Best Teen Checking Accounts of 2024

The best checking accounts for young adults make it easy for them to access their money, while offering a wide range of benefits for teens, low fees, and FDIC insurance.

Here are our top picks of teen checking accounts based on the methodology below.

Our featured teen checking account

• Best overall checking account for teens: SoFi Checking and Savings. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for an up to $300 bonus and a long list of extra account features

What is a teen bank account?

A teen checking account is a bank account specifically designed for teenagers, typically between the ages of 13 and 17. Wells Fargo lets people as young as 8 open an account. For teens under 18, most financial institutions require a parent, guardian, or custodian to be a co-owner. Depending on the bank, after the teen hits the age of 18 to 26, most banks will convert the account to a regular checking account.

Teens can deposit cash, pay their bills, and earn interest with a teen checking account. They can write checks, use a debit card, and withdraw money from an ATM. This firsthand educational experience can help teens better understand how to manage money. Most banks now allow teens to access their funds online or through a mobile app. Teens and their co-owner can choose to open a teen checking account at an online-only bank or a brick-and-mortar bank.

What should I look for in a bank account for teens?

A teen checking account may be the first taste of money management your child gets. A teen may use this account on a daily basis so you want it to be accessible and easy to use. Here are other factors to take into consideration to find the best checking account for your teen.

Low fees

Teens are likely to be on a tight budget. With the average checking account fee of $10 to $15 at brick-and-mortar banks, a teen's hard-earned money may not go very far if the account fees are high. The best checking account for teens charges $0 or otherwise very low fees. This should be one of the most important factors to consider when choosing a teen checking account. Like a regular checking account, you should look into overdraft protection, returned item fees, and paper statement fees.

Minimum requirements

Some banks require minimum deposits to qualify for a free account. Teens who don't meet the minimum deposit or balance requirements often have to pay monthly service fees. You should find a bank that has no minimum requirement or a very low one.

Parental or guardian controls

Since banks require a parent or guardian to be a co-owner, it is important that the bank offer features that enable the level of control you want. The best checking account for teens offers ways for parents or guardians to monitor how their teen is managing their money.

Digital banking experience

More financial institutions are investing more in their digital banking systems. This is the only way to access a young adult checking account and check the account balance if they use an online-only bank. You should look for a bank that offers robust, easy-to-use digital tools, and has a highly rated mobile app. You can check the reviews in your mobile device's app store.

Good customer service

Since online-only banks do not have any branches, if a teen or a co-owner has any issues, they can only contact the bank through online chat, email, or phone support. It is important to find a bank that offers easily accessible service. If you still prefer face-to-face customer service, you may want a bank with physical branches.

Nationwide availability (physical locations or mobile access)

Online banks tend to have lower fees, but physical banks let you speak with a banking professional. Having the ability to easily access your teen's checking account is very important. Look for a bank with convenient digital access or a bank or credit union location near you.

ATM network or generous ATM-fee reimbursement program

If you are using an online-only bank, look for a large number of ATMs that you can withdraw cash from without a fee. Some banks have a limited number of fee-free ATMs and charge a fee when you withdraw cash from an out-of-network ATM. Some banks may not have a large network of ATMs, but offer generous ATM fee reimbursements.

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

• Brand and reputation: 40%
• APY and rewards: 30%
• Fees and minimums: 15%
• Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

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