Teen Checking Accounts – Money: Teen Checking Account With Debit Card
A teen checking account with a competitive APY and unique money management tools.
Đang xem: Teen
travelhome.vn’s rating: 4.8 / 5.0
★★★★★
This joint checking account is for teens starting to earn money on their own. With no fees, no minimums and a 0.1% APY on all balances, teens have the tools they need to start managing their money with the support of an adult. However, it doesn’t offer checks or bill pay.
Review by
Katia Iervasi
katia.iervasi
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for travelhome.vn, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
The Capital One Money account incentivizes teens to save with a 0.1% interest rate on all balances — which is higher than most checking accounts. The account’s mobile app has unique savings tools that lets your teen split their money into different categories for spending and saving. Once your teen reaches their savings goal, you can choose to reward them with an added bonus.
With parental monitoring and online money management tools, the Capital One MONEY account is one of our top picks for both teens and parents. But if your teen needs an account with checkwriting services, you’ll need to look elsewhere.
Why you can trust this review
How do I open a Capital One MONEY account?
Open a Capital One Money account online or in person at a branch. The online form takes approximately five minutes to fill out. These are the steps:
Go to the provider’s site and follow the steps to apply.From the Capital One website, hover over the Checking & Savings tab and select Money Teen Checking.On the landing page, press Open Account.Log in if you have an existing Capital One account, credit card or loan. If you don’t, press No.Select the adult as the primary account holder. Enter the Personal, Contact, Citizenship and Employment details for both the adult and teen account holder.Review and agree to the Terms & Conditions.Click Now, Let’s Add Money.Follow the prompts to provide identifying documents and fund your initial deposit. Capital One will confirm those details and send you an account number.
Eligibility
The Money account has two joint owners.
The adult account holder must meet these requirements:
At least 18 years oldUS citizen or residentHave an active Capital One deposit account
The teen account holder must be:
Between 13 and 17 years oldUS citizen or resident
Required information
To apply for an account, you’ll need the following information and documents:
Physical addressContact detailsEmployment informationSocial Security numberCitizenship statusGovernment-issued ID, such as a driver’s license or state ID
As the primary account holder, it’s the adult’s responsibility to provide the bulk of these documents. The teen can fill out these fields the best they can.
What are the benefits of a Capital One Money checking account?
The FDIC-insured Capital One Money account has convenient customer service and a top-rated mobile app where teens can check their balance, deposit checks, set up direct deposit, update account information and enable real-time text and email alerts. You’ll also like these benefits:
No fees or minimum balances. There’s no charge to open or service the account, and you’ll earn interest on any balance.No overdraft charges. Transactions that overdraw the account will be declined.Accepts cash deposits. Unlike other online accounts that don’t accept cash deposits, your teen can deposit cash in compatible Capital One ATMs nationwide.
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Earns interest. Unlike other checking accounts, the Capital One Money account rewards growing balances with a 0.1% APY on all balances.Savings tools. Your teen can create savings goals within the app and categorize their money into Spendable and Set Aside categories. You can also choose to reward your teen with bonus money once they’ve reached a savings goal.Parental controls. As the primary account holder, you can access the joint account and track your teen’s spending any time, and you’re the only one who can set up automatic transfers from your Capital One account.
Capital One’s ATM network and fees
You can dip your Mastercard debit card into 39,000 Capital One and AllPoint ATMs nationwide for free. If you use an ATM overseas or outside of the network, you may be charged a fee, but the bank will reimburse you within five days for up to $15 per statement period.
AllPoint ATMs are tucked inside select Target, Walgreens, CVS and convenience stores across the country.
What should I look out for?
While the teen checking account has several positive points, it does have its drawbacks. These include:
No Bill Pay or checks. The account doesn’t support bill pay service or come with checkwriting privileges.No 24/7 support. Access live chat during business hours or call from 8 a.m. to 8 p.m., seven days a week. Outside of those hours, customer service support is limited.
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Before you decide if this is a match, you can learn about student checking account options to find the best rates and features for you and your teen’s financial goals.
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