Best Teen Checking Accounts of February 2022

Teen

checking accounts

offer a great way for teens to budget and make their own financial decisions without constant hand-holding from parents.

A strong teen checking account doesn’t charge typical bank fees. It should include budgeting features, an easy-to-use mobile app, and intuitive online banking for a generation that effortlessly understands the internet.

Below, you’ll find our top picks for teen checking accounts. All of our favorite accounts are insured by the FDIC or NCUA. They also have low minimum opening deposits and zero monthly service fees.

The best teen checking accounts of February 2022

Best brick-and-mortar bank: Chase

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.  

Best online bank: Capital One

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.

Best credit union: Connexus

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.

Other financial institutions we considered

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.

• Axos: Axos has a solid teen checking account for ages 13 to 17. It reimburses up to $12 in domestic out-of-network ATM fees per month and doesn’t charge monthly service fees or overdraft fees. The one downside to the account is that the debit card limits are low.
• Citizens: The Citizens Bank Student Checking account doesn’t charge monthly service fees if you’re under the age of 25, but you need to be at least 16 to open an account.
• Alliant: Alliant Credit Union has a great free checking account with no minimum opening deposit. The teen account pays a solid interest rate, but our top credit union pick offers a higher rate depending on your account balance.
• TD Bank: TD Bank has a student checking account with no monthly service fees, but it’s for ages 17 to 23. 
• Wells Fargo: Wells Fargo has two checking account options for teens. But the accounts require a $25 minimum opening deposit, and one account may entail monthly service fees. Our topic picks have lower minimum opening deposits and are fee-free accounts.
• US Bank: The US Bank Student Checking Account is a good choice if you don’t want to deal with monthly service fees. However, while the account offers overdraft protection, you may have to pay an overdraft transfer fee if you apply for a line of credit or transfer money from a credit card. 
• M&T Bank: M&T Bank offers a checkless account for teens. You’ll need to meet certain monthly requirements to waive the $4.95 monthly service fee.
• Regions Bank: Regions Bank offers a student checking account for anyone age 25 years or younger. The account doesn’t charge monthly service fees but requires a $50 minimum opening deposit. Our topic picks have lower minimum opening deposits.
• PNC Bank: The PNC Virtual Student Wallet is offered to teens and has zero monthly service fees. The Virtual Student Wallet includes three bank accounts, which could be overwhelming if you want just a straightforward checking account.
• Bethpage: Bethpage has a solid checking account with no monthly fees and no minimum opening deposit. The only downside to the account is that it’s for ages 15 to 17. Our top picks offer wider age ranges.
• Consumers: Consumers offers a solid checking account with no monthly services fees and a low minimum opening deposit. Our top credit union slightly edges out Consumers with a competitive interest rate. 
• Golden 1: The Golden 1 New Generation Checking account has no monthly services fees and no minimum opening deposit. You’re only eligible to bank with Golden 1 if you’re a California resident, though.
• USAA: The USAA Youth Spending account requires no monthly service fees and has solid monitoring features for spending. However, to be eligible for membership you, a family member, or a spouse must be an active or past member of the military.

Frequently asked questions

Why trust our recommendations?

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.

How did Personal Finance Insider choose the best teen checking 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.

What is a teen checking account?

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.

What bank offers the best teen checking account?

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.

Which bank is the most trustworthy?

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 B+ 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.

Meet our experts

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.

Experts’ advice for choosing a bank account

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.)

How can someone determine whether a bank is the right fit for them?

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.”

What makes a checking account good or not good?

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.”