Review
Updated
Fact Checked
Nathan Alderman
Teenagers and young adults often find it difficult to manage their finances. Many financial institutions have now introduced specific financial tools and services for teenagers to help them learn money management skills. One such financial service is the Capital One MONEY Teen Checking Account, which is specifically designed for teenagers under the age of 18. We'll review the account in detail to see if a Capital One MONEY Teen Checking Account is right for you.
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Ratings Methodology
Rates as
of Apr 27, 2024
2024 Award Winner
Capital One MONEY Teen Checking Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
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APY
0.10%
Min. To Earn APY
$0
- No monthly fees or balance requirements
- Strong mobile app
- Parent monitoring features
- Debit card for teens
- No out-of-network ATM fee reimbursements
- Can only open an account online
- Total card purchases and withdrawals are limited to $500 per day
- No checks
Parents and teens have their own mobile app logins for the Capital One MONEY Teen Checking Account. Teens can manage their money, while parents have visibility and control, including the ability to lock the debit card. Capital One also has over 280 branches and over 50 Capital One Cafes, where account holders can bank, get a cup of coffee, and find advice from a certified money coach. In addition, the Capital One MONEY Teen Checking Account comes with no minimum deposit/balance requirements, no foreign transaction or overdraft fees, and early direct deposit availability.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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Full Capital One MONEY Teen Checking Account review
Top perks
No monthly fees or balance requirements: The best student checking accounts have no fees. With the Capital One MONEY Teen Checking Account, there are no fees or minimums required. In addition there are no checking account fees for the debit card, for foreign transactions, or to transfer money from internal or external accounts. In addition, the APY offered by Capital One is slightly higher than the national average.
Strong mobile app: In 2022 Capital One's mobile all was ranked No 1 for both J.D. Power's 2022 U.S. Banking Mobile App Satisfaction Study and 2022 U.S. Online Banking Satisfaction Study. For 2023, Capital One dropped one ranking in the 2023 Banking Mobile App Satisfaction Study but still retained the top spot in the 2023 U.S. Online Banking Satisfaction Study.
Parent monitoring features: As a joint account holder, parents will be able to access their teen's checking account anytime with their own username and password. Parents can set up text alerts and email notifications for card transactions and account activity. Parents or legal guardians can send both automatic allowance and one-time money transfers, reward their teen's goals, withdraw money, view transactions, and receive text alerts and notifications through the Capital One Mobile app.
Debit card for teens with access to more than 70,000 ATMs: Teen account holders receive a Mastercard debit card in their name that they can use to make purchases or withdraw cash almost anywhere Mastercard is accepted. (Sweet!) They'll also be able to make free cash withdrawals at any Capital One or Allpoint® ATM.
What could be improved
No out-of-network ATM fee reimbursements: Capital One doesn't charge ATM fees at more than 70,000 fee-free ATMs nationwide. However, if you use another bank's ATM, you may be charged $2 or more. Capital One doesn't reimburse these fees.
Can only open an account online: The Capital One MONEY Teen Checking Account can only be opened online. Once opened, you can visit a Capital One branch and Cafe to manage your account.
Total card purchases and withdrawals are limited to $500 per day: If the account holder is less than 18 years old, the total card purchases and withdrawals are limited to $500 per day. This includes ATM withdrawals, cash advances, and signature and PIN-based purchases. This can be good or bad, depending on the circumstances. Parents or guardians can lower this limit further if they choose.
No checks: Capital One MONEY Teen Checking Account accounts are paper-free and don't offer checks. While you can deposit checks, you can't use checks to make a withdrawal from your Capital One MONEY Teen Checking Account.
Fees
| Capital One MONEY Teen Checking Account | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Fees | $0 | $0 | $0 | $0 | $0 |
Data source: Capital One.
How to access your money
It is simple to make deposits and withdrawals with your Capital One MONEY Teen Checking Account.
Deposit options
There are multiple ways to deposit funds, including:
- Cash
- Check
- Automated Clearing House (ACH)
- Domestic wire transfer or other payment network transfers
- Transfer from another eligible Capital One, N.A. deposit account.
Withdrawal options
You can withdraw money using the following methods:
- Using the website or mobile app
- ATM withdrawals
- Visiting one of our branch locations
- Calling the bank
- Automated Clearing House (ACH)
Capital One MONEY Teen Checking Accountis right for you if:
- You are a teen who wants a debit card and an interest-bearing account with no fees.
- You are a teen who wants a top-rated mobile app to help you make smarter money decisions.
- You are a parent who wants to stay on top of your child's spending and take advantage of teachable money moments.
- You are a parent who wants a top-rated app that makes it easy to auto-pay allowance, track account activities, and lock and unlock your kid's debit card if you need to.
Read more about Capital One
- Capital One Bank Review
- Capital One 360 Checking Review
- Capital One 360 Performance Savings Review
- Capital One Spark Business Basic Checking Review
- Capital One CD Rates
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: 30%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Any child age 8 and up can be a joint account holder with their parent or legal guardian. To open an account, you and your teen will just need to provide details like your address, dates of birth, and Social Security numbers.
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Once they turn 18, your teen can choose to open a 360 Checking account and transfer their balance from their MONEY account. (If they don't choose to open a 360 Checking checking account, the MONEY account remains open.)
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No, MONEY accounts are only available online. You can still go to a branch or Capital One Cafe to help manage your money, however.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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