Best of
4 Best Teen Checking Accounts of 2020
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A teen checking account can guide your child toward better saving and spending habits and make them more familiar with banking.
Keep in mind that if your child is under 18, he or she will typically need you to be a joint owner on the account. In turn, you’ll be able to access the account and monitor its transactions.
The following are the top checking accounts for teens.
A teen checking account can guide your child toward better saving and spending habits and make them more familiar with banking.
Keep in mind that if your child is under 18, he or she will typically need you to be a joint owner on the account. In turn, you’ll be able to access the account and monitor its transactions.
The following are the top checking accounts for teens.
Summary of Best Teen Checking Accounts of 2020
| Bank | NerdWallet Rating | Monthly Fee | APY | Learn More |
|---|---|---|---|---|
Best for Interest rate | $0 | 0.25% | Read review | |
Best for Online-only option | $0 | 0.10% | Read review | |
Best for Brick-and-mortar option | $0 | N/A | Read review | |
Best for Variety of accounts | $0 | N/A | Read review |
Our pick for
Interest rate
Alliant Credit Union Teen Checking
Monthly Fee
APY
Bonus
Our pick for
Online-only option
Capital One MONEY: Teen Checking Account
Monthly Fee
APY
Bonus
Our pick for
Brick-and-mortar option
Wells Fargo Teen Checking
Monthly Fee
APY
With $25 minimum balance
Bonus
Our pick for
Variety of accounts
Golden 1 Credit Union Free Checking
Monthly Fee
APY
With $0 minimum balance
Bonus
» Want more options for high school graduates? Check out our roundup of the best checking accounts for college students
» If you’re still unsure your kid is ready for a bank account, prepaid debit cards provide an option. Explore NerdWallet’s best prepaid debit cards
Tips for parents
Being a joint owner on a teen account means you’ll have oversight into your child’s spending. It also means sharing responsibility for fees and other consequences, such as overdraft charges, so you’ll want to find a bank or credit union that keeps those to a minimum.
If high yields are more of a priority than having an account marketed specifically toward teenagers, consider adding your child to another good checking account option.
» For standard checking options, see NerdWallet’s best checking accounts. Some may allow a joint account with a family member.
Last updated on September 18, 2019
Methodology
We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, and digital experience.
Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo and Zions Bank.
How we rate banks and credit unions
To recap our selections...
NerdWallet's Best Teen Checking Accounts of 2020
- Alliant Credit Union Teen Checking: Best for Interest rate
- Capital One MONEY: Teen Checking Account: Best for Online-only option
- Wells Fargo Teen Checking: Best for Brick-and-mortar option
- Golden 1 Credit Union Free Checking: Best for Variety of accounts
