Best Bank Accounts for Kids

Published: Jan 14, 2023

We believe in learning by doing and we think the best way to teach kids about money management is to allow them to use their own bank accounts. U.S. law requires bank accounts for minors to be held jointly with a parent or guardian that is at least 18 years old. This allows the parent to control all aspects of the account and gives the flexibility to let kids make small mistakes they can learn from.

There are many options for financial accounts for kids right now including offers from banks, credit unions, brokers and fintech startups. However, we want to focus on the best FDIC insured accounts with no monthly maintenance fees. You can review the bank links below to see more account details.

Savings Accounts for Kids

All of the accounts listed here are FDIC insured with no monthly maintenance fees.

Bank	APY	Minimum Age to Open Account	Minimum to open account	Maximum Balance eligible for APY	Notes
	5.00%			$250,000	This account must be opened by 1 adult, then up to 4 family members may be linked including another adult. This account includes a Step Visa card which is designed to help build positive credit history for minors with no risk of overdraft. When the child turns 18, they can opt in for Step to report their positive credit history to the major credit bureaus. To earn interest, a minimum direct deposit of $500 or more from a payroll provider or employer within each 30 day period is required.	Apply
	4.00%	13		$6,000	To sign up for the Teen Account, a Parent must download the Current mobile app and agree to the Terms and Deposit Account Agreement. Teens will then have to separately download the mobile app on their respective phone device after the Parent has signed up and authorized their use of the Teen Account and an associated Current debit card.	Apply
greenpenny	2.53%		$100.00			Apply
Northpointe Kids Savings	1.50%		$10.00	$1,000	If the balance in the account exceeds $1,000 the amount in excess of $1,000 but less than $10,000 will earn interest at a rate of 1.11%. If the balance in the account exceeds $10,000, the first $1,000 will earn 1.49%, the portion of the balance between $1,000 - $10,000.00 will earn 1.11%, and any portion of the balance equal to and above $10,000 will earn 0.34%.	Apply
	0.30%				A Kids Savings Account is owned by one child under 18 years old and one adult. If the child is under the age of 12, then the adult must be the child's parent or legal guardian. Adult is not required to have a separate CapitalOne account.	Apply
Wells Fargo Kids Savings	0.15%		$25.00		No monthly service fee when the primary account owner is 24 years old or under. Persons younger than 13 cannot access online banking.	Apply
	0.10%	13			This account must be opened with an Axos First Checking account.	Apply

Checking Accounts for Kids

The kids checking accounts vary a lot by age and features but all of the accounts listed here are FDIC insured with no monthly maintenance fees and come with a free debit card.

Bank	APY	Minimum Age to Open Account	Online Bill Pay?	Pay Anyone?	Check Writing?	Overdraft Fee	Notes
Axos First Checking	0.10%	13	Yes	Yes	Yes	$0.00	Parent/guardian must be joint owner on the account. The parent/guardian should complete the application as the Primary Owner on the account with the Teen as a secondary joint owner. Up to $12 domestic ATM fee reimbursements per month. Daily transaction limits ($100 cash, $500 debit). Due to age sensitivity, the following merchant codes are prohibited: 5813; 5921; 7273; 7297; 7995; 9223.	Apply
	0.10%	8	Yes	Zelle	No	$0.00	Parents can link any account to the MONEY teen checking account and are not required to have a separate CapitalOne account.	Apply
		13	No	Current to Current only	No	$0.00	To sign up for the Teen Account, a Parent must download the Current mobile app and agree to the Terms and Deposit Account Agreement. Teens will then have to separately download the mobile app on their respective phone device after the Parent has signed up and authorized their use of the Teen Account and an associated Current debit card.	Apply
Venmo		13		Yes	No		Teens ages 13-17 are eligible for a Teen Debit Card and the Venmo app with sign-up from a parent or legal guardian. No fees for ATM withdrawals in the MoneyPass network.	Apply
Bank of America SafeBalance		13		Zelle	No	$0.00	No monthly service fee when the primary account owner is 24 years old or under.	Apply
Chase High School Checking		13	Yes	Zelle	Yes	$0.00	Chase High School Checking is for student ages 13-17 at account opening with their parent/guardian as a co-owner. The parent must have an existing qualifying Chase checking account which must be linked to the High School Checking account. The High School Checking account has no monthly fees, but other Chase checking accounts may have monthly fees.	Apply
Wells Fargo Clear Access		13		Zelle	No	$0.00	No monthly service fee when the primary account owner is 24 years old or under.	Apply
Chase First Checking		6	Limited	No	No	$0.00	The parent/guardian is the owner of this account and must have an online profile and another Chase checking account. The First Banking account has no monthly fees, but other Chase checking accounts may have monthly fees.	Apply