4 Best Teen Checking Accounts of 2022

Pays interest: Capital One 360’s Money account comes with a 0.10% APY.

Requirements to earn interest: None. The account earns interest on all balances.

Overdraft policy: Capital One’s account disclosure for Money doesn’t charge any overdraft fees. Transactions that overdraw the account can be declined.

ATMs: The bank has over 70,000 free ATMs as part of the Capital One, MoneyPass and Allpoint ATM networks.

Features: The Money account offers a debit card for teens and mobile app with the ability to deposit checks. There are no monthly fees or minimum deposits, and teens and parents can sign up for text alerts and emails.

The online-only account makes it easy for parents and their teenagers to track spending habits and work toward savings goals.

Pays interest: Navy Federal Credit Union (NFCU) offers a 0.05% APY interest rate on its Free Campus Checking account, which is available to teens and young adults ages 14 to 24.

Requirements to earn interest: There are no requirements to earn interest.

Overdraft policy: NFCU charges a nonsufficient funds fee of $29 per overdrafted item, but it only charges one fee per day. Customers have the option of opting out of overdrafts as well as using a checking line of credit or a separate linked savings account to cover a transaction that would deplete their checking account. The minimum overdrawn balance required to trigger a fee is $15.

ATMs: NFCU is part of the Co-op ATM network, which means customers have access to more than 30,000 fee-free ATMs, plus NFCU reimburses up to $10 per month in out-of-network ATM fees.

Features: This account has no monthly fees or minimum balance requirements, it comes with a debit card and the mobile app allows mobile check deposits and online bill pay.

Pays interest: Alliant’s teen checking account, available to kids ages 13 to 17, pays a competitive 0.25% annual percentage yield.

Requirements to earn interest: To get this rate, you have to enroll in free electronic statements and receive at least one electronic deposit a month of any size; it can include a transfer from a non-Alliant bank or credit union.

Overdraft policy: Alliant doesn’t charge nonsufficient funds fees. Alliant offers an overdraft service called Courtesy Pay for customers who are in good standing who have had their checking account for at least six months and who have received at least $600 in direct deposits in the previous 30 days. For Courtesy Pay, Alliant will determine at its discretion whether to cover a transaction that overdraws an account.

ATMs: Alliant has over 80,000 surcharge-free ATMs nationwide.

Features: This account has a debit card for teens, no monthly fee or minimum deposit, and mobile banking, including check deposit.

Pays interest: For its Teen Checking Account, Connexus Credit Union pays 2.00% APY on balances of $1,000 and under, and the credit union has no requirements for earning that interest rate. For balances over $1,000, customers will earn 0.25% APY.

Requirements to earn interest: None.

Overdraft policy: In 2022, Connexus made the decision to reduce its nonsufficient funds fee from $29.95 per occurrence to $4 per occurrence with a cap of two of these fees per day. To avoid an overdraft fee altogether, customers can link a savings account to cover any transactions that would potentially lead to an overdraft, they can apply for an overdraft line of credit or they can potentially qualify for an overdraft Privilege Pay service.

ATMs: Customers have access to more than 54,000 fee-free ATMs. There aren’t any fee reimbursements for out-of-network ATMs.

Features: This teen checking account comes with a debit card and a strong APY offering.