Best Bank Accounts for Kids (Checking and Savings)

Bank accounts for kids should have features for parents and kids, the highest APY, and the fewest fees. Teach your child how to save and manage money with our list of the best bank accounts for kids, including checking and savings accounts.

best bank account for kids

Overview of the Best Checking and Savings Accounts for Kids

Bank AccountStandout Feature
Capital One Money Teen CheckingEarn interest on any balance
Axos First CheckingPeer to peer payments and no overdraft fees
Fidelity Youth AccountKids can learn to invest
CurrentParents can set spending limits
Copper BankingKids can set personal goals and track them
StepKids can build credit
Chase First BankingAutopay kids for chores
Chase High School CheckingCustomized alerts to monitor spending
Wells Fargo Clear Access CheckingMobile deposit
Capital One 360 Kids Savings AccountHigh APY and open to all ages
First Internet Bank Tomorrow’s Tycoon AccountConverts to traditional savings when child is 18
PNC Bank S is for Savings AccountHelps kids learn with Sesame Street characters
Live Oak High Yield Online SavingsOffers one of the highest APYs
American Express High Yield SavingsUp to 9 withdrawals per month
Ally Bank Savings AccountYou can set up buckets for individual goals

Our List of the Best Checking Accounts for Kids

Capital One Money Teen Checking Account

capital one money teen checking account

If your teen is ready to learn how money works, the Capital One Money Teen Checking Account is the perfect start. Even younger kids starting at age eight can have an account and get a free debit card. There are no fees or minimums, and kids get hands-on experience while mom or dad oversee their habits.

  • Age requirement: Ages 8+
  • Features parents will like:
    • Teens earn interest on any balance
    • Parents can link an external bank account to send money to kids/teens
    • Parents and kids can have separate logins to the Capital One app
    • Kids get a free debit card that works at over 70,000 free ATMs
  • Fees: No fees
  • Best for: Any tween or teen who wants to be able to work on their financial goals with parental guidance.

Axos First Checking

axos first checking

Axos First Checking is an excellent first checking account for teens. Kids can learn to manage money and even earn interest on their balances. Parents can feel comfortable having full access to the account.

  • Age requirement: Ages 13 – 17
  • Features parents will like:
    • Balances earn 0.10% APY
    • No overdraft fees
    • Set up customized alerts for daily spending and transactions
    • Peer-to-peer payments
    • Cash withdrawal limits are $100/day and point-of-sale transactions are $500/day
    • Option to add an Axos First Savings Account to earn a higher APY 
  • Fees: No fees
  • Best for: Teens wanting a checking and savings account and an easy way to send money to friends.

Fidelity Youth Account


The Fidelity Youth Account allows teens ages 13 – 17 to save, spend, and invest. If parents have a Fidelity account, this can be a great add-on. Teens can learn about compounded earnings from investing.

  • Age requirement: Ages 13- 17
  • Features parents will like: 
    • Free debit card and free ATM use
    • Tools to help teens learn about personal finance
    • Teens can use the secure mobile app and even link it to Venmo or PayPal
    • Parents have access to a teen’s activity and can close or stop the card at any time
    • Teens can invest with as little as a $1
  • Fees: No fees
  • Best for: Parents who have a Fidelity account or who will open one (it’s a requirement) and want to help teach their child how to invest their money.
  • Promotion: Get a $50 reward after opening an account and downloading the Fidelity mobile app.



Current isn’t a bank but it does offer a debit card built for teens. Teens can also set up savings goals and round-up transactions.

Parents can set limits, oversee transactions, and automate payments for chores. You can link your checking account to a Current account to transfer money in seconds.

  • Age requirement: Ages 13 – 17 
  • Features parents will like:
    • Parents can block merchants if they are a problem with their teen’s spending
    • Parents can set limits for teens’ spending or even shut the card off
    • Parents can get alerts about their teens’ activities
    • You can automate chores and payment for those chores
    • Makes saving easy with round-ups and Savings Pods
  • Fees: No fees
  • Best for: Teens who need a way to pay for things without cash, but who aren’t ready for a full-blown bank account yet.



Copper gives teens a debit card and app to manage their funds. Parents can use Copper to pay their child for getting chores done or earning an allowance. It’s safer than carrying around cash, and parents can send kids’ funds whenever they need it. Copper also offers online resources for teens to learn about banking.

  • Age requirement: Ages 13 – 17
  • Features parents will like:
    • Offers personal finance courses the way teens want to hear it (and will listen)
    • Kids can set their own personal goals and can see their progress 
    • Teens earn 5.00% on savings
    • Parents can oversee all activity
    • Parents can set up chores for their kids and autopay for allowance
  • Fees: No fees
  • Best for: Parents and teens that want accountability. It’s a fun way for teens to earn money from their parents. Copper also gives teens some independence to learn how money works.
  • Available promos: Teens can earn $3 for every friend they refer to Copper that sets up an account.



Step is the combination of a Visa card and bank account. It’s FDIC insured and teens receive a Visa card that also helps them begin to build credit. Parents can send teens money right from their phones. Parents and kids can also access the Step app to track spending and help with savings goals.

  • Age requirement: Ages 13 – 17
  • Features parents will like: 
    • Teens can set savings goals and track their progress in the app
    • Teens that set up direct deposit can get paid up to 2 days early
    • No more need to go to the ATM 
    • Teens can build credit and have the reassurance of FDIC coverage
  • Fees: No monthly fees
  • Best for: Teens who want a head start on building credit and learning how to manage a credit card

Chase First Banking

Chase first banking

Chase First Banking helps kids learn how to manage finances with a hands-on approach. Parents are still in control, but kids have access to a debit card to learn to manage their funds. Parents can set spending limits by the amount or by category. But, parents need to have a Chase checking account before opening a Chase First bank account.

  • Age requirement: Ages 6 – 17
  • Features parents will like:
    • Get alerts on where and what your child spends money on
    • Manage all your Chase accounts in the Chase mobile app
    • Parents can set up limits on where and how much their child can spend
    • Teens can request money from parents
    • Kids/teens can set up goals (save for a pair of shoes, etc.) and see their progress
    • Set up chores or ways to earn money in the app
  • Fees: No monthly fees
  • Best for: Parents with a Chase checking account to manage bank accounts with the Chase mobile app.

Chase High School Checking

Chase high school checking

If you have a Chase checking account, you can link a Chase High School checking account to your bank account. This can give teens a sense of independence and prepare them for a traditional account. Parents will need to visit a branch location to open a Chase High School Checking account.

  • Age requirement: Ages 13 – 17
  • Features parents will like:
    • Parents can watch where and when teens are spending money using the Chase mobile app
    • Parents can set up customized account alerts
    • 24/7 fraud protection
    • Teens can set up autopay to ensure they save money monthly
  • Fees: No fees as long as it’s linked to a parent’s Chase checking account
  • Best for: Parents who have a Chase checking account and who want to teach their teen to manage their own funds. It’s also best for parents who don’t mind visiting a bank branch to open an account.

Wells Fargo Clear Access Banking

wells fargo clear access banking

Clear Access Banking is a second-chance bank account for adults with bad credit. But, it makes a great teen account, too. You’ll need to visit a bank branch to open an account.

If you have a Wells Fargo account, even better. Getting a Clear Access account for your teen can allow you to track all your bank accounts in one place.

  • Age requirement: Ages 13 – 17 (adults can also use it as a second chance checking account)
  • Features parents will like:
    • Offers mobile deposit, so you don’t have to go to the bank
    • 12,000+ fee-free ATMs
    • No minimum balance required
    • Simple online banking features
  • Fees: No fee for ages 13 – 24, but $5 after that
  • Best for: Parents already banking with Wells Fargo who want a basic bank account for their teen.

Our List of the Best Savings Accounts for Kids

Capital One 360 Kids Savings Account

capital one 360 kids savings account

The Capital One 360 Kids Savings Account makes it easy for parents and kids to save with their mobile app. Parents can manage many savings accounts for kids with no fees and no minimum balance. The Capital One Kids Savings Account offers one of the highest APYs on this list.

  • Age requirement: Any age
  • Features parents will like:
    • No monthly fees
    • No minimum balance to worry about
    • Can set up regular deposits for allowance
    • You can link your bank account to your child’s account
    • FDIC insured
  • APY: 0.30%
  • Fees: No fees
  • Best for: Managing multiple accounts with the Capital One mobile app while earning a high APY.

First Internet Bank Tomorrow’s Tycoon Account

first internet bank tomorrow's tycoon account

You can open a First Internet Bank Tomorrow’s Tycoon Account with as little as $100. There are no fees, and the account allows six withdrawals per month. At age 18, the account converts to a traditional savings account (free). This bank also offers a competitive APY.

  • Age requirement: Any age up to 18
  • Features parents will like:
    • Kids can learn how to save
    • There’s no minimum required balance
    • There are no monthly fees
  • APY: 0.80%
  • Fees: No fees
  • Best for: Parents who want a basic savings account for their kids. Parents also won't have to switch banks when their child ages out of the account. The account will upgrade to a free traditional savings account when the child turns 18.

PNC Bank S Is for Savings Account

pnc bank s is for savings account

PNC makes banking fun with Sesame Street characters to teach kids about money and saving. The free account is great for young kids, and it earns interest starting at $1.

  • Age requirement: Any age up to 18
  • Features parents will like:
    • Kids can learn how to save while having fun
    • There’s no minimum required balance
    • Parents can set up savings goals and kids can watch their progress
  • APY: 0.01%
  • Fees: No fees
  • Best for: Parents of elementary or middle-school-aged kids. It's a basic savings account but offers fun ways to teach kids about saving money.

Live Oak High Yield Online Savings

live oak high yield online savings

Live Oak makes it effortless to save money with a high APY. There are no monthly costs and you can link to other bank accounts for easy funding. The account is 100% online, but it offers the highest APY on this list. Account holders need to be at least 18 years old.

  • Age requirement: 18+
  • Features parents will like:
    • High APY
    • Everything is online
    • The mobile app makes it easy to manage the account
  • APY: 4.15%
  • Fees: No fees
  • Best for: Teens 18 and over, looking to save as much money as possible for their goals.

American Express High Yield Savings

american express high yield savings

The American Express High Yield Savings account offers a high APY with no monthly fees. The account is FDIC insured, and you can make up to 9 withdrawals per month but you have to be 18 years old to open an account.

  • Age requirement: 18+
  • Features parents will like:
    • 24/7 customer support
    • Earns interest daily
    • Can receive electronic statements or via mail
  • APY: 4.25%
  • Fees: No fees
  • Best for: Saving money at a high-interest rate and having access to 24/7 customer service.

Ally Bank Savings Account

ally bank savings account

The Ally Bank Savings Account is an online account with high APYs and no monthly fees. It offers smart savings tools that Ally claims help its clients save two times as much money. Account holders need to be at least 18 years old.

  • Age requirement: 18+
  • Features parents will like:
    • You can set up ‘buckets’ for different savings goals
    • Offers personalized recommendations to help teens learn to save more
    • You can set up roundups that round up your purchases and save the change
  • APY: 4.25%
  • Fees: No fees
  • Best for: Specific savings goals and features like rounding up transactions.

Alternative Options

If you aren’t ready to give your kids a full-fledged checking or savings account, try a prepaid card for kids. Many prepaid cards for kids and teens are low-cost and easy to manage. Prepaid cards also offer a safe way for kids to carry money. There's no risk of losing cash or their parent’s credit card.



Greenlight is a debit card designed for children and teens. Parents and guardians can add money to the card as gifts or payments for chores.

The app also allows parents to set limits for their children’s spending. You can choose what stores they can shop at and how much they can spend. The Greenlight app also features:

  • Instant money transfers
  • Real-time notifications
  • Mobile payments
  • Balance tracking
  • Store/ATM controls 
  • Set savings goals

Greenlight is a great option to teach children and teens how to use their money with parent guidance. Greenlight costs $4.99/month.



FamZoo is another debit card helping children and teens create good spending habits. FamZoo has features that include:

  • Parent-paid compound interest
  • Chore charts
  • Reimbursement requests
  • Child loan tracking

Parents can set up subaccounts for categories like saving, spending, investing, and giving. You can also set up incentives and rewards for reaching goals or earning money. FamZoo costs $5.99/month, $39.99/year, or $59.99 for 24 months.



The BusyKid app allows parents to pay their child or teen for chores or other activities. Like Famzoo, the BusyKid app helps children divide their money into different categories. BusyKid categories include savings, spending, and sharing/donations.

The BusyKid app notifies parents when kids use their BusyKid Prepaid Visa. BusyKid also offers BusyPay, a QR Code you can share with family and friends who want to gift your child money. BusyKid costs $3.99/month or $38.99/year.


GoHenry was developed to help kids and teens learn about finances. Parents can pay allowances when chores are done, and later, when your teen gets a job they can have their paycheck directly deposited. GoHenry has a library of “money missions” designed to teach your kids about financial wellness, and they get points and badges when they complete lessons.

Kids will like it because they get to choose from among 45 debit card designs. Parents will like it because they can set boundries on where and when kids can spend. GoHenry is free for the first 30 days; after that, $4.99 a month, and you can add up to four child accounts for $9.98 a month

How Bank Accounts for Kids Work

Bank accounts for kids work like bank accounts for adults. The difference is bank accounts for kids offer parents a safe way to watch their kid's spending. Kids usually have to have a joint account with their parents until they are no longer minors.

Parents can oversee the account, control spending, and help lock a card if it’s lost or stolen. Parents can also link their own account to their child’s account for easy funding.

Many bank accounts for kids also offer resources to teach children how banking works.

How We Chose the Bank Accounts in This List

The bank accounts in this list offer features parents will like. These accounts also offer the best interest rates we could find for kid's accounts.

The bank accounts listed here are available nationwide. Each one is attainable for applicants (parents) with good credit.

Why Open a Bank Account For Your Kids?

It’s never too early to open a bank account for your kids. Saving money and making good spending decisions are essential habits for adults. Teaching children how to use a bank account at a young age can prepare them for a solid financial future.


What do you need to open a kid's bank account?

To open a kid’s bank account, you’ll need to provide your name, address and phone number along with:

  • Your government-issued ID
  • Your social security number
  • Your child’s name
  • Your child's social security number
  • A small deposit to open most accounts

Do you have to pay taxes on a kid's bank account?

Interest on a kid’s bank account is taxable at the parent's tax rate. But, most kids don’t earn enough interest for it to cross the IRS threshold.

What is the youngest age a child can have a bank account?

Most bank accounts are for kids ages 13 through 17. But, you can open a few bank accounts on our list as soon as the first day your child is born.

Final Thoughts

Opening a bank account for kids is one of the best ways to teach kids about money and help them achieve their goals. Learning how to manage and save money early is essential. It is one of the best ways to help kids make sound financial decisions in life, which is a parent’s dream.