The Best Checking Accounts for Teens

Teens learn money management with checking accounts.

Checking accounts allow teens to learn about personal finance and money management from a young age. The skills they will learn from their first bank account will remain with them for the rest of their life. Teenagers with a job and who may pay bills on their own benefit greatly from a youth checking account, which are offered by many banks and credit unions.

Credit Unions

With an adult co-signer, teens are able to join a credit union and enjoy the benefits from belonging to one. Most credit unions offer the ability to have a parent or guardian be the co-owner of the account with a teenager ages 16 and up have access to the account that will include direct and check deposits, ATM withdrawals, a checkbook and possibly a debit card. When the teen turns 18, she will have the ability to remove her parent or guardian from the account and have full access to the credit union including loans and investment opportunities.

Student Banking

Student banking is meant for young men and women to get a start on personal finance. Most often, teenagers 16 and up will have a student checking account, but many offer them as young as 13. Students will use this bank account through high school and on to college until they reach the age of 23. Student checking accounts offer no minimum balance required, free use of ATM or debit cards and free sign up for the account, including online banking and free direct deposit.

Wells Fargo

Wells Fargo offers a checking account for teenagers age 13 to 17 with an adult co-owner. This account is one of the best for teenagers as it has no monthly service fees, free online banking access and a low minimum amount to sign up. Parents have all rights to the account including monitoring spending and withdrawals, setting up limits and optional overdraft protection.

USAA

The teen checking account from USAA offers banking options for teens aged 16 and up with an adult co-owner. The adult has the ability to monitor the account and educate the teen on proper money management. Not only will the adult have full access to the account, but can choose to have overdraft protection. ATM fees are completely free nationwide including a reimbursement for any fees charged by outside ATM machines. There are no monthly service fees and no minimum balance required.

References

• "Bankrate.com"; 5 Tips For Opening a Teen Checking Account; Constance Gustke; October 2010
• studentfinancedomain.com: Student Checking Accounts Made Simple
• Wells Fargo: Wells Fargo Teen Checking
• USAA: Teen Checking

Resources

• Teens Guide To Money: Checking Account Basics