How to Open a Checking Account as a Minor/Teen

How to Open a Checking Account as a Minor/Teen – A checking account is a type of bank account that allows you to deposit and withdraw money, pay bills, write checks, and use a debit card. Having a checking account can help you manage your money, learn financial responsibility, and prepare for adulthood. But can you open a checking account as a minor/teen? The answer is yes, but there are some things you need to know before you apply.

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What is a Minor/Teen Checking Account?

A minor/teen checking account is a special kind of checking account that is designed for young people under the age of 18. Unlike a regular checking account, a minor/teen checking account usually requires a parent or guardian to be a joint owner of the account. This means that both the minor and the parent have access to the account and are responsible for its activity. A joint owner can also monitor the account, set limits, and transfer money to and from the account.

What are the Benefits of Having a Minor/Teen Checking Account?

There are many benefits of having a minor/teen checking account, such as:

• You can learn how to budget, save, and spend wisely.
• You can earn interest on your balance and grow your money over time.
• You can access your money anytime, anywhere, through online banking, mobile banking, ATMs, or branches.
• You can avoid carrying cash or using prepaid cards, which may have fees or limitations.
• You can build your credit history and improve your financial future.

What are the Requirements for Opening a Minor/Teen Checking Account?

The requirements for opening a minor/teen checking account may vary depending on the bank or credit union you choose. However, some common requirements are:

• You must be at least 13 years old (some banks may have a lower or higher age limit).
• You must have a parent or guardian who is willing to be a joint owner of the account.
• You must provide valid identification, such as a state ID card, driver’s license, passport, or birth certificate.
• You must provide proof of address, such as a utility bill or bank statement.
• You may need to make an initial deposit or maintain a minimum balance.

How to Choose the Best Minor/Teen Checking Account?

There are many banks and credit unions that offer minor/teen checking accounts, but not all of them are created equal. Some factors you should consider when choosing the best minor/teen checking account are:

• Fees: Look for an account that has no or low monthly maintenance fees, overdraft fees, ATM fees, or other hidden charges.
• Interest: Look for an account that pays interest on your balance, even if it is low. Every little bit counts.
• Features: Look for an account that has features that suit your needs, such as online banking, mobile banking, debit card, alerts, parental controls, rewards, etc.
• Customer service: Look for an account that has friendly and helpful customer service, either online, by phone, or in person.

Some Examples of Minor/Teen Checking Accounts

To help you get started, here are some examples of minor/teen checking accounts from different banks and credit unions. Note that these are not endorsements or recommendations; they are just for informational purposes only. You should do your own research and compare different options before applying.

Capital One MONEY Teen Checking

Capital One MONEY Teen Checking is an online-only checking account for teens aged 8 to 18. It has no monthly fees, no minimum balance requirements, and pays 0.10% interest on any balance. It also comes with a debit card that can be used at over 40,000 fee-free ATMs nationwide. Parents can set spending limits, track transactions, and transfer money to and from the account. Teens can access their accounts through the Capital One app or website.

Chase First Banking℠

Chase First Banking℠ is a checking account for kids aged 6 to 17. It has no monthly fees, no minimum balance requirements, and pays 0.01% interest on any balance. It also comes with a debit card that can be used at over 16,000 fee-free ATMs nationwide. Parents can set spending limits, track transactions, and transfer money to and from the account. Kids can access their accounts through the Chase app or website.

Alliant Credit Union Free Teen Checking

Alliant Credit Union Free Teen Checking is a checking account for teens aged 13 to 17. It has no monthly fees, no minimum balance requirements, and pays 0.25% interest on any balance. It also comes with a debit card that can be used at over 80,000 fee-free ATMs nationwide. Parents can set spending limits, track transactions, and transfer money to and from the account. Teens can access their accounts through the Alliant app or website.

Bank of America Advantage SafeBalance Banking® for Students

Bank of America Advantage SafeBalance Banking® for Students is a checking account for students aged 13 to 23. It has no monthly fees for eligible students, no minimum balance requirements, and no overdraft fees. It also comes with a debit card that can be used at over 16,000 fee-free ATMs nationwide. Parents can set spending limits, track transactions, and transfer money to and from the account. Students can access their accounts through the Bank of America app or website.

USAA Youth Spending

USAA Youth Spending is a checking account for teens aged 13 to 17. It has no monthly fees, no minimum balance requirements, and pays 0.01% interest on any balance. It also comes with a debit card that can be used at over 60,000 fee-free ATMs nationwide. Parents can set spending limits, track transactions, and transfer money to and from the account. Teens can access their accounts through the USAA app or website.

How to Open a Checking Account as a Minor/Teen: Conclusion

Opening a checking account as a minor/teen can be a great way to learn how to manage your money, save for your goals, and prepare for your future. However, you need to meet some requirements, such as having a parent or guardian as a joint owner, providing valid identification and proof of address, and making an initial deposit or maintaining a minimum balance. You also need to choose the best minor/teen checking account for your needs, considering factors such as fees, interest, features, and customer service. There are many options available from different banks and credit unions, so you should do your research and compare them before applying. Remember, having a checking account is not only a privilege, but also a responsibility. You need to keep track of your transactions, avoid overdrafts, and follow the rules of your account. By doing so, you can enjoy the benefits of having a checking account and build a solid financial foundation for yourself.

Frequently Asked Questions (F&Qs)

What bank allows 17-year-olds?

There are several banks that allow 17-year-olds to open a checking account. Some of the best teen checking accounts come from Alliant Credit Union, Capital One, Navy Federal Credit Union, and Connexus Credit Union. Wells Fargo also offers a Clear Access Banking account for teens aged 13-17 years old, but they must open the account at a branch and bring a state-issued ID or passport.

How old do you have to be to open a checking account?

The minimum age to open a checking account varies depending on the bank and the state or country you are in. In the United States, many banks allow minors aged 13-17 to open a checking account with a parent or legal guardian as a co-owner. Some banks may have different age requirements, so it’s best to check with the specific bank you are interested in.

Can I open a bank account at 17 with Chase?

Yes, you can open a bank account at 17 with Chase. Chase offers a Chase First Banking account for children aged 6-17 years old. To open a Chase First Banking account, the child’s parent or guardian must have a qualifying Chase checking account. There is no monthly fee for this account.

Can I open a bank account at 17 by myself in the USA?

In the United States, you need to be 18 years old or above to open a bank account by yourself. If you are 17, you can have a parent or legal guardian open an account for you. Some banks may allow another adult, such as a friend or grandparent, to open a joint account with you. Once you turn 18, you can turn the joint account into your own account.

Can I get a debit card at 17?

Yes, you can get a debit card at 17. Many banks offer debit cards for minors, with parental consent. For example, UBA offers a Teens Account for teenagers between the ages of 13-17 years old. The parent or guardian will manage the account on behalf of the child. There are also other options such as Greenlight Kids’ Debit Card, which is our top overall pick for teens, offering chore management, instant transfers, real-time notifications, spending controls by store, and more.