Generally, joint deposit accounts are ideal for day-to-day expenses and short- to medium-term savings. You must be an Alliant Credit Union member to open a Free Teen Checking account on your child’s behalf. Read our youth banking guide for tips on how to bank … New Generation Checking is a basic account that could be ideal for teens who are just getting started with personal finance. However, this account has no yield, so it’s not appropriate for stashing away funds for a rainy day. Children and teens can have checking accounts, but generally, an adult must be a co-owner on the child’s account. ATMs: The bank has over 40,000 free ATMs as part of the Capital One and Allpoint ATM networks. Kids 13 or older aren’t eligible to apply, but account holders can keep the account open as long as they wish. : The minimum deposit is $10, but there’s no ongoing minimum balance requirement or maintenance fee. Children between the age of 11 and 17 should be able to open a children’s bank account, although there are some available for under-19s. Greenlight Max adds identity theft protection, cell phone coverage, and purchase protection for $9.98 per month. Sometimes the amounts of money are small; in others, especially when the money has been compounding interest for years … You can find more details about Alliant membership here. The bank requires an adult to link an account to the teen's checking account. If you’re 13-17 years old, please start your application online. Once one person gains membership, immediate family members are eligible to join. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Applicants from Gibraltar must be an existing customer. A parent or guardian must be with you when you open your account. The Capital One MONEY Teen Checking Account is a fee-free, paperless checking account for kids ages 13 to 17. Greenlight’s debit card plan (Greenlight) costs $4.99 per month. Kids under 18 can’t open a bank account without their parent or legal guardian. While this checking account is designed for teenagers, any child age 8+ can be a joint account holder with their parent or legal guardian. There’s no age threshold to open an account, and parents have final approval over funds transfers. Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. To apply, you must be 11 to 17 years old and a Jersey, Guernsey, Gibraltar or Isle of Man resident. 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. That’s why we’ve created FlexOne – our straightforward current account for … © 2021 Money Crashers, LLC. Features: The MONEY account offers a teen debit card and mobile app with the ability to deposit checks. Barclays stopped offering the Dream account on 10/17/2017 and as of 6/7/2017 no longer offer accounts to those under 18. In either case, the custodian is a fiduciary, which means that they may make disbursements from the account to cover qualifying, reasonable expenses but must otherwise manage the account in the minor’s best interests. 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. UGMA and UTMA permit a wide range of assets, but most banks limit custodial deposit accounts to cash only. Explore. The Bonus Offer is $60 with an Eligible Personal Banking Account. Since a minor custodial account beneficiary can’t access their account’s funds without the custodian, custodial accounts are not appropriate for day-to-day use or short- or medium-term savings. Some have decent interest rates as well. $8 monthly fee or $0 with a minimum daily balance of $500. A parent or legal guardian may serve as the custodian or designate an outsider – typically a financial institution or third-party financial advisor – to fill this role. Standard children’s current accounts can be opened for kids from 11 to 18 years old. Some teen checking accounts, such as the Capital One MONEY account, are only available online. Apply in minutes with just your passport as ID. The best bank account for a teen is one that will help them learn to manage their finances and has low to no fees. Acorns vs. Stash - Which Micro-Investing Platform Is Better? Student Checking allows college students 17 and older to independently manage their money. What is the best bank account for a teenager? Parents can set text or email alerts for specific account actions and transactions to monitor their teen’s spending from a distance. Children’s current accounts are usually available to children aged between 11 and 18, but some banks may only offer them to children aged 16 or older. Opening a bank account for your kids and becoming a joint account holder is a great way to: Here’s a closer look at the differences between the two major types of kid-friendly bank accounts, plus a roundup of the best checking and savings accounts for kids under age 18. And we’ll close down your old account for you when it’s done. Children's bank accounts come with an optional debit card, instead of which you could choose a 'cash card'. : Copper does not charge overdraft fees, period. Specific steps vary by institution, but this is generally how you can open one: Compare accounts at various banks and building societies until you find the one you that’s right for you and the child. 13 Best Educational Tools & Apps to Teach Kids About Managing Money, Reinforce basic banking concepts that we take for granted, such as adding and withdrawing funds, Get a head-start on long-term savings goals, such as higher education supplies and tuition, Communicate the value of having long-term financial goals in general, Has a minimum daily balance of $300 or more, Receives at least one $25 transfer per month, An in-app chore list that ties financial incentives (reloads) to household jobs, Automated weekly or monthly allowance transfers — no manual deposits required, Real-time notifications whenever the card is used, Customizable earning, spending, and saving goals for kids. This bank account is available for children up to 13 years of age. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Once they turn 18, your teen can choose to open a 360 Checking account and transfer their balance from their MONEY account. She used it today and it's great. Fill in our simple application form. This is open to ages 0 to 13 years old only. You are responsible for paying any tax due to HM Revenue and Customs. Young people aged 13 and older. Pre-qualified offers are not binding. When should I get a kids bank account? Our partners cannot pay us to guarantee favorable reviews of their products or services. Most banks and credit unions, from big institutions like Bank of America to smaller outfits like Alliant Credit Union, allow parents to open joint or custodial accounts for their minor children. If you don’t have an existing banking relationship, you might as well seek out the highest bidder.window.googletag = window.googletag || {cmd: []}; See terms and conditions for details. All account activity is subject to parental review and approval, ensuring minor account holders can’t raid their balances before they ripen. Check out our roundup of the best checking accounts for college students, » If you’re still unsure your kid is ready for a bank account, prepaid debit cards provide an option. Overdraft policy: Capital One’s account disclosure for MONEY doesn’t list any overdraft fees and touts that it has zero fees in general. Check out our roundup of the best checking accounts for college students. What do you get with your bank account? If you live in the Chicago area, you can join at a physical branch. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Your child must be aged 11 to 17 (in some cases 11 to 18 – eg, Barclays' Young Person's Account) and in some cases over-16s may be able to open an account independently. Account holders are also el igible for dental and health benefits when their savings account reaches P15,000. Automatically Upgrades to an Adult Chase Checking Account at Age 19; No Joint Owner Needed. To open an Under 19s Account, you must be between 11 and 17. A Wells Fargo Way2Save ® Savings account requires a $25 minimum opening deposit and has no monthly service fee when the primary account owner is 24 years old or under.. Pre-qualified offers are not binding. Other Banks. Being a joint owner on a teen account means you’ll have oversight into your child’s spending. Adapt Account Our bank account for 11 to 18 year olds Apply online. Chase First Banking is a joint checking account designed to teach kids and younger teens the fundamentals of sound money management. 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. The minor holder of a custodial account is its owner and primary beneficiary. How to open an account: The Wells Fargo Clear Access Banking account is available for any age group, but customers ages 13 to 17 (or 18 in Alabama) must open it in a branch. ! Available to customers aged over 11 and under 18 years old, resident in the UK. Open a teen bank account with Britain’s Best Bank and discover easy banking for 16 and 17 year olds. 3. Account Considerations. If you’d like to know how quickly you can withdraw your funds after a cheque has been paid into your account you can take a look at our cheque clearance guide.. Some banks cap the number of daily charges. They are suitable for long-term savings goals, such as higher education. Some may allow a joint account with a family member. If high yields are more of a priority than having an account marketed specifically toward teenagers, consider adding your child to another good checking account option. Pays interest: Alliant’s teen checking account, available to kids ages 13 to 17, pays a competitive 0.25% annual percentage yield. FlexOne accounts for 13-17 year olds can still be opened online. Explore NerdWallet’s best prepaid debit cards. Parents should consult their banks about adding a teen to a current account. It’s simple. Account holders under age 18 have a daily limit of $500 in non-PIN transactions, $500 in PIN transactions, and $500 in ATM withdrawals. If not, the easiest way to join is to become a supporter of Foster Care to Success, a partner charity that doesn’t restrict membership by geography. If you’re 13-17 years old, please start your application online. However, this does not influence our evaluations. 4. You can open your first current account from the age of 11. If you’re 13-17 years old, please start your application online.   In addition to these banks, other banks such as Bank of America and Chase have teen … for 11-18 year olds Please note, due to the ongoing global COVID-19 pandemic it is taking us a little longer than we'd like to process new account applications. Unless otherwise noted, all are joint accounts rather than custodial. Switching your bank account to us is quick and easy. The following are the top checking accounts for teens. The account earns interest on all balances. We believe everyone should be able to make financial decisions with confidence. Many children’s accounts have age ranges of 11-to-16 or 11-to-18-years-old. ... Alerts Footnote 11. You’ll be able to apply for an adult bank account if you’re 18 or over, although some are available from the age of 16. Minimum opening deposit is $25. Switch Now Switch to Halifax This is different to children’s savings accounts, which most banks and building societies will let you open for children aged seven and up. Parents can exercise considerable control over accounts held jointly with children. When the minor account holder turns 18, the account automatically converts to an adult checking account. We're working hard in the background to open your account as quickly as possible. It's a good idea to talk to teenagers about credit before they get to … The MONEY Teen Checking account also comes with a nice array of budgeting and balance-tracking features for basic financial education. If you’re between 11 and 18, we can help you get clever with your precious cash. For example, most accounts come with age limits. How old do you have to be to open a bank account? It’s available to kids ages 6 to 17. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. All balances yield 0.25% APY when you opt into electronic statements and receive at least one direct deposit per month. If you are over 11 we also have a MyAccount. But prepaid debit cards are available for kids as young as five. : Copper has a nice referral program that could earn you some extra cash for referring friends — $3 for each successful referral. Current accounts Children’s Bank Account – BarclayPlus Just right if you’re 11 to 15 years old It’s easy to look after your money with our simple, secure bank account with no monthly fees. Unless otherwise noted, these accounts are all structured as joint ownership accounts, not custodial, and are insured by the FDIC. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine.