best bank account for teens
She has been an investor, entrepreneur, and advisor for more than 25 years. What to watch for: This high APY is only available on balances up to $500. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Chase. Bankrates editorial team writes on behalf of YOU the reader. The advantage for teens is that, when a savings account is linked to the checking account, the bank provides extra tools to help set goals and track savings for the purchase of a car, travel, or college. Examples of these startups include Greenlight, Jassby, Goalsetter, and GoHenry. But this compensation does not influence the information we publish, or the reviews that you see on this site. You dont need to make a deposit to open the account, and you wont be charged a monthly service fee. Bankrate has answers. Coverage.com services are only available in states where it is licensed. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. Is it a great mobile app, 24/7 customer support, no ATM fees? So it's thinking through how your experience with it is going to be before you make that decision.". Matthew Goldberg is a consumer banking reporter at Bankrate. Teens can benefit from the money management tools available through the account. Also, the high APY only applies on the first $1,000 that you have in your Bethpage Young Adult Savings. "Additional Banking Services and Fees for Personal Accounts Deposit Account Agreement," Page 7. Your teen won't stay a teen forever, and that also rings true for the teen account. Then you're okay online. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Boeing Employees Credit Union (BECU) has more than 50 locations in Washington and two in South Carolina. Then, we compared different features and services to determine which accounts stood out from the rest. This is a unique perk not offered at many institutions. Minor children aren't allowed to open a bank account, unless it is a custodial or jointly held account with a parent or family member. A parent or adult will need to open an account with you. You'll want to find an option that comes with as few hassles as possible. The bank offers mobile access for routine banking and fraud monitoring. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. First and foremost, we wanted to provide you with options. Note that we aren't including online banking platforms, since you need to be 18 years or older to open those accounts. Terms apply to offers listed on this page. (Some text may be lightly edited for clarity.
Some families living in rural areas, do not have easy access to their bank, making it difficult for a teen to access a brick-and-mortar establishment. Parents interested in tracking account activity can elect to receive text notifications for every transaction.
She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Coverage.com may not offer insurance coverage in all states or scenarios. If the account is later changed to a Chase College Checking account, the monthly service fee is waived for up to five years while in college or if there is at least one direct deposit into the account every month. Parents should also inform themselves of what happens to the account when their teens reach the maximum age for the account. The key feature is its APY of 0.25% which is available for accounts with paperless statements and at least one direct deposit per month. What to watch for: Youll need to open a $5 savings account to become a member of Bethpage Federal Credit Union. ", "I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee I think there's other stuff that could make life easier, whether it's a free checks, online bill pay, are they in the Zelle network? The best savings accounts for teenagers offer some common features: Various savings accounts are designed to help young people earn a competitive yield on their money, while avoiding maintenance fees and minimum balance requirements. We also reference original research from other reputable publishers where appropriate.
Teen-centric bank accounts may vary in terms of ages to open an account, some start at age 13. Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider.
If you don't live in any of these areas, you'll have to deposit your cash in a CVS instead of a branch. By clicking Sign up, you agree to receive marketing emails from Insider What you decide to do with your money is up to you. Chase also has more than 4,700 branches and 16,000 free ATMs, which is appealing if you're looking for a bank close to home. How much should you contribute to your 401(k)? Opening a student account at Citizens Bank, which is a subsidiary of Citizens Financial (CFG), comes with no monthly fees until the age of 25. Well, then you need someone local. You may still want to explore one of these accounts if it appeals to you, though. Otherwise, most banks offer joint or custodial accounts for teens. Also, you can only open Chase High School Checking if your parent has a qualifying Chase checking account. Teen checking accounts are different from regular checking accounts in that they offer parental monitoring features. Its Kids Savings Account, which is available to teenagers until they turn 18 years old, offers the same yield on all balances. Karen Bennett is a consumer banking reporter at Bankrate. Read our editorial standards. Teen checking accounts offer a great way for teens to budget and learn to establish their own personal finance goals.
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We operate independently from our advertising sales team. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. Let's face it, many teens today spend a lot of time on their mobile devices. 
The account offers access through its mobile banking app, the online banking website, and through its bill-paying program. Teens under age 18 will probably need a parent or guardian to open a savings account, and this adult will be designated as a joint account holder. A Red Ventures company. All Rights Reserved. Mobile banking, online access, and bill paying are included with the teen checking account. Bankrate.com is an independent, advertising-supported publisher and comparison service. Connexus Credit Union is an online financial institution with 11 active branches in Wisconsin, Minnesota, Ohio, and New Hampshire. With a checking account focused on 16- and 17-year-olds, First National Bank and Trust Company has no monthly fees and a $25 minimum balance to open. We may receive compensation if you visit partners we recommend. The 6 Different Types of Checking Accounts, Top 9 Checking Accounts for US Expats Living Abroad. Some accounts come with parental controls like text alerts, which allow parents to keep tabs on their teens' spending habits. "USAA Federal Savings Bank Service Fee Schedule Effective 12/18/2020," Page 1. You'll also be able to contact a customer representative 24/7 via live chat. Whats more, those who work can build up their balance by transferring a portion of each paycheck from checking to savings. Alliant refunds up to $20 per month in ATM fees if the teen uses out-of-network machines. Bankrate.com does not include all companies or all available products. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access The best bank for you will depend on what your preferences are. "Wells Fargo Clear Access Banking. Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. First National Bank and Trust Company. The account also offers a P2P tool for mobile payments. Many online banks and online banking platforms won't let you open an account for someone under 18. Why it stands out:In addition to having zero monthly service fees and no minimum opening deposit, Connexus offers a competitive interest rate on its teen checking account. 
We talked to banking and financial planning experts to inform these picks and provide advice on finding the best banks and credit unions for your needs. Teens have access to budgeting tools on the bank's mobile app to set their own financial goals or keep track of spending. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list. We are an independent, advertising-supported comparison service. You'll also be able to open the account if you aren't a US citizen. Once your account is created, you'll be logged-in to this account. How do you open a bank account for a minor? BECU doesnt require a minimum opening deposit for the Early Saver Youth Account. When the minor reaches the age of majority, the custodian is responsible for distributing the funds to the minor.
Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money. Brian Beers is the senior wealth editor at Bankrate. Another way to keep control over your teen's spending habitsespecially if there are no parental control options availableis to become a joint account holder, which many teen accounts require. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. Union Bank. If a bank offers a child, student, or teen checking account, it will likely come with a debit card. Balances above that amount will earn 0.02 percent APY.
The teen checking account at Alliant Credit Union offers online and mobile access, as well as limits on spending and withdrawals. These specialized accounts may also have specific age requirements. Here's an explanation for how we make money. "2020 Personal Accounts Fee Schedule," Page 1. Online Loan Companies To Borrow From Home, 6. Get the latest tips you need to manage your money delivered to you biweekly. Our experts have been helping you master your money for over four decades.
Which certificate of deposit account is best? Our editorial team does not receive direct compensation from our advertisers. We recognize every person has distinct preferences, so we provide ample options for you to find the most suitable financial product or account for you. You cant apply for this account online, either. For online banks and credit unions, we looked for accounts that were easy to open, charged little to no fees, and had long customer service hours. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We researched the biggest financial institutions to find the best brick-and-mortar banks, online banks, and credits unions that offer teen checking accounts. ", Union Bankshares. Does it automatically convert to a regular checking account? Amanda Jackson has expertise in personal finance, investing, and social services. Here is a list of our banking partners. Also, living or working in select counties in Oregon or belonging to certain associations are other ways to be eligible. Before opening an account, consider if the account comes with mobile banking options, monthly minimum balances, and fees. In many communities across the U.S., 5.4% of households are unbanked, meaning they don't have access to a bank account. If they decide to stay with the same bank as their teen account, when your child turns 18 years old, they may be able to shift the balance of their teen or student account into a regular checking account. Our goal is to give you the best advice to help you make smart personal finance decisions. So it makes sense that the bank your family chooses for your teen(s) offers the convenience ofmobile banking.
Why it stands out: Chase High School Checking is a great choice if you'd like to be part of a national bank. Some even send text alerts to parents about their teen's banking activity. "BankThink Waters proposed legislation would benefit underbanked communities. What are index funds and how do they work? Resources to teach your child financial literacy regardless of where you live, What 'APY' means and how to use it to grow your money, How to avoid the 12 most common bank fees, Budgeting tools and alters to help teens save, Parental monitoring features to track spending, Non-US citizens are eligible to open an account in any Chase branch, Standard Overdraft Practice is not available, Parent must have a qualifying checking account, Access to 16,000 Chase ATMs and more than 4,700 branches, Account must be linked to a parent/guardian's personal checking account (Chase High School Checking, Chase College Checking, Chase Secure Checking and Chase First Checking do not apply), Chase High Checking account converts into a Chase Total Checking Account after you turn 19, Link your Capital One account to any checking account, Limited access to customer service by phone, No reimbursements if you're charged by an out-of-network ATM, Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC, Once teen turns 18 they can open a 360 Checking account, Interest compounded and deposited monthly, Become a Connexus member by donating $5 to the Connexus Association, Earn 2.00% APY if you have an account balance under $1,000, Earn 0.25% APY if you have an account balance over $1,000, Free overdraft protection that lets you link your checking account to a savings account, Teen checking account automatically converts to an Innovative Checking Account once teen turns 18, Tania Brown, certified financial planner at, Roger Ma, certified financial planner with. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Also, your banking experience do you like walking into a bank?
The key feature of the account is the ability for parents to set daily spending and withdrawal limits on the ATM or debit card that comes with the account. Credit unions require membership to open bank accounts, but Connexus makes it easy for anyone in the US to join. Read our advertiser disclosure for more info. Should you accept an early retirement offer? We recommend the best products through an independent review process, and advertisers do not influence our picks.
A bank account for teens can help them learn a valuable life lessonfinancial responsibility and how to manage money. What makes these accounts a good choice besides no to low minimum deposits includes low fees, parental controls to enable you to keep an eye out on your teen's spending habits, and some even allow parents to set spending limits. What Are the Top 10 Checking Accounts for Teens? ", "The No. Chase has received a A- rating from the BBB because it had government action taken against the business. The right savings account, combined with a checking account and the use of a debit card, can help teens and young adults develop healthy money habits and save for future goals that may include college and homeownership. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information.
", Capital One.
Capital One is an online bank, but it also has a brick-and-mortar presence. We maintain a firewall between our advertisers and our editorial team. This account is also great for tech-savvy teens who don't want the hassle of branch-based banking. You can learn more about the standards we follow in producing accurate, unbiased content in our. She is also a Certified Educator in Personal Finance (CEPF). By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. These accounts help teach teens financial responsibility and how to manage money. It also helps if there are usually little or no fees involved with mobile deposits, transfers, and any other transaction made on a phone or tablet. Investopedia requires writers to use primary sources to support their work.
The Money account is a no-fee, no-minimum account. Get insider access to our best financial tools and content. This is why many banks offer parents to set withdrawal anddebit cardtransaction limits. If you want a bank that offers a wide array of products and services, national banks might be worth exploring. Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). The online bank doesn't charge monthly service fees, overdraft fees, or out-of-network ATM fees. Keep in mind that teen checking accounts aren't available at every financial institution. The Clear Access Banking account at Wells Fargo & Company (WFC) requires a $25 initial deposit and comes with no maintenance fees. The account is available to teenagers until they turn 18. Check with the bank to find out what happens to the account after the maximum age limit. Opening the account and doing routine transactions like check deposits and transfers can be done from a mobile device on the Capital One app. For our best brick-and-mortar bank, we looked for a teen checking account that didn't require bank fees and had a substantial branch and ATM network. After all, these are the formative years of their lives, and you don't want them spending every single penny in their account. If you are under the age of 18, you won't be able to open a bank account on your own. Bankrate.com is an independent, advertising-supported publisher and comparison service. The account includes mobile banking and online access. We research extensively to make sure that you know the standout features and limitations of a financial institution. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. If your bank doesn't offer any parental controls, consider becoming a joint account holder with your teen. The personal environment at smaller banks can be more conducive to the sharing of advice, knowledge, and experience from people who have been in the business for years. Do you write checks? For teenagers, having a checking account prior to heading off to college, heading into a trade school or vocational school, or those who go straight into the workforce after high school can provide valuable real-world experience in managing a budget,cash flow, and bills. Home equity line of credit (HELOC) calculator. What Is A 529 Plan and Where to Open One in Your State, How Much Should You Have In A 529 Plan By Age, How To Use A 529 Plan For Private Elementary And High School. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. The bank requires an adult to link an account to the teen's checking account. Laura Grace Tarpley, Personal Finance Insider: "I would look for the bank that charges you the least in fees. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
This account is for kids up to 17 years old, and it requires the custodian (a parent, guardian or grandparent, for instance) to control the account. "Standard Checking.". Wells Fargo. It should also have budgeting features, an easy-to-use mobile app, and intuitive online banking.
The Chase High School Checking is geared to students between 13 and 17 years of age. Alliant Credit Union Teen Checking Account, Best High-Yield Checking Accounts Of July 2022. DO NOT Sell My Personal Information. Capital One Financial (COF) has an account geared specifically for teens. ", American Banker. This does not influence whether we feature a financial product or service. What to look out for:Connexus charges a $4 overdraft fee if you overdraw from a bank account. Why it stands out: The Capital One MONEY Teen Checking Account is an excellent option if you prefer online banking. For instance, through the Autosave feature, you'll be able to set goals and set automatic transfers to save weekly or monthly. The information on this site does not modify any insurance policy terms in any way. Living, working, worshiping or going to school in Washington state or select Idaho counties are some ways. Laura Grace Tarpley, editor of banking and mortgages. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. The account doesn't require a minimum opening deposit or charge monthly service fees. The following are other banks and credit unions we considered but didn't choose in the end. The offers that appear on this site are from companies that compensate us. But before you sign your teen up, you should do your homework because every account is different. Here are the BBB ratings of our top picks: Chase is the only financial institution on our list that doesn't have at least an A rating. After turning 18, the account automatically converts to a free Classic Checking account which also has no monthly fees. We do not give investment advice or encourage you to adopt a certain investment strategy. They also have low minimum opening deposits and a sizable ATM network. This means either no monthly fees or you qualify to waive the monthly fees. What to do when you lose your 401(k) match, Best features to look for in savings accounts for teenagers, Minors usually need an adult to open an account, How to open a savings account: 6 steps to take, Heres everything savers need to know about APY, California Consumer Financial Privacy Notice, 4.07 percent APY on the first $500 (0.02 percent APY on balances $500.01 or more). Local community banks generally offer many of the same features as larger banks, but often have a more personal touch, with teen-centric websites, financial blog posts, and educational resources. A bank account geared specifically to your teenager can be useful for learning how to manage money, especially if your teen has a job. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. To learn more about what makes a good bank account and how to choose the best fit, four experts weighed in: Here's what they had to say about bank accounts. ", "I would make a list of the top three to five things you want out of a checking account.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. There are numerous options and features for these accounts, all of which can help them become financially responsible adults. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex. Financial institutions typically offer teen checking accounts so that parents can provide older children with more financial tools like a debit card. She is a library professional, transcriptionist, editor, and fact-checker. If you expect to travel, you may want a bank that doesn't charge foreign transaction or ATM fees. What to look out for:The account doesn't offer overdraft protection like most of Chase's other products. USAA. For teenagers, having a checking account can provide valuable experience in managing a budget, how to cash flow, and paying bills. We also get your email address to automatically create an account for you in our website. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer.
