Capital One MONEY Teen Checking
- Best for: Families who bank online and want a first account their child keeps past 18
- What Sets It Apart: Kids can join at 6, it stays fee-free after 18, and parents needn’t bank at Capital One
- APY: 0.10% on every balance, compounded monthly
- Features: Parent alerts, card lock, and spending limits; allowance and savings goals; 70,000+ fee-free ATMs; cash at Walgreens, CVS, and other stores through the app; Zelle from 13; FDIC insured
- Monthly Fee: $0, including after 18
- Minimum Deposit: $0
- Cost: No overdraft fee, since a purchase over the balance can be declined; no fee at Capital One, Allpoint, or MoneyPass ATMs, though other ATM owners may charge; no transfer fee
- Eligibility: Kids 6 to 17 with one parent or legal guardian as joint owner, who links a Capital One account or checking at another U.S. bank; one account per child
- Pros: No fees at any age; separate parent and child sign-ins; cash deposits at stores; stays open after 18
- Cons: Opened online only, with no checks; under-13s can’t use Zelle or add cash themselves; savings goals earn only 0.10%
Open Capital One MONEY Teen Checking if you’re comfortable banking online and want a first account your child can keep after 18. It charges no fees at any age and links to your checking account at any U.S. bank. A parent, or a teen 13 or older, can add cash at stores like Walgreens and CVS through the app.
With no fees, it costs less than a teen account at your own bank whenever yours charges one. The catch is speed, since a transfer from your linked account at another bank typically takes 3 to 4 business days, though a Zelle payment usually reaches a teen 13 or older in minutes.
Key Features
- No monthly or overdraft fee before or after 18, and no minimum deposit
- Pays 0.10% a year in interest (APY) on every balance
- Joint account for one child age 6 to 17 and one parent or legal guardian, opened online
- Debit card with a $500 daily limit on purchases and withdrawals until 18, and free withdrawals at 70,000+ Capital One, Allpoint, and MoneyPass ATMs
- Zelle for kids 13 and up once a parent turns it on, sending up to $500 a day
Pros
- Separate sign-ins for parent and child, with alerts, card lock, and spending limits
- Scheduled allowance and savings goals built into Capital One’s app
- Cash goes in at Walgreens, CVS, and other stores through the app, up to 10 times a month
- Stays open and fee-free after 18, or your teen can move the balance to a 360 Checking account
Cons
- Opened online only, with no paper checks
- Kids under 13 can’t use Zelle or add cash at stores themselves
- Savings goals earn just 0.10%, while Capital One’s Kids Savings Account pays 2.50%
Families comfortable banking online get an account a child can start at 6 and keep past 18 without a fee. Parents whose own bank offers a free teen account should open that one instead to keep both accounts in one app, after checking what it becomes at 18.
Learn more about Capital One MONEY Teen Checking or see how it compares to the best bank accounts for high school students.
Capital One MONEY Teen Checking
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