The Best Checking Accounts for Minors

Many banks have started offering accounts particularly to children. Though, parents can always monitor or guide their kids when it comes to managing the account.

In this article, I sought to find out which is the best checking account for minors. I have considered only those accounts that

  • Require no or very low opening balance
  • Have no or very low monthly cost
  • Are available online
  • Offer debit card and ATM facilities

Capital One 360 Teen Checking

According to many, Capital One Teen Checking account is the best checking account for minors. Let’s see what the account has to offer. The most important aspect of this checking account is that it generates interest on the balance amount. It offers 0.25% variable APY. There are different options for depositing money: online deposit, direct deposit or deposit via check.

Children of any age can open this account jointly with an adult US citizen. There is no monthly fee as such but other fees apply, which are explained on account’s FAQ page. The account comes with a debit card only for the minor. Money can be withdrawn from around 40,000 ATMs across the country. A kid can operate her account using online banking or mobile banking facilities.

Wells Fargo Teen Checking Account

While deciding the best checking account for minors, Wells Fargo’s Teen Checking Account shouldn’t be ignored. The account is available to 13 to 17 years old teenagers. This is a very good tool to enable teenagers practice money management. There is no monthly charge associated with maintaining this account, unless you require paper statements. Charges apply, when a kid or her parents withdraw money from non-Wells Fargo ATMs.

Along with the account, a minor account holder gets required guidance from the bank to manage her account. Other features of the account are online banking, mobile banking, debit card facility etc. Parents act as co-owner of the account and get the option to set alerts to monitor their child’s transactions.

Chase High School Checking

The account is available to teenagers between 13 to 17 years of age. A minor can open this account jointly with an adult account holder. There is no monthly maintenance fee until the minor reaches age 19; though, other fees may apply. Additionally, a minor account holder can withdraw money from Chase ATMs without paying any charge. For using non-Chase ATMs, a fee of $2.50 is charged every time.

The account offers online banking, mobile banking and debit card facilities. To open this account, a minor needs to deposit only $25. It is possible to set reminders and alerts to stay updated on the payment and balance position. The account has beneficial features to make it the best checking account for minors.

USSA Youth Checking

There are reasons why USSA Youth Checking can become the best checking account for minors. There is no monthly fee, no matter what the balance is. There is also no charge on ATM withdrawals. Additionally, a kid gets options of online banking, mobile banking, debit card, overdraft protection etc. Kids of age 13 or older can open such account jointly with their parents.

The best thing about the account is that parents have full control over this account and can decide to allow their child to withdraw money or not. Unfortunately, to open such account, a kid needs to be close relative of the US military member.

Bank of America Core Checking Account

This is another strong contender for the best checking account for minors competition. The account is a general checking account, serving both minors and adults. But children, who are enrolled in a high school get relief from paying monthly fees. Addition features of this account are online and mobile banking, customizable reminders and alerts, a zero liability debit card, optional overdraft protection etc.

As with other accounts, minors are allowed to open this account only jointly with an adult US citizen. Opening balance requirement is as low as $25, making it particularly suitable for minors.

Union Bank Teen Access Checking

The account is available to teenagers between 13 to 17 years of age. However, like any other minor checking account, an adult must be present as joint account holder. Minimum deposit required to open this account is $100 but there is no monthly fee. A debit card is offered along with set daily limit. Overdraft protection is available by linking it to another account. A kid can set alerts to get reminders when the balance goes below a certain level. Mobile banking and online banking facilities are also available.  Considering all these, I thought, this minor checking account shouldn’t be ignored, while choosing the best checking account for minors.

Checking Accounts from Credit Unions


There are many credit unions, which offer checking accounts to minors. Moreover, they also include bank-like features like no monthly fee, low minimum balance requirement, online banking facility etc. Some of them also pay interest on daily account balance. Due to all these features, their checking accounts can very easily beat that of banks to become the best checking account for minors. The only problem with credit union checking accounts is that they accept membership from particular region. But it is always worth checking out what the credit unions in your surrounding are offering?

Now, what is the final verdict? After reviewing the features of all these minor checking accounts, I must admit that it is difficult for other banks to compete with Capital One 360; particularly, when it comes to winning the best checking account for minors title. Do you agree? Let me know.

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