Best Bank Accounts for Kids: Top Checking Accounts for 2024 (2024)

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10 Best Checking Accounts for Kids

Trying to decide which account would be the best choice for your child can be challenging, and a lot of banks are competing for your business. To help, here are some of the best bank accounts for kids and teens out there:

Chase First Banking: Best for younger children, ages 6 to 12
Capital One MONEY Teen Checking: Best for Zelle transfers
Alliant Credit Union Teen Checking: Best for earning a higher rate of interest
Fidelity Youth: Best for learning to invest
Wells Fargo Clear Access Banking: Best for avoiding overdrafts
Axos Bank First Checking: Best for daily spending limits
PNC Virtual Wallet Student: Best for low or negative balances
Bank of America Advantage SafeBalance Banking: Best for older teens and young adults, ages 16 to 24
Chase High School Checking: Best for families already banking with Chase
Citizens Student Checking: Best for those looking for no-fee overdraft programs

Chase First Banking

If you’re looking for a bank account for kids with no monthly fees or minimum deposit amount, the Chase First Banking account could be a good choice. Although it’s intended for kids ages 6 to 12, teens up to 17 also qualify for the account. And while the account doesn’t offer an APY, it does have plenty of kid-friendly features.

Why it’s good for kids: Kids receive their own debit card for independent spending while parents provide guidance. Parents are able to keep track of purchases via account alerts and set limits on where and how much their child can spend, including ATM withdrawals. The account also allows parents to auto-transfer set allowance amounts or assign chores and pay their child when they are completed.

Capital One: MONEY Teen Checking

Capital One’s MONEY Teen Checking account is available for kids, tweens and teens up to age 18 with a linked parental account. However, parents don’t have to bank with Capital One — any external bank account can be linked. The account does not require a minimum deposit or a monthly maintenance fee and offers an APY of on any balance*.

Why it’s good for kids: Children as young as 8 years old can start using this account, which includes a debit card that’s useable at over 70,000 fee-free ATMs. Teens can also use Zelle to send or receive money and create personalized spending goals.

Alliant Credit Union: Teen Checking

If you have a teenager aged 13 to 17 who needs to learn to budget and manage money, Alliant’s Teen Checking account might be the answer. The account does not require a minimum opening deposit and has no minimum balance requirements or monthly maintenance fees. It comes with a Visa debit card and access to over 80,000 free ATMs. Additionally, the account offers APY as long as you meet simple requirements.

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Why it’s good for kids: The account allows you to “supercharge” the interest. As long as you opt for electronic statements and your teen receives at least one direct deposit, ATM deposit or a deposit from a non-Alliant bank account each month, the account will pay APY on the balance.

Fidelity Youth

The Fidelity Youth account, available to teens aged 13 to 17, is for those who want to learn to invest. It offers a APY on uninvested cash balances, has no monthly fees and requires no minimum deposit. Teens also will have access to a brokerage account and can start investing with just $1. Additionally, the account includes in-app lessons on saving and investing with rewards for completing them.Teens can also exchange any unused gift cards they have for cash to save or invest.

Why it’s good for teens: This account is perfect for teens who want to learn about investing. The interactive lessons and rewards keep them engaged while building saving and investing skills. Plus, their uninvested balance will earn a high APY.

Wells Fargo: Clear Access Banking

Wells Fargo’s Clear Access Banking is a non-interest bearing account that’s available to a wider range of ages — 13 to 24.However, note that if your child is 17 or younger, you will need to visit a banking branch to open the account. The account has a $5 monthly service fee, but it’s waived for account holders who are 13 to 24. No overdraft protection is provided, and a $25 minimum opening deposit is required.

Why it’s good for kids: This account is ideal for teenagers because there’s no overdraft protection, which makes it a good way to learn how to manage money effectively.

Axos Bank: First Checking

Axos Bank’s First Checking is for teens aged 13 to 17. It has no monthly fees, overdraft fees or minimum opening deposit. The account offers a modest APY and includes a debit card with daily limits of $100 for cash withdrawals and $500 for debit transactions. It also reimburses up to $12 per month in domestic ATM fees.

Why it’s good for kids: The account’s daily transaction limits of $100 for withdrawals and $500 for purchases can help keep spending from getting way out of hand.

PNC Virtual Wallet Student

PNC’s Virtual Wallet® Student is available for students ages 14 and up. The account is unique in that it functions as three separate accounts: non-interest bearing checking (Spend), interest-bearing checking (Reserve) and interest-bearing savings (Growth). The APY is – depending on your Reserve or Growth balance. It has no monthly service fees for up to six years and doesn’t require a minimum deposit.

In the event of the first overdraft fee on your Spend account, PNC will give a courtesy refund. The account also features Low Cash Mode, which allows account holders extra time to fund their accounts to avoid overdraft fees and the ability to pay or return certain checks or payments when the account’s balance is negative.

Why it’s good for kids: This account is ideal for students who frequently experience low or negative balances and want to prevent overdrafts and fees.

Bank of America: Advantage SafeBalance Banking

Bank of America, Member FDIC, Advantage SafeBalance Banking account is available for older teens and young adults who are 16 to 24 and requires a $25 minimum opening deposit. The account doesn’t allow overdrafts, which means no overdraft fees. However, if your payment is returned or declined due to insufficient funds, the merchant or third-party seller may charge a fee. The $4.95 monthly maintenance fee is waived when the account owner is under the age of 25. The account also includes Zelle capability.

Why it’s good for kids: This account is good for kids and young adults, ages 16 to 24, who are looking to avoid overdraft fees and monthly maintenance fees.

Chase High School Checking

Chase High School Checking is a non-interest bearing account intended for kids ages 13 to 17. There’s no monthly fee if the account is linked to a parent’s or guardian’s qualifying Chase account, and no minimum deposit is required. The account includes a debit card and access to more than 15,000 ATMs. Additionally, teens can set and track savings goals and transfer money via Zelle using the Chase banking app.

Why it’s good for kids: This account is suited for kids who have a parent who banks at Chase because they can avoid the monthly maintenance fee.

Citizens Student Checking

Like the Bank of America Advantage SafeBalance Banking account, Citizens Student Checking is available to a wider age range — 14 to 24 year olds. It’s a non-interest bearing account that has no monthly maintenance fee or overdraft fees. Plus, account holders won’t incur any ATM fees from Citizens for using an out-of-network ATM. If you prefer an overdraft plan, the typical fees for the service are waived on this account. Two plans are offered: Savings Overdraft and Overdraft Line of Credit.

Why it’s good for kids: If you’re interested in an account that offers a no-fee overdraft plan, Citizens Savings Overdraft is a good choice. Most kids’ checking accounts do not allow overdrafts.

Final Take

Choosing the right checking account for your child can set them up for financial success by teaching essential money management skills. With so many great options available, it’s easier than ever to find an account that fits your child’s needs and helps them build a solid financial foundation.

FAQ

Here are the answers to some of the most frequently asked questions about bank accounts for kids.

Can I open a bank account for my child?
- Yes, parents can open a bank account for their child. Many banks offer checking accounts specifically designed for kids and teens, with features that allow parental oversight.
What is the best bank account to start for a child?
- The best bank account for a child depends on their age and needs. Here are some to consider:
  - Chase First Banking: Best for younger children, ages 6 to 12
  - Capital One MONEY Teen Checking: Best for Zelle transfers
  - Alliant Credit Union Teen Checking: Best for earning a higher rate of interest
  - Fidelity Youth: Best for learning to invest
  - Wells Fargo Clear Access Banking: Best for avoiding overdrafts
  - Axos Bank First Checking: Best for daily spending limits
  - PNC Virtual Wallet Student: Best for low or negative balances
  - Bank of America Advantage SafeBalance Banking: Best for older teens and young adults, ages 16 to 24
  - Chase High School Checking: Best for families already banking with Chase
  - Citizens Student Checking: Best for those looking for no-fee overdraft programs
Can kids under 13 have a bank account?
- Yes, kids under 13 can have a bank account with a parent or guardian as a co-owner. Accounts like Chase First Banking are specifically designed for kids as young as six.

The information related to Chase First Banking and Chase High School Checking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 16, 2024.

*Capital One interest rates accurate as of Aug. 16, 2024. See website for all current rates.

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