Teaching children about money starts with giving them a place to put it. The best bank accounts for kids and teens in 2026 combine no-fee banking with parental controls, spending visibility, and education tools that build smart financial habits early. Whether your child is 6 or 17, the right account sets them up for a lifetime of financial success.
Why Kids and Teens Need Bank Accounts
Children who learn to manage money early are more likely to save, invest, and avoid debt as adults. A bank account gives a child real-world experience with budgeting, earning, saving, and spending — lessons that no classroom can fully replicate.
For teens especially, a bank account builds credit readiness. Banks look at banking history when evaluating loan and credit card applications. A teen who maintains a positive account for two or three years before graduating high school has a head start on building creditworthiness.
Types of Accounts for Kids and Teens
Custodial Accounts
A custodial or joint account is co-owned by a parent or guardian and the child. The parent controls the account until the child reaches the age of majority (18 in most states). These are the most common type for younger children.
Teen Checking Accounts
Many banks offer dedicated teen checking accounts for users aged 13 to 17. These accounts give teens more independence while allowing parents to monitor spending through a companion app or shared account view.
Savings Accounts for Kids
Savings accounts for minors are similar to adult savings accounts but held jointly with a parent. They are ideal for teaching children to save a portion of birthday money, allowances, and part-time job earnings.
Best Bank Accounts for Kids and Teens in 2026
1. Chase First Banking (Ages 6–17)
Chase First Banking is a free, FDIC-insured debit account for children aged 6 and older. There are no monthly fees and no minimum balance. Parents manage the account through the Chase mobile app, setting spending limits, restricting certain merchant categories, and receiving real-time spending alerts.
Children get their own debit card and can request money from parents through the app. Allowance automation lets parents schedule recurring transfers. The account is a strong starting point for kids who are just learning to manage money.
Best for: Younger children (ages 6 to 12) whose parents want strong oversight and spending controls.
2. Greenlight (Ages 5–17)
Greenlight is a fintech product specifically designed for families. The debit card and app let parents control exactly where their children can spend — right down to specific stores. Parents can assign chores, automate allowances, and turn on “spend anywhere” mode for trusted teens.
Greenlight offers an investing feature for teens, allowing them to buy fractional shares of stocks and ETFs with parental approval. This is a unique and valuable financial education tool. Pricing starts at $5.99 per month for a family of up to five children.
Best for: Families who want a comprehensive financial education platform with investing access for teens.
3. Capital One MONEY Account (Ages 8–18)
Capital One MONEY is a teen checking account with no monthly fees, no minimum balance, and a competitive APY on balances. Teens get their own debit card and the ability to manage their spending through the Capital One app. Parents have oversight through a linked account.
The account is part of the Capital One ecosystem, making it easy to open alongside a parent’s existing Capital One account. There are no ATM fees at Capital One or Allpoint ATMs.
Best for: Families already banking with Capital One who want a seamless joint teen banking experience.
4. Alliant Credit Union Teen Checking (Ages 13–17)
Alliant’s teen checking account earns interest on balances, has no monthly fees, and reimburses up to $20 per month in ATM fees. Teens get a Visa debit card and access to Alliant’s online and mobile banking tools.
Alliant is NCUA-insured and has a strong reputation for member-friendly policies. The teen account transitions smoothly into a standard checking account at age 18.
Best for: Teens who want a credit union experience with interest earnings and generous ATM reimbursements.
5. Bank of America Advantage SafeBalance (Ages 16–17 with parent co-signer)
Bank of America’s SafeBalance account blocks overdrafts entirely — a valuable feature for teenagers who are still learning to track their balance. The $4.95 monthly fee is waived for students under 25, making it free for all teens.
Bank of America’s Erica AI assistant helps teens track spending and set savings goals. The account transitions naturally to an adult account after high school.
Best for: Teens who need firm overdraft prevention and benefit from Bank of America’s extensive ATM network.
6. Step Banking (Ages 13+)
Step is a teen banking app with a unique twist: it reports spending behavior to the major credit bureaus, helping teens build a credit score before they turn 18. There are no fees and no minimum balance. The Step Visa card works anywhere Visa is accepted.
The app includes savings goals, spending insights, and peer-to-peer payment features. Step is a standout choice for teens who want to start building credit history early.
Best for: Teens focused on establishing credit history before adulthood.
Find the Right Account for Your Child
Use our tool below to get a personalized recommendation based on your child’s age, your financial goals, and the features that matter most to your family.
How to Open a Bank Account for a Child
For Children Under 13
A parent or guardian must open the account and serve as joint owner. You will need the child’s Social Security number, your own ID, and the child’s birth certificate in some cases. Many banks allow online applications for custodial accounts.
For Teens Aged 13 to 17
Teens can often apply online with a parent’s co-signature. You will need the teen’s SSN, a parent’s ID, and the parent’s SSN. Some banks require a branch visit for minors.
What Documents Are Required
- Child’s Social Security number
- Parent’s government-issued ID
- Child’s birth certificate (sometimes required)
- Proof of address (parent’s utility bill or lease)
- Initial deposit (often $0 to $25)
Teaching Financial Habits Through the Account
The 50/30/20 Rule for Kids
Introduce a simplified version of the 50/30/20 rule to older children and teens. Of any money received — allowance, gift money, or part-time wages — suggest putting 50% toward spending, 30% toward savings, and 20% toward a goal or giving.
Allowance Automation
Use your bank’s recurring transfer feature to automate weekly or biweekly allowance deposits. This mirrors how payroll works and teaches teens to budget on a schedule.
Set Savings Goals Together
Most kids’ banking apps let you set named savings goals — a new game console, a car, or a school trip. Seeing progress toward a goal is highly motivating and reinforces the value of delayed gratification.
Review Spending Monthly
Sit down with your child once a month and review their spending summary. Discuss what categories they spent on, whether they reached their savings goal, and what they would do differently next month. This conversation builds financial awareness naturally over time.
Parental Controls: What to Look For
The best kids’ bank accounts give parents visibility and control without removing all of the child’s autonomy. Look for these features:
- Real-time spending alerts: Get notified every time your child uses their debit card.
- Merchant category controls: Block spending at specific categories like gaming or alcohol-adjacent stores.
- Spending limits: Set daily or weekly spending caps that match your child’s maturity level.
- Location controls: Some apps restrict spending to nearby merchants during school hours.
- Chore and allowance management: Automate allowances tied to completed task lists.
Frequently Asked Questions
What age can a child have a bank account?
There is no legal minimum age. Many banks offer accounts for children as young as 6 years old, with a parent as co-owner. Custodial savings accounts can be opened at birth.
Do kids’ bank accounts earn interest?
Some do. Capital One MONEY and Alliant Teen Checking both pay interest on balances. Most traditional kids’ checking accounts do not earn interest, but pairing a checking account with a high-yield savings account solves this.
Can a 16-year-old open a bank account without a parent?
In most U.S. states, minors under 18 cannot enter into legal contracts, so a parent or guardian co-signature is required. At 18, young adults can open accounts independently.
Is a kids’ bank account FDIC insured?
Yes. Custodial and joint accounts at FDIC-insured banks are protected up to $250,000 per depositor. Credit union accounts are NCUA-insured with the same coverage level.
Final Thoughts
The best bank account for your child depends on their age, your comfort with fintech platforms, and the financial lessons you want to teach. For young children (ages 6 to 12), Chase First Banking offers strong parental controls at no cost. For teens who want independence and credit-building, Step Banking is a compelling choice. Families who want a comprehensive financial education platform with investing should look at Greenlight.
Open the account, have the money conversation, and revisit it regularly. The financial habits your child builds between ages 8 and 18 will follow them for life.