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4 Best Teen Checking Accounts of 2022

The best teen checking accounts come from Alliant Credit Union, Capital One, Navy Federal Credit Union and Connexus Credit Union.

Feb 16, 2022

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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.

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

Our pick for

Free ATM access

Capital One MONEY: Teen Checking Account

4.5

NerdWallet rating 
Capital One MONEY: Teen Checking Account

Monthly fee

$0

APY

0.10%

With $0 min. balance for APY

Bonus

N/A

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.

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Our pick for

ATM fee rebates

Navy Federal Credit Union Free Campus Checking

4.5

NerdWallet rating 
Navy Federal Credit Union Free Campus Checking

Monthly fee

$0

APY

0.05%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

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.

How to open an account: To open a Free Campus Checking account at NFCU, 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.

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Our pick for

Strong interest rate on any balance

Alliant Credit Union Teen Checking

4.5

NerdWallet rating 
Alliant Credit Union Teen Checking

Monthly fee

$0

APY

0.25%

Bonus

N/A

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. 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.

How to open an account: The account must be held jointly with a parent or guardian who is an Alliant member. 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.

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Our pick for

High interest rate for small balances

Connexus Credit Union Teen Checking

5.0

NerdWallet rating 
Connexus Credit Union Teen Checking

Monthly fee

$0

APY

2.00%

With $0 min. balance for APY

Bonus

N/A

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 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.

How to open an account: Members aged 10-17 can qualify for this checking account. When teens turn 18, they will automatically transition to an Innovative Checking Account. Minors need to apply with a parent or guardian.

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» 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 February 16, 2022

Methodology

We took a close look at over 80 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.

To recap our selections...

NerdWallet's Best Teen Checking Accounts of 2022

Frequently asked questions