Best Kids and Teen Bank Accounts
Compare teen checking accounts and kids debit cards by age, monthly cost, parent controls and whether the account can receive a paycheck.
By Alex Compton · Updated
For a no-monthly-fee checking account, start with Capital One MONEY from age 6. Chase First Banking adds allowance and spending controls for existing Chase households, but cannot receive direct deposits. Greenlight suits families who will use its paid chore and control tools. Fidelity Youth is an investing account for ages 13–17, rather than a substitute for every checking feature. Compare the account type and parent role before comparing rewards.
Compare ages, costs and parent requirements
Fees and rates below use each account review’s verification date. Savings rewards are separate from bank interest; confirm terms with the provider before opening.
| Account | Ages | Monthly fee | Interest or rewards | Parent requirement | Source checked |
|---|---|---|---|---|---|
| Capital One MONEY | 6+ | $0 | Variable interest; confirm current APY with Capital One | Joint owner; can link a different bank | 2026-10-12 |
| Greenlight | No minimum age | $5.99-$19.98 per family for direct plans; eligible bank-sponsored plans may be complimentary | 2% savings reward on Core, up to 6% on Family Shield (on up to $5,000 per family) | Adult manages a family subscription | 2026-10-22 |
| Chase | 6–17 | $0 | None | Owner with qualifying Chase checking | 2026-10-12 |
| Fidelity | 13–17 | $0 | Uninvested cash can sit in money market funds at prevailing rates | Opens account; teen controls investments | 2026-10-12 |
| Step | No minimum age | $0 core; Step Black can be earned at no cost with $300 in qualifying monthly direct deposits or $500 in monthly card spend; paid enrollment may be offered in-app | 3% savings reward with Step Black (paid as rewards, not interest); none on the free tier | Adult sponsor required under 18 | 2026-10-22 |
| Axos Bank | 13–17; through 18 in Alabama | $0 | Not stated on the official product page | Adult joint owner | 2026-10-12 |
| Acorns Early | 6–18 | $8 (Early Lite) or included in the $12 Acorns Gold subscription | None | Manages child cards; custodial investing in Gold | 2026-10-12 |
#1 · No-monthly-fee checking from age 6
Capital One MONEY Teen Checking
Variable interest; confirm current APY with Capital One
$0
None
A joint account with a parent or guardian, with no opening minimum or monthly fee. The parent can link an account at another bank. Choose it for everyday spending; compare the parental controls with those of a dedicated family app.
#2 · Chores and family controls
Greenlight Greenlight Debit Card for Kids & Teens
2% savings reward on Core, up to 6% on Family Shield (on up to $5,000 per family)
$5.99-$19.98 per family for direct plans; eligible bank-sponsored plans may be complimentary
Initial funding requirements apply; confirm during signup
A family subscription covers up to five children. Choose a plan for the controls and features you will use. Savings rewards depend on the plan and apply to a capped balance; they are separate from optional Parent Paid Interest.
#3 · Allowance management for Chase households
Chase First Banking
None
$0
None
Designed for ages 6–12 and available through 17. The parent needs qualifying Chase checking and funds the child account from it. Spending limits and recurring allowance are useful, but cash, check and direct deposits are not supported.
#4 · Teen-directed investing
Fidelity Youth Account
Uninvested cash can sit in money market funds at prevailing rates
$0
None
Teens ages 13–17 own the brokerage account and make investment decisions, while a parent with a Fidelity account opens it and monitors activity. A debit card is optional. Investments can lose value, and SIPC protection is different from bank-deposit insurance.
#5 · Credit-history path at 18
Step Step Visa Card & Money Account
3% savings reward with Step Black (paid as rewards, not interest); none on the free tier
$0 core; Step Black can be earned at no cost with $300 in qualifying monthly direct deposits or $500 in monthly card spend; paid enrollment may be offered in-app
None
Step has no minimum age, but minors need an adult sponsor. Its secured card can report up to two years of prior payment history when the user turns 18. Step Black rewards require qualifying activity; credit outcomes vary.
#6 · Teen checking with daily spending limits
Axos Bank First Checking
Not stated on the official product page
$0
Not stated on the official product page
Joint checking with an adult for ages 13–17, or through 18 in Alabama. It has no monthly or overdraft fees, a $100 daily cash limit and a $500 daily purchase limit. The current product page does not publish an APY or ATM reimbursement, so neither is assumed here.
#7 · Families considering an investing bundle
Acorns Acorns Early (formerly GoHenry)
None
$8 (Early Lite) or included in the $12 Acorns Gold subscription
None
Compare Early Lite at $8 monthly with Acorns Gold at $12, which includes Early and custodial investing. The debit-card service is for ages 6–18 and supports up to four children. Gold makes more sense when you will also use the adult investing services.
Choosing for a child under 13
Begin with who will fund and manage the account. Capital One MONEY and Chase First Banking both start at 6, with different parent-account requirements. A subscription app can be useful when several children share allowance, chores and spending controls. Compare the annual subscription cost with the features your household will actually use.
Choosing for a teen with a first paycheck
Confirm that payroll can arrive directly and check withdrawal and purchase limits before opening an account. Chase First Banking cannot accept direct deposits; Chase points families needing that feature toward High School Checking. An allowance account and a payroll account serve different needs.
Savings rewards, interest and investing are different
A subscription reward is not automatically bank interest. Consider the balance cap, monthly cost and qualification requirements. Greenlight plan rewards and optional parent-funded interest are separate features. Fidelity Youth is a brokerage account: investments fluctuate, and SIPC does not insure against market losses.
Plan for adulthood
Capital One MONEY can remain open without a new monthly fee at 18. Fidelity prompts the teen to convert the Youth Account at 18; trading and card access are restricted if conversion is not completed within 60 days. Check each provider’s transition rules rather than assuming every account converts automatically.
Common Questions
What is the best bank account for a teenager?
The right choice depends on the job. Compare Capital One MONEY for no-monthly-fee everyday checking, Axos First Checking for daily limits, and Fidelity Youth for teen-controlled investing. For a younger child’s allowance, compare Chase First Banking or a family app. Check the parent requirements and deposit methods before deciding.
Are there free bank accounts for kids and teens?
Capital One MONEY, Chase First Banking, Axos First Checking, Step’s core account and Fidelity Youth have no monthly account fee. Other charges or product conditions can still apply. Greenlight and Acorns Early have subscription pricing.
Can a child under 13 have a debit card?
Yes. Capital One MONEY and Chase First Banking are available from age 6. Greenlight does not set a minimum age, and Step allows sponsored minors without a minimum age. An adult must set up or supervise these arrangements.
Does Chase First Banking accept direct deposit?
No. It is funded through the parent or guardian’s linked Chase checking account. Direct deposits, cash deposits and check deposits are not supported. Chase High School Checking is a different product.
How does Step build credit at age 18?
Step describes reporting up to two years of past payment history when a user turns 18. Its secured card is different from a debit card, and a particular credit score or improvement is not guaranteed.
Is Fidelity Youth a bank account?
It is a teen-owned brokerage account, not a joint or custodial bank account. A parent with a Fidelity account must open it for the teen. It offers an optional debit card, but investments can lose value and SIPC protection does not cover market losses.
Bottom Line
Choose the account that fits the child’s age, funding needs and the parent’s role. Start with monthly cost, direct-deposit support and spending controls. Add paid rewards or investing only when those features serve a clear purpose for your household.
Updated 2026-10-22
Head-to-Head Comparisons
Torn between two picks? We break these matchups down dimension by dimension.
More Best-Of Lists
Rate this card
Be the first to rate it
Commentson Best Kids and Teen Bank Accounts
Comments are stored in your browser during our community preview. Accounts, moderation and cross-device sync arrive with Credit Compound Community.