10 Best Bank Accounts For Kids in 2021

Are you contemplating opening a checking account on your little one? With many choices accessible, you is perhaps questioning which one you must select.

The greatest financial institution accounts for youths have affordable (or zero) charges, are straightforward for youths to make use of and provide parental management options. 

Here’s a listing of the highest financial institution accounts for youths.

Top Checking Accounts for Kids

In alphabetical order, listed here are some checking accounts it’s possible you’ll wish to take into account as you prepare to assist your little one enhance their monetary savviness. 

1. Alliant Credit Union Teen Checking Account

The Alliant Credit Union Teen Checking Account is obtainable for teenagers while you personal or open an Alliant Credit Union checking account. 

Here are a few of the account’s necessities and charges: 

  • Age requirement: 13 to 17
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: 80,000 fee-free ATMs, $20 per thirty days in price reimbursements
  • Debit card: Contactless Visa debit card

Alliant’s Teen Checking account comes with a wide range of parental controls, together with exercise alerts and day by day spending limits. 

This account should have a dad or mum account proprietor as a joint proprietor and can convert to the Alliant Checking Account as soon as your teen turns 18. 

The Alliant Teen Checking account pays curiosity supplied you obtain e-statements and have no less than one direct deposit per thirty days. 

Best for: Parents on the lookout for an interest-bearing account for his or her teen

Pros

  • Pays curiosity
  • No month-to-month price
  • No minimal steadiness

Cons

  • Parents should have a seperate Alliant checking account

2. Axos Bank First Checking

Axos Bank’s First Checking is a joint account for teenagers and a dad or mum or authorized guardian. This account has a wide range of options which might be enticing to teenagers, together with peer-to-peer cost capabilities. 

These are the necessities and charges you possibly can count on with this account:

  • Age requirement: 13 to 17
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: Free at over 91,000 in-network ATMs, $12 per thirty days in price reimbursements
  • Debit card: Contactless Visa debit card

You gained’t pay any overdraft or inadequate funds charges with this account. 

In addition, you should utilize biometric identification with Axos, get exercise alerts and deactivate or reactivate your teen’s debit card out of your account dashboard. 

Daily limits of $100 for ATM and $500 for debit card spending apply, and this account earns curiosity on balances. 

Best for: Parents who wish to restrict day by day spending

Pros

  • Interest-earning account
  • Peer-to-peer funds
  • Biometric identification options

Cons

  • Smaller day by day limits for ATM and debit utilization

3. Capital One MONEY Teen Checking Account

Capital One’s MONEY Teen Checking account is a top-rated account with a extremely ranked app for each teenagers and fogeys. 

Unlike many different teen checking accounts, Capital One lets members as younger as eight apply to be joint members on the MONEY account. 

This account has the next necessities and charges: 

  • Age requirement: Eight to 17
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: Free at over 70,000 in-network ATMs
  • Debit card: Free Mastercard debit card included

Other options embody the power to arrange parental notifications and an choice to use for overdraft safety. This account gives probably the greatest debit playing cards for youths.

As a dad or mum, you possibly can open your personal Capital One checking account for transferring funds to the MONEY teen account. Alternately, you possibly can switch cash from one other banking establishment.

This account does pay curiosity. Furthermore, there are $500 day by day limits on ATM withdrawals, non-PIN debit expenses and PIN transactions.

Best for: Parents who wish to switch cash from a financial institution apart from Capital One 

Pros

  • Higher day by day spending limits
  • Interest-earning
  • No separate dad or mum account required

Cons

  • No ATM price reimbursements

4. Chase First Banking

The Chase First Banking account is obtainable solely to present or new Chase checking clients. 

This account is considerably just like the Greenlight debit card for youths. Kids can use their Chase First Banking account to spend, save and earn cash.

Better but, your little one will get a debit card that offers you full management over their spending limits. You may even specify spending limits all the way down to a selected class. 

You can count on the next necessities with this account: 

  • Age requirement: 6 to 17
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: Free at over 16,000 Chase ATMs
  • Debit card: Free debit card included

As a dad or mum, you should utilize the app to assign chores and pay your little one when their duties are accomplished.

Additionally, your little one can set financial savings targets and switch cash to and from these targets at any time when they need.

Best for: Parents who’re looking for an account with a chore/earn function

Pros

  • Chore app included
  • Savings targets accessible
  • For children as younger as six years of age

Cons

  • Limited community of free ATMs

5. Chase High School Checking

The Chase High School Checking account is the subsequent step up while you’re prepared to maneuver on from the Chase First Checking account. 

This account works properly with Zelle for transferring cash. 

As with Chase’s First Checking account, mother and father should have a Chase Checking account of their very own to be able to open a highschool checking account with Chase. 

These are the necessities and charges for this account: 

  • Age requirement: 13 to 17
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: Free at over 16,000 Chase ATMs
  • Debit card: Free debit card included

Parents also can use Chase’s cell app to trace their teen’s spending exercise. 

This account permits for a bit extra freedom than the Chase First checking whereas nonetheless providing you with parental management options. 

Best for: Parents who need a companion financial savings account and financial savings aim function for his or her teen

Pros

  • Integrated with Zelle
  • Savings targets options
  • Fee-free financial savings account

6. Copper Banking

Copper Banking is a fintech firm that was constructed with teenagers in thoughts. As a dad or mum, you possibly can arrange an automatic allowance to your teen’s Copper account.

Your teen’s direct deposit will be despatched to Copper as nicely, and it’ll arrive as much as two days early.

The Copper Banking account has the next necessities and charges: 

  • Age requirement: 13 to 17
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: Free at over 55,000 Allpoint ATMs
  • Debit card: Free debit card included

This account requires a $10 minimal opening requirement.

Both your teen and their associates get a $3 bonus when your teen refers their good friend to open a Copper account with their referral hyperlink.

There’s a studying heart on the Copper web site that you should utilize to show your children about cash administration. 

It’s vital to notice that each mother and father and teenagers must have a cellphone to be able to open a Copper account. 

Best for: Teens who wish to make a bit of extra cash with a referral program 

Pros

  • Comprehensive studying heart
  • Solid referral program

Cons

  • Teens should have their very own cellphone to be able to take part

7. Wells Fargo Clear Access Banking

The Wells Fargo Clear Access Banking account is a sensible account that works for you as a sole proprietor or as a joint proprietor together with your teen. 

This account doesn’t include checks, so it’s troublesome to overdraw the account. In addition, the $5 month-to-month service price is waived when the first proprietor is between the ages of 13 and 24.

These are the necessities and charges to make use of this account: 

  • Age requirement: 13 to 24
  • Monthly price: $0
  • Monthly minimal steadiness: $0
  • ATM price: Free at over 12,000 Wells Fargo ATMs
  • Debit card: Free contactless debit card included

There is a $25 minimal opening deposit requirement, and the account can combine with Zelle. 

You can join exercise alerts to assist monitor your teen’s spending and preserve an eye fixed out for fraudulent exercise.

Best for: Parents who financial institution at Wells Fargo or need a financial institution with brick-and-mortar places

Pros

  • Free account up till age 24 to get your child via faculty
  • Zelle built-in

Cons

  • Limited free ATMs
  • Higher minimal account opening steadiness

Top Savings Accounts for Kids

It’s additionally vital to judge financial savings accounts for youths. These accounts are meant for amassing cash. 

Here are a few of the high financial savings accounts for youths, in alphabetical order.

8. Alliant Credit Union Kids Savings Account

If you may have children who’re too younger to open an Alliant Credit Union Teen checking account, the Alliant Kids Savings account is perhaps the right answer. 

This account is supposed for youths 12 and underneath. Alliant pays the preliminary $5 deposit it takes to get began. 

Additionally, the account pays curiosity at round 11x greater than the nationwide common on balances above $100. That means this account can provide your children an incentive to avoid wasting extra money.

Any dad or mum, grandparent or guardian who’s (or turns into) an Alliant Credit Union member can open a child’s financial savings account with Alliant. 

There aren’t any month-to-month charges related to this account while you select to obtain e-statements. 

Best for: Parents with youthful children who will not be able to have a debit card however wish to get began studying cash administration

Pros

  • Interest-bearing account with the next common yield
  • Alliant pays the opening deposit requirement of $5

Cons

  • Only accessible for youths 12 and underneath

9. Capital One Kids Savings Account

The Capital One Kids Savings Account pays a yield that’s over 3x the nationwide common. 

You gained’t pay any month-to-month charges with this account, and there’s no minimal deposit wanted to open or preserve the account.

In addition, this account is open to anybody who’s underneath 18 years of age. 

As the dad or mum and co-owner, you possibly can arrange an automatic allowance to this account. Furthermore, you possibly can work together with your little one to set and attain financial savings targets. 

You can switch cash to your little one’s Capital One financial savings account utilizing your Capital One account or from one other financial institution. 

Best for: Parents who need an account that enables for transfers from different banks and pays a excessive curiosity yield

Pros

  • High rate of interest yield
  • Transfer from inside or exterior of Capital One
  • Available to all children underneath 18

Cons

  • As with all financial savings accounts, you might be restricted to 6 transfers per thirty days

10. PNC Bank ‘S’ is for Savings Account

PNC Bank’s “S” is for Savings account is obtainable to any little one underneath the age of 18.

There is a $25 minimal opening steadiness requirement and minimal upkeep steadiness requirement.

The $5 month-to-month price is waived so long as your little one is underneath 18 years of age. 

Once your little one turns 18, there are different {qualifications} for waiving the $5 month-to-month price in the event that they wish to preserve the account. 

Each account consists of three “jars.” One is for saving, one is for spending and one is for giving. Your little one can transfer cash between the three jars as usually as they’d like. 

Best for: Parents who wish to train their children the ideas of saving, spending and giving

Pros

  • Fee will be simply waived
  • Saving/spending/giving jars

Cons

  • $25 minimal opening / sustaining steadiness required

FAQ

Here are the solutions to some widespread steadily requested questions on financial institution accounts for youths. 

How a lot does it value to make use of a checking account for youths?

Every financial institution or fintech that provides financial institution accounts for youths has totally different prices and charges. However, one of the best financial institution accounts for youths haven’t any charges or make it straightforward to keep away from additional expenses.

See the Terms and Conditions web page for every firm for actual particulars on charges. 

What is one of the best checking account for youths?

The greatest checking account on your little one is the one which meets most or all your wants. Different households have totally different wants for the checking account they need.

Read in regards to the numerous options on every account you’re contemplating, then make your choice primarily based on which financial institution or fintech greatest meets your wants.

Are financial institution accounts for youths protected to make use of?

Most financial institution accounts are protected for youths to make use of. The most secure financial institution accounts are FDIC insured and have excessive ranges of web safety. 

Check out the safety pages of the banks you’re contemplating for extra particulars. 

Summary

Banking and debit card utilization is a essential in in the present day’s world. The greatest financial institution accounts for youths, alongside together with your steering, will assist your children be taught to be accountable with cash administration. 

Consider opening a checking account on your little one so you can begin serving to them put together for managing their cash correctly.