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Teen Checking Accounts at Community Banks

March 4, 2013
Personal Finance
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For teenagers, who may be starting their first jobs and earning their own money for the first time, developing banking smarts is critical to being successful in personal finance. All kids eventually grow up, and your teen could grow up to be a strong, independent adult by developing strong financial skills early in life.

Teen Checking Accounts Are Perfect for Money Management

A great way to help educate your teen about money management and saving is to open a teen checking account. These accounts require a parent or guardian to be co-owner. They store your teen’s money and allow them to access it for food, movies, gas or other expenses. Your teen can track their transactions and learn to balance their checkbook, great tools that help them understand the decisions that go into making a personal budget.

Community Banks Offer Financial Resources for Teens

A teen checking account should be free, meaning no minimum balance requirements or monthly fees. At NerdWallet, we suggest opening a teen checking account at a local community bank, because they offer the same options as the big banks and tend to be more attentive to your needs due to their smaller service bases. Some community banks even have special teen websites with financial tips and blog posts that help them understand the banking world. Your teen’s money will be safe and secure, and you can rest easy knowing that they are investing in a bank that is a part of the community.

Take a look at some of the awesome teen checking accounts we’ve found at community banks in your area.

Mi Account – Eagle Bank and Trust Company (St. Louis, MO)

The Mi Account at Eagle Bank and Trust Company is for teens ages 14 – 18. It has no monthly fees or balance requirements, and only requires a $25 deposit to open. They get a free VISA debit card and free online banking. Eagle Bank and Trust Company has branches in Jefferson County, St. Louis and Perryville, Missouri.

Teen Checking – Hometown Bank (Oxford, MA)

Your teen will feel right at home with Teen Checking at Hometown Bank. The account can be opened with a $10 minimum deposit, and earns interest with a balance of $10 or more. They get online banking, mobile banking for Android and iPhone, a MasterMoney debit card (with cash rewards), and access to ATMs in the SUM/Intercept network. The account is available to teens 16 – 18. Hometown Bank has branches in Athol, Auburn, Oxford, South Lancaster, Sturbridge and Webster, Massachusetts.

Teen Checking Account – Bank of Marin (Novato, CA)

It’s never too early to learn how to manage your money, and Bank of Marin offers the Teen Checking Account for teens 13 – 17 as a way to help. The account can be opened with a minimum deposit of $10. They get a VISA debit card and a free iTunes gift card upon opening the account. Bank of Marin has branches in Sonoma County, Marin County, Napa and San Francisco, California.

First Marq Checking – Marquette Bank (Orland Park, IL)

For teens 16 – 17, First Marq Checking is a free account that can be opened with a $20 minimum deposit. The account offers free online statements, mobile banking, a free first order of checks and $5 in FunRewards gift cards for every ‘A’ on your teen’s report card (available only at the time of account opening), access to over 50,000 free ATMs worldwide through the Allpoint surcharge-free ATM network, and automatic enrollment in the bank’s FunRewards banking rewards program. Marquette Bank has 23 branches in Chicago, Aurora, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Lawn, Oak Forest, Orland Park, Romeoville and Summit, Illinois.

First Account – First Command Bank (Fort Worth, TX)

The First Account at First Command Bank is a free account for young adults 14 – 22. It’s a great way to introduce ideas about financial management to your teen. They get unlimited check writing, a free MasterCard debit card, free online banking, and $12 in foreign ATM fee refunds. The account can be opened with a deposit of $25. First Command Bank is located in Fort Worth, Texas.

Teen Checking – First National Bank and Trust (Beloit, WI)

Teens 16 – 19 can learn to manage their money with the Teen Checking account at First National Bank and Trust. They get unlimited check writing, a free ATM card or debit card with rewards, and access to ATMs in the MoneyPass network. Teens can check out The Cash’d Out newsletter for helpful budgeting advice. The account requires a $25 deposit to open. First National Bank and Trust has 13 branches in Southern Wisconsin.

Teen Checking – American Riviera Bank (Santa Barbara, CA)

You can set your teen on the path to financial independence with the Teen Checking account at American Riviera Bank. The account requires no minimum deposit to open and comes with a free first order of logo checks. Teens get a debit card and up to 4 foreign ATM fees refunded per month (no more than $12 per month). Teens can also attend a two-hour class on fiscal responsibility and how to manage their relationship with the bank upon opening the account. American Riviera Bank is located in Santa Barbara, California.

New Carolinian Teen Checking – Carolina Premier Bank (Charlotte, NC)

You can help your teen learn fiscal responsibility with the New Carolinian Teen Checking account at Carolina Premier Bank. Available to teens 13 – 17, this free account offers a free ATM card, unlimited check writing, and interest on balances over $500. The account can be opened with a minimum deposit of $200. Daily spending limits can be increased upon completion of online banking and electronic statements class. Teens get invites to bank-sponsored events, educational seminars and financial management sessions designed with them in mind. Carolina Premier Bank has branches in Charlotte, North Carolina, and Blacksburg and Rock Hill, South Carolina.

Teen Checking – North Brookfield Savings Bank (North Brookfield, MA)

With Teen Checking at North Brookfield Savings Bank, your teen gets the same features as a regular checking account, plus some extra perks just for them. The account is for teens 15 – 18, and only requires a $1 deposit to open. A checking account responsibility course must be completed prior to opening the account. Teens get unlimited check writing, free basic checks, a free ATM card, and access to free ATMs in the SUM network. They also get cash for good grades (max $20 per year). Teens can check out the Money Talks newsletters for financial advice and activities. North Brookfield Savings Bank has branches in North Brookfield, West Brookfield, Palmer and Belchertown, Massachusetts.

Teen Checking – Commerce National Bank (West Lake Hills, TX)

Teen Checking at Commerce National Bank is an account designed specifically to help teens aged 13 – 17 better understand money management. The account can be opened with a minimum deposit of $25. There is no monthly service fee as long as teens receive their statements electronically. The account comes with a debit card, free online banking and access to free ATMs in the MoneyPass network. In addition, teens get 4 foreign ATM fee refunds per month. Commerce National Bank has branches in West Lake Hills, Lubbock, Austin and College Station, Texas.