Axos Bank
Axos Bank First Checking
A real interest-bearing teen checking account from a real bank
Insurance: Axos Bank is FDIC insured directly; standard $250,000 coverage, no fintech middleman
Features
- ▸Joint checking account for teens 13-17 with a parent or guardian
- ▸0.10% APY on balances, rare for a teen checking account
- ▸Free Visa debit card with parental spending controls
- ▸Built-in guardrails: $100 daily cash and $500 daily debit limits
- ▸Up to $12 per month in domestic ATM fee reimbursements
- ▸No overdraft or NSF fees
- ▸Mobile deposit and transfers in the Axos app
Pros
- +No subscription fee for features Greenlight charges $72+/year for
- +Direct FDIC insurance from a chartered bank, not a partner-bank arrangement
- +ATM fee reimbursement is unusually generous for a kid account
- +Hard-coded daily limits prevent big mistakes without parent micromanagement
Cons
- −0.10% APY is symbolic, not a savings strategy
- −No chores, allowance automation, or financial literacy content
- −13+ only; families with younger kids need Chase First or Greenlight
- −Axos's app is built for adults, with less kid-focused polish
Our Take
Axos First Checking is the no-nonsense pick: a free, real bank account that pays a token APY, reimburses ATM fees, and caps daily spending so a teen can't get into trouble. What you give up versus the fintech apps is the gamified layer, with no chores, no savings goals, and no investing. For a 15-year-old with a job who just needs somewhere for a paycheck and a debit card, this beats paying Greenlight. For teaching an 8-year-old about money, it isn't built for that.
Best for: Teens 13+ who need a free, real bank account for paychecks and everyday spending
Open at Axos Bank →Last verified 2026-06-11
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