4 Best Teen Checking Accounts 2023
The best teen checking accounts come from Alliant Credit Union, Capital One, Navy Federal Credit Union and Connexus Credit Union.
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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.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
» Need help making a decision? Here’s how to choose a teen checking account
Keep in mind that children under 18 typically need an adult to be a joint owner on the account. If you’re a joint owner, 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.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
» Need help making a decision? Here’s how to choose a teen checking account
Keep in mind that children under 18 typically need an adult to be a joint owner on the account. If you’re a joint owner, you’ll be able to access the account and monitor its transactions.
The following are the top checking accounts for teens.
Best Teen Checking Accounts 2023
| Bank/institution | NerdWallet rating | Monthly fee | APY | Bonus | Learn more |
|---|---|---|---|---|---|
 Capital One MONEY: Teen Checking Account | Best for Free ATM access | $0 | 0.10% With $0 min. balance for APY | N/A | Read review |
 Navy Federal Credit Union Free Campus Checking | Best for ATM fee rebates | $0 | 0.05% With $0 min. balance for APY | N/A | Read review |
 Alliant Credit Union Teen Checking | Best for Strong interest rate on any balance | $0 | 0.25% | N/A | Read review |
 Connexus Credit Union Teen Checking | Best for High interest rate for small balances | $0 | 2.00% With $0 min. balance for APY | N/A | Read review |
Our pick for
Free ATM access
Monthly fee
$0
APY
0.10%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
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.
How to open an account: Each account must have an adult co-owner. Once a teen turns 18, they can transfer the balance into a regular Capital One 360 checking account.
Our pick for
ATM fee rebates
Monthly fee
$0
APY
0.05%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
Pays interest: Navy Federal Credit Union offers a 0.05% APY 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: Navy Federal charges a nonsufficient funds fee of $29 per overdrafted item with a maximum of 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: Navy Federal is part of the Co-op ATM network, which means customers have access to more than 30,000 fee-free ATMs, Plus, Navy Federal 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.
How to open an account: To open a Free Campus Checking account at Navy Federal, the teen must have a parent, grandparent or guardian who qualifies for membership. To be eligible, the account holder must be or be related to a current, reserve, retired or veteran service member of the military or a Department of Defense civilian.
Our pick for
Strong interest rate on any balance
Monthly fee
$0
APY
0.25%
Bonus
N/A
Why We Like It
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. The co-owner on the teen’s account can opt in to overdraft protection, where Alliant will pull funds from another linked Alliant account to cover the cost of the overdraft.
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.
How to open an account: The account must be held jointly with a parent or guardian who is an Alliant member. Obtaining membership is easy, however; new members can support Alliant’s partner charity, and Alliant will make a one-time donation of $5 to the charity on your behalf, which makes you eligible to apply if you don’t otherwise meet the broad requirements. Once one person gains membership, immediate family members are eligible to join.
Our pick for
High interest rate for small balances
Monthly fee
$0
APY
2.00%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
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 67,000 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.
How to open an account: Members aged 10-17 can qualify for this checking account. When teens turn 18, they will transition to an Innovative Checking Account. Minors need to apply with a parent or guardian.
» 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 March 3, 2023
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Teen Checking Accounts 2023
- Capital One MONEY: Teen Checking Account: Best for Free ATM access
- Navy Federal Credit Union Free Campus Checking: Best for ATM fee rebates
- Alliant Credit Union Teen Checking: Best for Strong interest rate on any balance
- Connexus Credit Union Teen Checking: Best for High interest rate for small balances
Frequently asked questions
The best bank account for a teen is one that will help them learn to manage their finances and has low to no fees. Mobile and online banking options can make personal finance management more accessible to teens, and caps on ATM withdrawals or spending limits are features to consider seeking out.
Teen bank accounts can be opened online. Some teen checking accounts, such as the Capital One MONEY account, are only available online. Others may require that the child go to a branch to open their account.
Children and teens can have checking accounts, but generally, an adult must be a co-owner on the child’s account.
