14 Best kids Checking Account Under 18 and Savings

A teen checking account with zero fees and a fee-free debit card for kids. Help your teen take the first step towards managing their own money with a bank account from a different free checking account of your choice.

kids checking account

Utmost banks and credit unions, from big institutions like Bank of America to lower outfits like Alliant Credit Union, allow parents to open common or custodial accounts for their minor children.

Still, you may want to look into whether they offer sprat-friendly accounts If you have a longstanding relationship with an original bank or credit union.

Before you make a final decision and take your way to come to a common account holder, check out our compendium of the top bank account promotions.

Checking Account Definition for Kids

A checking account is a type of bank account that allows you to easily deposit and withdraw money for daily transactions.

This may include depositing a check you receive, taking out cash with your debit card, or setting up direct deposit for your paychecks.

One kind of bank account is called a checking account. A person with a checking account can write checks to pay for things.

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A check is an instruction to the bank to pay out money from that person’s account.

People can also use a plastic card, called a debit or check card, to pay out money from their checking accounts.

Checking accounts pay little or no interest to the depositor. People use them because they are a safe and convenient way to handle money.

Checking Account for Kids

However, you might as well seek out the loftiest endeavor, If you do not have a living banking relationship with one of the stylish banks for kiddies.

Below are the best checking and saving accounts for kids that you can patronize:

1. Chase First BankingSM

kids checking account

Chase First BankingSM is a debit card designed to teach children and teens the fundamentals of sound money management.

It’s available to kids ages 6 to 17. Much like the training wheels on your youngster’s first bike.

Chase First Banking guides minor account holders in the right direction without ever removing the controls that prevent serious mishaps.

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Those controls are built into a debit card with customizable parental alerts to clue adult custodians in on how and where their kids are spending.

Chase First BankingSM also enables flexible limits on spending to ensure kids don’t overspend in one place.

Chase First BankingSMAccount Features

Minimum Deposit and Balance Requirements: You must be an existing Chase customer to open a Chase First banking account. The monthly service fee is $0.

Yield: None.

Rewards and Incentives: Fee-free access to more than 16,000 Chase and affiliated ATMs, plus a robust suite of educational tools for first-time account holders.

2. Fidelity® Youth Account

kids checking account

The fidelity® youth account is a first-of-its-kind account where kids can save, spend, and invest. It’s owned by teens aged 13 to 17 and built to help them establish better money habits.

Also, it keeps parents in control and you’ll need a Fidelity account first so that you can provide hands-on support, transfer money, and monitor your kids’ account. Also, you can open a Fidelity Youth Account and parent account with no monthly fees or account minimums.

And for a limited time, your teen will get a $50 reward when they download the mobile app and activate their Youth Account.

Features of Fidelity® Youth Account

Other great features include:

1. Teens get a free debit card with no monthly fees or account minimums3

2. Access to a dedicated learning center to help jumpstart your teen’s financial education

3. Invest in stocks for as little as $1 with fractional shares2

4. Enjoy $0 trading commissions for online U.S. stock\

5. Convenient money management through Fidelity’s secure mobile app, which links to payment apps like Venmo and PayPal4

6. Parents are responsible for their teen’s activity and can monitor account activity online or through monthly statements, trade confirmations, and by viewing debit card transactions

The Fidelity Youth Account can only be opened by a parent/guardian. Account eligibility is limited to teens aged 13-17.

3. Copper Banking

kids checking account

Copper is a teen-friendly mobile banking solution designed for kids ages 13 to 17 (and their parents too). However, the Copper app and debit card teach teens how to make smart financial decisions by creating a platform for parents and teens to connect and learn together.

Use the Copper debit card to shop everywhere and withdraw cash for free at over 55,000 ATMs. Also, the Copper app allows you to monitor spending and instantly send money in seconds.

Features like automatic saving teach teens strong financial habits by automatically setting aside a portion of the money they make for savings. Copper uses secure encryption and authentication to protect your account and all Copper accounts are insured up to $250,000 through Evolve Bank & Trust.

Features of Copper Banking

Minimum Deposit and Balance Requirements: The minimum deposit is $10, but there’s no ongoing minimum balance requirement or maintenance fee.

Account Opening Bonus:

Yield: None.

Rewards and Incentives: Copper has a nice referral program that could earn you some extra cash for referring friends — $3 for each successful referral. See terms and conditions for details

Overdraft Fees: Copper does not charge overdraft fees, period

Possible Fees: See terms and conditions for a complete list of potential fees.

4. Current


Up to 15x Points on Eligible Purchases and No Hidden Fees

Current is a kid-friendly money management app with customizable parental controls and a slew of features that make banking fast, fun, and profitable.

Features of Current

Current’s standout features include:

1. Get paid up to 2 days early with direct deposit from a qualifying payer

2. Generous cash-back earning on eligible purchases

3. Pay no fees on overdrafts up to $200 with a qualifying direct deposit and Overdrive enabled in your Current Premium account ($4.99/month)

4. Mobile check deposit in the app

5. Automated savings via recurring transfers or round-ups on debit card purchases

6. Access to more than 40,000 fee-free ATMs in the Allpoint network

Current is great for financially self-sufficient young folks, but its Teen Banking feature really shines for kids who haven’t yet flown the coop.

For $36/year, teen users get the freedom to spend and save as they please — within reason.

More Features of Current

Minimum Deposit and Balance Requirements: There are no minimum deposit or ongoing balance requirements.

Account Opening Bonus: None, although targeted offers may occur from time to time.

Rewards and Incentives: Earn up to 15x points when you swipe your card with over 14,000 participating merchants nationwide, then redeem for cashback. Use the Current app to find merchants nearby.

Possible Fees: There are no hidden fees; no monthly maintenance fees, overdraft fees, or nonsufficient funds (NSF) fees.


5. Alliant Credit Union Free Teen Checking Account

The Alliant Credit Union Free Teen Checking Account is designed for parents and kids ages 13 to 17.

With no monthly maintenance fees or balance requirements, it’s an ideal first checking account for teens with part-time or summer jobs.

All accounts come with a free Visa® debit card and a free first box of checks with both account holders’ names.

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All balances yield 0.25% APY when you opt into electronic statements and receive at least one direct deposit per month.

When the minor account holder turns 18, the account automatically converts to an adult checking account.

You must be an Alliant Credit Union member to open a Free Teen Checking account on your child’s behalf.\

Features of Alliant Credit Union Account

Minimum Deposit and Balance Requirements: None.

Account Opening Bonus: None.

Yield: 0.25% APY on all balances when you opt into e-statements and receive at least one direct deposit each month.

Rewards and Incentives: Access to more than 80,000 fee-free ATMs around the United States.

The account has an automatic daily debit card limit of $100 in cash withdrawals and $300 in total spending to control overspending by young account owners.

Each month, account holders get up to $20 in ATM rebates from out-of-network ATMs.

Overdraft Options: You can opt into an overdraft line of credit. Alliant reserves the right to decline transactions that would normally result in overdrafts, depending on prior account usage.

Possible Fees: 1% foreign transaction service fee for ATM withdrawals, $25 per NSF transaction.

6. Capital One Checking Account for Kids

Capital One Money Teen Checking Account

The capital one money teen checking account is a fee-free, paperless checking account for kids ages 13 to 17.

With no minimum or ongoing balance requirements and a decent yield on all balances.

It’s another solid day-to-day account for kids flexing their financial muscles for the first time.

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All accounts come with a free Mastercard® or debit card but no checks or electronic bill pay option.

Parents can set text or email alerts for specific account actions and transactions to monitor their teen’s spending from a distance.

The money teen checking account also comes with a nice array of budgeting and balance-tracking features for basic financial education.

Features of Capital One Money Account

Account-holders under age 18 have a daily limit of $500 in non-PIN transactions, $500 in PIN transactions, and $500 in ATM withdrawals.

Minimum Deposit and Balance Requirements: None.

Account Opening Bonus: None.

Yield: 0.10% APY on all balances.

Rewards and Incentives: Access to about 40,000 fee-free ATMs around the United States and free mobile deposits through the Capital One app.

Overdraft Options: If you have a savings account with Capital One 360, you can opt into fee-free automatic savings transfers to cover transactions that would typically result in a negative balance.

Otherwise, you can apply for an overdraft line of credit, subject to credit approval and fees.

Possible Fees: $25 expedited debit card processing fee, $5 statement copy fee.

7. Wells Fargo Clear Access Banking

Wells Fargo Clear Access Banking

The Wells Fargo Clear Access Banking suite is a teen-friendly product available to kids ages 13 to 17 (kids 16 and under require an adult co-owner).

With no maintenance fee for younger account holders and low balance requirements, it’s a great general-purpose checking account for kids learning to budget.

However, this account has no yield, so it’s not appropriate for stashing away funds for a rainy day.

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Wells Fargo has a slew of educational and practical tools for kids and parents.

The “My Spending Report with Budget Watch” feature helps kids build a budget and track spending on their own.

This is effective because a robust set of parental controls lets you monitor and restrict spending.

Features of  Wells Fargo Clear Access Banking

Minimum Deposit and Balance Requirements: $25 minimum opening deposit; no ongoing balance requirement.

Account Opening Bonus: None.

Yield: None.

Rewards and Incentives: 24/7 fraud monitoring and fee-free person-to-person (P2P) transfers through the Wells Fargo app or online banking site.

Overdraft Options: You can opt into overdraft protection that covers shortfalls on transactions that would normally result in a negative balance.

You must link a Wells Fargo savings account, and there’s a $12.50 fee per transfer.

If you prefer not to transfer funds out of a linked savings account, you can opt into standard overdraft protection, which covers shortfalls at a slightly higher fee.

Possible Fees: $2.50 per non-Wells-Fargo ATM withdrawal, $15 NSF transaction fee, 3% foreign transaction fee. The monthly service fee is $5 for account holders age 25 and older.

8. Chase Checking Account for Kids

Chase High School Checking

Chase High School Checking is an account designed specifically for kids ages 13 to 17. Minor account holders must open the account with an adult as a co-owner. And also, link their accounts to that person’s checking account to allow direct control over the account’s funding.

When the minor account holder turns 19, the account turns into a checking account for adults, and the adult account holder is removed. Therefore, there is no yield on any balances but no monthly maintenance fee either.

Features of Chase High School Checking

Minimum Deposit and Balance Requirements: $25 to open and maintain.

Account Opening Bonus: None, although targeted offers may occur from time to time.

Yield: None.

Rewards and Incentives: Fee-free access to more than 16,000 Chase and affiliated ATMs plus lightning-fast money transfers to family and friends with Chase QuickPay® with Zelle®.

Overdraft Options: If you opt into Chase’s overdraft program, transactions for which you have insufficient funds are allowed to go through. You’re charged $34 per overdraft item, with a limit of three per day.

Possible Fees: See terms for a complete list of fees.

Prepaid Debit Cards

These cards are alternatives to Bank Accounts for Kids Under the Age of 18.

If you’d prefer not to open a joint or custodial account for your minor child, consider a prepaid debit card instead.

Many parents use Visa, American Express, or Mastercard-branded prepaid debit cards for teens as replacements for cash allowances or bank accounts.

9. Greenlight


The standout in this category is Greenlight, a kid-friendly debit card that makes it super easy for parents to manage youngsters’ allowance funds and walking-around money.

Key Features of this Account

1. An in-app chore list that ties financial incentives (reloads) to household jobs.

2. Automated weekly or monthly allowance transfers no manual deposits are required.`

3. Real-time notifications whenever the card is used.

4. Customizable spending rules for parents.

5. Customizable earning, spending, and saving goals for kids.

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It all adds up to set-it-and-forget-it financial empowerment for young people ready and eager for a financial head start.

Greenlight’s debit card plan (Greenlight) costs $4.99 per month.

Greenlight + Invest, a more comprehensive plan that includes a kid-friendly investing platform with full parental control, costs $7.98 per month.

Greenlight Max adds identity theft protection, cellphone coverage, and purchase protection for $9.98 per month.

10. GoHenry

Built around an easy-to-use mobile app, GoHenry is a kid-friendly prepaid debit card designed for kids as young as 6 years old.

It’s ideal for managing an allowance, saving up for school supplies and activity fees, building an education nest egg, or all of the above.

Key Features of GoHenry’s Account

GoHenry’s key capabilities include:

1. Setting and funding household chores, teaching your kids the value of a dollar in the process

2. Creating and contributing to savings goals

3. Setting automated allowances and managing one-time or recurring transfers

4. Setting rules about where and how much minor users can spend

5. Generating real-time spending notifications

6. Enabling instant card blocking and unblocking for lost, stolen, or damaged cards

GoHenry is free for the first month, then costs $3.99 per child per month. Upgrade to a custom card for $4.99.

11. FamZoo

FamZoo is more than a prepaid debit card.

It’s a full-fledged financial education app that teaches age-appropriate money lessons on everything from compound interest to the importance of paying yourself first.

Highlights include:

1. Chore and odd job scheduling tied to rewards or penalties

2. Separate accounts for spending, saving, and giving

3. Payment splits that allocate one transfer to multiple accounts

4. Parent-paid interest that reinforces the concept of compound interest

5. Customizable savings goals

6. Informal loan tracking for parental disbursements and receipts

7. Real-time account activity alerts

8. A text-message-based system for receiving and approving kids’ funding requests

9. Card locking and unlocking for lost, stolen, or damaged cards

10. Scheduled and instant funds transfers

FamZoo costs $5.99 per family per month when paid monthly (automatic renewal required).

Pay in advance to earn a deep discount on the sticker price — as low as $2.50 per month per family with a 24-month subscription.


Best Checking Account for Kids

All of the following accounts are subject to a strict withdrawal limit of no more than six per statement cycle under U.S. law.

Unless otherwise noted, all are joint accounts rather than custodial.

Legally, the account’s minor owner can deposit, withdraw, and move funds before their 18th birthday.

12. Alliant Credit Union Kids Savings Account

With a $5 minimum opening deposit and a yield of 0.55% APY on all balances, the Alliant Credit Union Kids Savings Account is ideal for long-term savings goals.

This account is open to kids under age 13, giving them even more time to accrue compound interest.

Kids 13 or older aren’t eligible to apply, but account holders can keep the account open as long as they wish.

All account activity is subject to parental review and approval, ensuring minor account holders can’t raid their balances before they ripen.

Account Features

Minimum Deposit and Balance Requirements: $5 to open and maintain, although Alliant covers the deposit for young account holders.

Account Opening Bonus: $5 to cover the initial deposit requirement.

Yield: 0.55% APY on all balances above $100.

Rewards and Incentives: No monthly fees for members who opt into e-statements.

Overdraft Options: None.

Possible Fees: Excess transaction fees are charged at Alliant’s discretion.


13. Capital One 360 Kids Savings Account

The Capital One 360 Kids Savings Account is other high-yield online savings account designed for younger kids.

With no opening deposit or ongoing balance requirements and an automatic savings plan option, it’s an ideal set-it-and-forget-it account for kids working toward future savings goals.

There’s no age threshold to open an account, and parents have final approval over fund transfers. Seamless mobile check deposit is a nice perk.

Features of Capital One 360 Kids Savings Account

Minimum Deposit and Balance Requirements: There’s no minimum balance requirement or deposit requirement here.

Account Opening Bonus: None, although targeted offers may apply.

Yield: 0.30% APY on all balances.

Rewards and Incentives: You can set up savings goals or make recurring transfers based on an automated savings plan.

Overdraft Options: None.

Possible Fees: $5 paper statement fee; excess transaction fees charged at Capital One’s discretion.

14. PNC Bank ‘S’ is for Savings® Account

The PNC Bank ‘S’ is for Savings® Account is fee-free for account holders under age 18.

Minor account owners can keep this account as long as they like after they reach legal age.

Subject to a $5 monthly maintenance fee that’s waived in any statement cycle during which:

1. The account holder is under age 18

2. The account has a minimum daily balance of $300 or more

3. The account receives at least one $25 transfer per month

This account is definitely geared toward younger kids. It offers a “learning center” populated by Sesame Street characters and an automated savings program for parents looking to help their kids save.

Key Features of this Account

Minimum Deposit and Balance Requirements: $25 minimum to open and maintain.

Account Opening Bonus: None.

Yield: Varies by balance.

Rewards and Incentives: The educational tools are second to none, and the automated savings feature is a nice touch.

Overdraft Options: None.

Possible Fees: $7.50 card replacement fee.

How to Teach Kids to Reconcile a Checking Account

While most people tend to use debit and credit cards for their daily transactions and bill paying methods, there comes a time for use of a checking account.

If you’re old enough, you may recall being taught how to write checks and balance a checkbook.

With the current state of technology, many kids are learning about electronic forms of payment and bank accounts rather than the old-school checking account methods.

Kids will still need to know about checking accounts though because even if they may never write a check they will still need to learn about the use of a checking account.

Debit and Credit Card

With most checking accounts you will receive a debit and credit card. This is a card that pulls funds directly from your checking account.

Your kid should be taught how to use a debit and credit card in a responsible way. The best way to start is to get them a checking account for children.

The account comes with a debit card for which parents are able to set limits, and separate savings account that they aren’t able to withdraw from on their own.

Discuss Checking Accounts

When your kids reach their teenage years, you’ll want to start discussing checking account options with them. There are credit unions or regular local banks that offer checking accounts for both personal and business use.

Allow your teenager to write checks from your checkbook as a practice to learn how to write checks. Have your kids take part in your discussion about balancing your checking account.

Balancing a Checking Account

While your kids may be growing up in an era where they will predominantly use their debit and credit card. However, it’s important to teach them how to balance their checking accounts.

There are many online printables for you to print out and create a fake balance sheet to teach your kids a hands-on way to balance their checking accounts.

Can I Open a Checking Account for my 14-Year-Old Son?

At most banks, you can open a teen checking account when your child is 13. One parent is usually required to be a joint owner until your child18. As a joint owner, you’ll have the ability to monitor and access this account if you wish.

Can a 13-Year-old Get a Debit Card?

A child can typically get a debit card at 13 years old when a parent or legal guardian opens a teen checking joint account on their behalf. Teen checking accounts are typically available until the child turns 18.

Can a 14-year-old Open a Bank Account with Parents?

Since minors generally can’t open bank accounts by themselves, you’ll typically need to be a joint owner of the account, which may actually be a good thing.

It’ll give you the chance to compare banks and find features that are important to both of you.

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CSN Team.

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