account options that offer teen-friendly features, low fees, convenient access, and valuable financial education tools to foster responsible money management skills from an early age. Say goodbye to the piggy bank and hello to a world of financial independence as we help you navigate the realm of personal finance and make your money work for you.

Zina Kumok
Personal Finance Expert

Teen checking accounts can be the building block to a solid financial future. It can give your teen the freedom to make financial mistakes without suffering major consequences. It can also help them feel independent.

USAA Youth Spending Account

This youth checking account is available to the children of USAA account holders starting at any age
Online account and mobile app access doesn’t start until age 13 for teens; guardian sets the daily withdrawal limits
This account automatically converts to a standard USAA checking account with the teen and guardian as joint account holders when the teen turns 18
Age Requirement
No minimum age to open the account; guardian can grant access to the online account and mobile app starting at age 13.
Annual Fee
No monthly service fee and no overdraft fees
Withdrawal Limits
Limits set by the child’s guardian, who is a joint account holder
Interest Rate
0.01% APY only if the account carries a daily ledger balance of $1,000 or more.
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Adults with a USAA account can set up a checking account for their children starting at any age with a $25 minimum deposit. The guardian is a joint account holder with the child.

Starting at age 13, guardians can grant permissions to their teen: online account management, mobile app, ATM privileges, remote deposits, and a debit card. Guardians customize daily withdrawal limits.

USAA has the option to freeze a lost or stolen card and does not charge fees for accidentally overdrawn accounts.

Additional Details

The Youth Account won’t earn any interest unless it maintains a Daily Ledger Balance of $1,000 or more.

When the teen turns 18, the Youth Spending Account automatically converts to a USAA classic checking account. The guardian remains a joint account holder unless the teen changes it.

Capital One MONEY Teen Checking Account

Intuitive mobile checking app that lets teens set budgets & savings goals.
Joint checking account with guardian access to freeze lost/stolen cards.
All checking accounts earn interest, regardless of balance amount
Age Requirement
Children must be 8 years old to open a joint account with a guardian
Annual Fee
No service fees
Withdrawal Limits
Limited to $500/day on debit card and ATMs. When the teen turns 18, this is increased to $5,000/day.
Interest Rate
0.10% APY on a MONEY Teen Checking Account carrying any balance
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Capital One offers the MONEY Teen Checking account starting with children aged 8. This joint checking account allows guardians to freeze lost/stolen debit cards and initiate one-time or recurring deposits to their child’s account from any bank’s checking account.

Kids are automatically issued a debit card and have access to online banking and the mobile app. They can set budgets and savings goals from the app and guardians can issue “rewards” for meeting a savings goal.

This checking account earns 0.10% APY on any account balance.

This account is eligible to convert to a Capital One 360 Checking Account when the teen turns 18, but it’s not automatic. The MONEY account will stay open unless the teen intentionally converts it.

Additional Details

If guardians do their banking at a different institution, they can link any checking account to their teen’s MONEY account. The guardian does not need to have a separate Capital One account.

Guardians can lower the daily transaction limit, but they must call Capital One; they can’t do it from their online account.

Chase High School Checking

This is different from the Chase First Banking Account, which is for kids between 6-17 and has more restrictions
The High School Checking Account must be linked to their guardian’s existing Chase Checking Account and the guardian must be co-owner of the High School Checking Account
The mobile app has a useful auto-save feature and teens can send/receive money with Zelle
Age Requirement:
For teens between 13-18
Annual Fee
No fees
Daily Withdrawal Limits
Varies, usually $500 at a non-Chase ATM and $3,000 at a Chase ATM
Interest Rate
Account does not earn interest
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Adults with an existing Chase checking account can open a Chase High School Checking Account for their teen. Guardians are co-owners of the account and can view all account activity and receive spending alerts.

This checking account must be set up in person at a Chase branch, and teens receive their own debit card.

Guardians do not set up spending limits, but can add funds and view spending. This teen checking account is more hands-off than others, but still allows monitoring.

The mobile app for teens offers a free financial literacy course and has the option to set up automatic savings deposits – but you must open a separate Chase Savings Account. High School Checking Account holders are not charged fees for either the checking or savings accounts.

Additional Details

The High School Checking Account will automatically convert to a Chase Total Checking account when the teen turns 19. Chase offers many different checking account options, especially if the teen is enrolled in college.

Alliant Credit Union Teen Checking Account

This teen account requires the guardian to have an existing Alliant account and to sign up as a joint owner of the teen account
This checking account accrues interest, making it a good choice for those carrying higher checking balances
Both guardian and teen are issued a debit card from this account
Age Requirement
For teens aged 13-17
Annual Fee
No automatic fees; $10 charged if account is closed within 90 days of opening, and some fees for depositing foreign checks
Daily Withdrawal Limits
$500 from ATMs; $500 from debit card PIN purchases; and $5,000 from signature-based purchases
Interest Rate
0.25% APY, but only if you opt in to electronic statements AND have at least one monthly recurring deposit to the account.
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Alliant Credit Union offers a higher-yield checking account for teens between 13-17. Accounts with electronic statements and a monthly recurring deposit – like a paycheck – will earn 0.25% APY.

As joint account holders, guardians can access and view their teen’s spending at any time. Guardians can set up optional account alerts, like if the teen makes a purchase over a certain amount.

Guardians do not set spending limits on this account. Alliant limits teen accounts from spending more than $5,000 daily in signature-based purchases, and up to $500 daily on ATM cash withdrawals or PIN purchases.

Teens must have a guardian co-owning the account with them. There is no minimum balance.

Cash withdrawals from Alliant ATMs are free; Alliant provides up to $20 in monthly rebates for ATM charges from non-Alliant ATMs.

Additional Details

Unlike most teen checking accounts, Alliant offers paper checks. These will have both account holders’ names on them. The first box is free; after that, there is a charge for checks.

The Alliant Student Checking Account automatically converts into a regular Alliant Checking Account when the teen turns 18. The guardian remains a joint owner of the account unless removed.

Wells Fargo Clear Access Banking

Wells Fargo offers a checking account for teens 13-17 with an adult co-owner with a minimum balance of $25
Teens over 17 do not need an adult co-owner
The Clear Access Banking account offers online banking, a mobile app, and a debit card. It is paperless, meaning no checks are issued.
Age Requirement
Youth between 13-24 are eligible for a Clear Checking Account with a guardian
Annual Fee
No monthly service fees (for the account holder under 24)
Daily Withdrawal Limits
$300 daily ATM withdrawal
Interest Rate
The Clear Access Banking account does not accrue interest (the Prime Checking account does)
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The Wells Fargo Clear Checking Account is available to teens between 13-17 with an adult co-owner on the account, or young adults 17-24 without an adult.

This checking account does not earn interest and is designed with low-balance holder in mind.

The Clear Checking account offers a mobile app, online banking, and no minimum balance fees. A minimum deposit of $25 is required to open the account.

This account doesn’t charge any overdraft fees. While there is a $5 monthly fee, this is waived for the account holder under 24 years old.

Additional Details

Keep in mind that a Clear Access Banking account must be opened in-person, at a Wells Fargo branch location.

Teens 18 and older can open an account online.

US Bank Youth Bank Smartly Account

Teens can open a joint checking account with a guardian
Youth account does not charge overdraft fees if the account is less than $50 overdrawn
The US Bank Youth Account must be a joint account with a guardian. The guardian has the same access to the account that the teen does.
Age Requirement
Youth account for teens age 13-17
Annual Fee
No account fees for account holders under 24 years old
Daily Withdrawal Limits
$500 ATM withdrawal limit
Interest Rate
Bank Smartly accounts earn interest at different rates depending on the balance amount. Rates start at 0.001% APY for accounts under $1,500
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Teens between the ages of 13-17 can open a Bank Smartly account jointly with a guardian. Both people have access to the online account, and the teen receives a debit card. A minimum deposit of $25 is required.

This checking account earns a small amount of interest, depending on the balance.

There are additional perks if the Bank Smartly Account is linked to a savings or brokerage account with US Bank, like a limited number of free trades per year and complimentary virtual consultations with a wealth management advisor.

Until age 24, Youth Accounts are automatically enrolled in the Smart Rewards Program, which waives overdraft fees under $50 and offers an overdraft forgiveness program.

This account offers limited parental controls; rather, guardians have the same level of access as co-owners of the account.

The Bank Smartly Account offers a mobile app that allows you to set budgets. This account doesn’t offer paper checks.

Additional Details

The US Bank Youth Account waives the ATM fee for the first four non-US bank cash withdrawals per statement period. US Bank ATM withdrawals are always free.

The Bank Smartly Account does not change when the teen turns 18, but it can be transitioned to a single-owner account.

US Bank offers a Campus Banking program. At participating colleges, students can request a debit card with school branding or one that combines their university ID with their debit card.

Zina Kumok
Personal Finance Expert

Having your own checking account as a teen may be necessary when you start working. You’ll learn how to budget your money, save for long-term goals and manage your expenses.

Frequently Asked Questions (FAQs)

How Old Does A Minor Need To Be To Open A Checking Account?

Some accounts are available for children as young as 8 years old. Most are available starting at age 13.

What Access Do Parents Have To Teen Checking Accounts?

It depends on the account. All the teen checking accounts we reviewed above require a guardian to be a joint account holder, meaning they have the same level of access that the teen owner has. Some accounts also allow adults to set spending limits.

What Happens When The Teen Turns 18?

Some accounts automatically convert to a different checking account. If your 18th birthday is approaching, it’s best to review the fees on whichever teen checking account you are using to ensure that new fees don’t kick in once you become a legal adult.

Rebekah is a freelance writer and researcher who has been writing about personal finance, small businesses, and higher education since 2012. With a background in academic research and public relations, she enjoys making complex topics clear for busy readers.