In the United States, many teenagers express a desire to save money from an early age. Additionally, teenagers may need a bank account for school fees, online shopping, or other purchases.
Here is discussed the best bank account for teenagers in the US.
Several banks in the United States offer teen accounts with various features. Below is a detailed discussion of the five best accounts for teenagers in the United States.
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Teenage Bank Account Facilities
A bank may have different types of accounts, but when it comes to teen accounts, banks often provide the most benefits.
The main and significant benefits available with teen bank accounts are outlined below:
- The first and primary benefit of a teen account is that there is no monthly fee required to maintain the account.
- No minimum balance is required to open a teen account.
- Teenagers can conduct banking activities online or through an app using their mobile phones.
- Various school fees can be paid through a teen bank account.
- A debit card is provided with a teen account for online or in-person shopping.
- Additionally, bonuses are often offered when making purchases and transactions with the debit card.
Why Teens Should Open a Bank Account
There are several reasons why a teenager should open a bank account. Establishing a savings habit from a young age is important, and a bank account allows for regular small deposits.
If there’s a need to spend money while at school or elsewhere, transactions can be easily completed with a debit card. Additionally, a teenager can pay school fees in case of emergencies.
A bank account also helps a teenager become more aware of financial responsibilities. For these reasons, it is essential for a teenager to have a bank account.
Types of Teenage Accounts
It’s important to know what types of accounts are available and their advantages and disadvantages when opening a teenage bank account.
The most popular option for a teenage bank account is a savings account, which typically doesn’t require any fees and allows easy transactions alongside savings.
Another account type is a joint account, often opened for teenagers but managed by their parents. Youth accounts are also popular, where parental control is available, and only a small fee applies.
Best Bank Account for Teenagers
Now let’s learn which banks are best for opening an account as a teenager. Various banks offer teen accounts, but after researching many options, we have selected the top five banks that are the best for teen accounts.
Below is a brief overview of these banks:
Chase First Banking
The Chase First Banking account is available for those aged 6 to 17 years. If you are 6 years old or older and under 17, you can open a Chase First Banking account.
No minimum balance is required to open this account, and there are no monthly fees. Parents can set spending limits and monitor their children’s transactions with this account.
Chase has about 16,000 ATMs, and money can be withdrawn from any ATM using a debit card. Learn also about the Chase Student Account.
Capital One MONEY Teen Checking
The Capital One MONEY Teen Checking account is very popular as a teen bank account. If you are between 8 and 18 years old, you can open this bank account.
There are no monthly fees or minimum balance requirements for this account. Upon opening the account, a debit card is provided, allowing withdrawals from over 70,000 fee-free ATMs.
This account also features parental controls, allowing parents to set spending limits and monitor the account.
Alliant Credit Union Free Teen Checking
Another popular teen account is the Alliant Credit Union Free Teen Checking account, available for those aged 13 to 17 years.
This account also does not require any monthly fees or minimum balance. A debit card is provided upon opening the account.
Another feature of this account is that interest can be earned by saving money in the account, although the amount is very small. For more details about this account, visit Free Teen Checking.
Copper Banking
Copper Banking is another popular and well-known account for teenagers, specifically designed for them. Teenagers aged 13 to 17 can open this account.
No minimum balance is required, and no monthly fee is charged for maintaining the account.
This account offers various financial educational features, and a debit card is provided. Banking activities can also be conducted via mobile banking, and parents can monitor transactions if they wish.
Wells Fargo Clear Access Banking
Wells Fargo Clear Access Banking is another very popular teen account. Teenagers aged 13 to 24 can open this account.
However, a $5 monthly fee applies to manage this account. This account is a basic checking account with no overdraft fees.
As a teen account, Wells Fargo Clear Access Banking is very safe and secure. For more details, visit Wells Fargo Clear Access Banking.
Documents Required to Open a Teenager Bank Account
Now let’s look at the documents needed to open a teenage account. Generally, the required documents for teenagers include:
- A Social Security card, passport, or birth certificate as proof of identity.
- A copy of a utility bill or school correspondence to provide proof of address.
- Guardian identification is also required for teenage accounts.
Does a Teenage Account Provide Interest?
Many people wonder whether teenage accounts provide interest. Generally, most banks do not charge monthly fees for teen bank accounts, and these accounts are usually operated for free.
Therefore, interest is not typically offered with teen accounts. However, the Alliant Credit Union Free Teen Checking account offers interest earning feature, although the amount is very small.
In summary, interest is not usually provided with teenage accounts.
Can International Students Open a Teenage Account in the US?
Now, let’s discuss whether international teenagers, who are living in the USA and wish to open a teen account, can do so.
They can open an account, but additional documents will be required, such as a passport, visa, Social Security number, or Taxpayer Identification Number.
If the student is studying, a student ID card or enrollment verification letter will also be needed.
