The top teen checking accounts of March 2024 are these.

The APYs listed in this article are accurate as of the time of publication. They may change as the Fed rate fluctuates. CNBC Select will update as new information becomes available.

Introducing teenagers to personal finance can be done through checking accounts. These accounts are typically shared between parents or guardians and teenagers, with separate logins for the latter. This arrangement allows teenagers to manage their money independently while still giving parents some control over their activities.

CNBC Select analyzed and compared teen checking account options from brick-and-mortar banks, online-only banks, and credit unions to determine the best ones. These accounts offer debit cards, low or no fees, and easy transfer options for parents. Additionally, we considered features such as parental controls, daily spending limits, ATM fee reimbursements, and educational tools. Our methodology explains how we chose the top teen checking accounts.

Best for kids, tweens and teens

The Capital One MONEY Teen Checking is not limited to teens; kids aged 8 and above can also sign up (with the help of a parent or guardian) and enjoy features such as a debit card, check deposit, direct deposit setup, balance checking, and separate money categorization into "Spendable" and "Set Aside".

Capital One automatically blocks transactions at certain businesses that primarily sell age-restricted items, such as liquor stores. Parents or guardians can track account activity, set up various alerts and lock or unlock their kid's debit card at any time. They can also withdraw money from the account, make one-time transfers, set up autopay for allowances and reward kids for reaching a goal. The debit card has limited parental controls.

Best for branch access

This account is intended for teens aged 13 to 17 and must be opened at a Chase branch with a parent or guardian present who has an existing qualifying Chase checking account.

High-school teens can easily bank in person at Chase, which has the most branches of any U.S. bank, to receive more personal service. Additionally, teens receive a debit card, access to thousands of ATMs, the ability to set up direct deposit, an autosave feature that allows for repeat transfers to savings accounts, and the money transfer app Zelle® for sending payments. Meanwhile, parents can set up various account alerts, including those for high transactions.

Best for ATM fee reimbursements

The First Checking account from Axos Bank is designed for teenagers aged 13 to 17 (18 in Alabama) who have an adult co-owner. This account offers a generous domestic ATM fee reimbursement of up to $12 per month, which is a valuable perk for teenagers who need to access cash quickly and can't travel to an in-network ATM. Since cash is the preferred payment method for many teens, this account is an excellent choice.

By linking their Axos accounts, parents can manage their children's spending, set up alerts, and control access to their debit card.

Best for learning financial literacy

For whom is Copper suitable? Teens can benefit from Copper's library of educational resources on financial literacy. They can obtain a debit card, access over 55,000 fee-free ATMs, and receive direct deposit. Additionally, they can set savings goals and round up spare change towards them. With the Earn feature, teens can watch videos and take surveys to earn Copper Credits, which can be converted to cash at a rate of $5 per 500 credits. These credits can be spent, saved, invested, or used to purchase gift cards for popular brands like Amazon.

Through the mobile app, parents can monitor their teenager's spending and fund their accounts by assigning tasks, setting up an automatic allowance, and utilizing parental controls such as debit card freeze, transaction alerts, and inappropriate merchants flagged.

Best from a credit union

Alliant Teen Checking is perfect for teenagers who want to begin their financial journey at a credit union and may receive better terms than a traditional bank. The account is available to individuals aged 13 to 17, provided they have a parent who is also an Alliant Credit Union member and is a joint owner of the account. Becoming an Alliant Credit Union member is simple and can be done by signing up as an Alliant Credit Union Foundation digital inclusion advocate for free.

The teen checking account has debit cards for both the teen and the parent, a 0.25% APY, and full account access for parents. They can set up transaction alerts, make one-time or recurring transfers from their Alliant account, and receive up to $20 a month in ATM fee reimbursements.

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Capital One MONEY Teen Checking

Capital One offers an online-only account called the MONEY Teen Checking, which provides fee-free access to over 70,000 ATMs nationwide, including those from Allpoint and MoneyPass, but account holders cannot visit a branch.

Teens won't be penalized for not meeting certain requirements, such as maintaining a minimum balance or having monthly direct deposits, because the account does not charge many common banking fees. Parents can link external bank accounts to open an account with Capital One without being existing customers.

At age 18, account holders can opt to open a Capital One 360 Checking® account and effortlessly transfer their balance.

Fees

No minimum requirements, no monthly fees, no overdraft fees, and no foreign transaction fees.

ATM access

70,000+ fee-free ATMs nationwide (no outside ATM fee reimbursement)

Daily limits

Individuals under 18 years old are restricted to a daily debit card purchase and withdrawal limit of $500, while those aged 18 and above are allowed a daily limit of $5,000.

APY

0.10% APY on all balances

Chase High School Checking

The Chase High School Checking is a teen checking account that does not require a monthly minimum balance or monthly service fees. It is a suitable option for those who already have a Chase First BankingSM account, which is a parent-owned account that comes with a debit card for kids aged 6 to 17. This account can only be opened in a branch, but Chase has more branches than any other bank in the U.S.

Teens can easily set savings goals, manage their money, and track their progress using the Chase mobile app. Parents can also transfer funds to help their teens reach their goals faster.

When a student turns 19, their Chase High School Checking account automatically becomes a Chase Total Checking® account. However, it may be more suitable for some students to choose a Chase College Checking℠ account instead. The co-owner of the original account will remain on the new account unless removed.

Fees

No monthly service fees, no overdraft fees, $3 to $5 ATM fee at non-Chase ATMs.

ATM access

16,000 fee-free ATMs nationwide (no outside ATM fee reimbursement)

Daily limits

None

APY

None offered

First Checking from Axos Bank

First Checking from Axos Bank offers zero monthly maintenance fees and no overdraft or non-sufficient funds fees, while being an FDIC-insured online bank with 24/7 customer support available through phone or secured messaging.

While the account requires a minimum deposit of $50 to open, there are no ongoing balance requirements.

Fees

No monthly maintenance fees, no minimum requirements, no overdraft or non-sufficient funds fees.

ATM access

Up to $12 per month, 91,000 fee-free ATMs are available nationwide.

Daily limits

Per day, account owners are restricted to a maximum of $100 in cash withdrawals and $500 in debit card transactions.

APY

0.10% APY

Copper Banking

Copper is a mobile banking app that offers banking services through Evolve Bank & Trust, a Member FDIC. The basic Copper plan costs $4.95 per month and includes access to most features, including a debit card, automatic allowances, peer-to-peer money transfers, and no overdraft fees. The more premium Copper + Invest plan costs $7.95 and includes additional features such as investing for kids and a higher APY for savings.

Account holders can withdraw cash for free at over 55,000 Allpoint ATM locations. However, depositing cash at Green Dot® retail locations comes with a fee of up to $4.95. Additionally, debit loads are charged a 2.5% fee plus $0.30 per transaction.

Fees

The monthly subscription cost for Copper is $4.95 or $7.95 with the addition of Invest, with no minimum requirements and no overdraft fees.

ATM access

55,000+ fee-free Allpoint ATMs (no outside ATM fee reimbursement)

Daily limits

The daily debit/ACH deposit limit is $500, the daily cash withdrawal limit is $500, and the daily debit card purchase limit is $2,000.

APY

2.00% to 5.00% APY on savings, depending on subscription

Alliant Teen Checking

Alliant is a credit union that provides access to over 80,000 surcharge-free ATMs and up to $20 in monthly out-of-network ATM fees. Deposits are insured by the NCUA up to $250,000.

The Alliant Teen Checking account is free to open with no minimum deposit or monthly maintenance fees. Parents can also choose to receive free overdraft protection, where Alliant will transfer funds from another linked account to prevent overdrafts. To earn interest, account holders must opt-in to paperless statements and make at least one recurring monthly electronic deposit.

The teen account will automatically convert to a regular Alliant High-Rate Checking Account at age 18, with the parent or guardian remaining as a joint owner unless removed.

Fees

No minimum requirements, no monthly service fees

ATM access

80,000+ fee-free ATMs (up to $20 ATM fee reimbursement per month)

Daily limits

The daily limits for teen cash ATM withdrawals, debit card PIN-based purchases, and signature-based purchases are $500, $500, and $5,000, respectively.

APY

If you switch to paperless banking and make at least one electronic deposit to your teen checking account, you'll earn a 0.25% APY.

Bottom line

A teen checking account is an excellent way for teenagers to learn about money. It is said that learning the basics of personal finance early on can lead to significant benefits, such as more years to save and watch money grow. Therefore, it is recommended to consider the top teen checking accounts on this list, which are suitable for both teenagers and their parents.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions with their money. Each checking account review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of banking products. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently by our team, without any input from our commercial team or external third parties. To learn more about our methodology for selecting the best teen checking accounts, please refer to our website.

Our methodology

CNBC Select evaluated teen checking accounts from various online and brick-and-mortar banks, including credit unions, to determine the best options.

We prioritized teen checking accounts that offer debit cards, low to no fees, and no minimums, as well as accessibility to a range of "teen" age groups. We also evaluated accounts based on features such as parental controls, ATM fee reimbursements, educational tools for newbies, industry rankings, and ease of automating allowance for parents. Although we considered each account's APY, it was not a significant factor in our comparisons since teenagers typically do not require a high return at this stage.

Our top picks were ranked based on their suitability for kids, tweens, teens, high school students, ATM fee reimbursements, financial literacy education, and credit union membership.

All checking accounts on this list are NCUA- or FDIC-insured up to $250,000 per person. However, banks may change their rates and fee structures without notice, and these changes may fluctuate based on the Fed rate.

Most banks and institutions mandate a deposit of new money when opening a checking account for the first time, which means you cannot transfer funds from an existing account at that bank.

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