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Best Bank Accounts for Kids

Published: May 28, 2024


We believe in learning by doing and we think the best way to teach kids about money management is to allow them to use their own bank accounts. U.S. law requires bank accounts for minors to be held jointly with a parent or guardian that is at least 18 years old. This allows the parent to control all aspects of the account and gives the flexibility to let kids make small mistakes they can learn from.


There are many options for financial accounts for kids right now including offers from banks, credit unions, brokers and fintech startups. You can review the bank links below to see more account details.



Savings Accounts for Kids

All of the accounts listed here have no monthly maintenance fees and are FDIC or NCUA insured up to $250,000.

Bank APY Minimum Age
to Open Account
Minimum to
open account
Maximum Balance
eligible for APY
Notes
Current 4.00% 13 $6,000 To sign up for the Teen Account, a Parent must download the Current mobile app and agree to the Terms and Deposit Account Agreement. Teens will then have to separately download the mobile app on their respective phone device after the Parent has signed up and authorized their use of the Teen Account and an associated Current debit card. Apply
Step 4.00% $250,000 This account must be opened by 1 adult, then up to 4 family members may be linked including another adult. This account includes a Step Visa card which is designed to help build positive credit history for minors with no risk of overdraft. When the child turns 18, they can opt in for Step to report their positive credit history to the major credit bureaus.

To earn interest, a minimum direct deposit of $500 or more from a payroll provider or employer within each 30 day period is required.
Apply
Alliant 3.10% No monthly fees for members electing eStatements. Apply
greenpenny 2.53% $100.00 Apply
Northpointe Kids Savings 1.50% $10.00 $1,000 If the balance in the account exceeds $1,000 the amount in excess of $1,000 but less than $10,000 will earn interest at a rate of 1.11%. If the balance in the account exceeds $10,000, the first $1,000 will earn 1.49%, the portion of the balance between $1,000 - $10,000.00 will earn 1.11%, and any portion of the balance equal to and above $10,000 will earn 0.34%. Apply
CapitalOne Kids Savings 0.30% A Kids Savings Account is owned by one child under 18 years old and one adult. If the child is under the age of 12, then the adult must be the child's parent or legal guardian. Adult is not required to have a separate CapitalOne account. Apply
Wells Fargo Kids Savings 0.15% $25.00 No monthly service fee when the primary account owner is 24 years old or under. Persons younger than 13 cannot access online banking. Apply
Axos First Savings 0.10% 13 This account must be opened with an Axos First Checking account. Apply


Checking Accounts for Kids

The kids checking accounts vary a lot by age and features but all of the accounts listed here are FDIC or NCUA insured with no monthly maintenance fees and come with a free debit card.

Bank APY Minimum Age
to Open Account
Online Bill Pay? Pay
Anyone?
Check
Writing?
Overdraft Fee Notes
Alliant Teen Checking 0.25% 13 Yes Apply
Axos First Checking 0.10% 13 Yes Yes Yes $0.00 Parent/guardian must be joint owner on the account. The parent/guardian should complete the application as the Primary Owner on the account with the Teen as a secondary joint owner.

Up to $12 domestic ATM fee reimbursements per month. Daily transaction limits ($100 cash, $500 debit). Due to age sensitivity, the following merchant codes are prohibited: 5813; 5921; 7273; 7297; 7995; 9223.
Apply
CapitalOne MONEY teen 0.10% 8 Yes Zelle No $0.00 Parents can link any account to the MONEY teen checking account and are not required to have a separate CapitalOne account. Apply
Current 13 No Current to Current only No $0.00 To sign up for the Teen Account, a Parent must download the Current mobile app and agree to the Terms and Deposit Account Agreement. Teens will then have to separately download the mobile app on their respective phone device after the Parent has signed up and authorized their use of the Teen Account and an associated Current debit card. Apply
Venmo 13 Yes No Teens ages 13-17 are eligible for a Teen Debit Card and the Venmo app with sign-up from a parent or legal guardian. No fees for ATM withdrawals in the MoneyPass network. Apply
Bank of America SafeBalance 13 Zelle No $0.00 No monthly service fee when the primary account owner is 24 years old or under. Apply
Chase High School Checking 13 Yes Zelle Yes $0.00 Chase High School Checking is for student ages 13-17 at account opening with their parent/guardian as a co-owner. The parent must have an existing qualifying Chase checking account which must be linked to the High School Checking account. The High School Checking account has no monthly fees, but other Chase checking accounts may have monthly fees. Apply
Wells Fargo Clear Access 13 Zelle No $0.00 No monthly service fee when the primary account owner is 24 years old or under. Apply
Chase First Checking 6 Limited No No $0.00 The parent/guardian is the owner of this account and must have an online profile and another Chase checking account. The First Banking account has no monthly fees, but other Chase checking accounts may have monthly fees. Apply



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