Teaching financial literacy from a young age is more important than ever, and in the United States, several banks have stepped up to offer tailored accounts specifically for children and teenagers. These accounts are more than just tools for saving money—they provide valuable lessons in budgeting, responsible spending, and financial goal-setting.
As banks compete to attract families, features like mobile apps, parental controls, no-fee structures, and incentives for saving are becoming standard. This makes the process of choosing an account slightly more complex, but it also ensures that consumers have better, more flexible options.
Chase First Banking: a smart start for young savers
Chase First Banking is one of the most popular options for parents looking to open a child’s first bank account. Designed specifically for children aged 6–17, this account must be opened by a parent or guardian who already has a Chase checking account. This linkage provides extra oversight and ensures that the parent has full control over the account activity.
The features of Chase First Banking are intentionally educational. Parents can set spend limits, assign chores, and schedule allowance payments directly through the Chase mobile app. It offers a hands-on way for children to earn money and learn how to manage it within boundaries defined by the parents. There’s no monthly service fee, which makes it accessible to families looking for cost-effective solutions.
Capital One MONEY: financial freedom for teens with guidance
Capital One MONEY is a teen-centered bank account designed for kids aged 8 and older. Unlike many other child accounts, it’s not required for the parent to have a Capital One account, making it an excellent choice for families who want more flexibility in choosing a bank. It comes with a debit card and an intuitive mobile app that both parents and teens can use.
This account encourages teens to become more independent while still giving parents full visibility into how their kids spend money. It has no monthly fees or minimum balance requirements, and the account earns interest—an added bonus that introduces the concept of money growing over time. Parents can transfer funds, set savings goals, and view spending summaries easily.
Alliant Credit Union: high-interest youth savings and spending
Alliant Credit Union offers one of the most competitive youth savings accounts on the market, with higher interest rates than many traditional banks. Their Kids Savings Account is available for children 12 and under, while older teens can transition to a Teen Checking Account with a linked debit card and mobile banking access.
To open an account, parents must first become members of the credit union, which is a simple process that can be completed online. Once opened, the savings account earns a high APY (Annual Percentage Yield), encouraging children to save more while seeing real returns. There are no monthly fees, and the minimum deposit is extremely low, making it accessible for most families.
Bank of America Minor Savings: simplicity and parental control
Bank of America offers a Minor Savings Account that allows parents to co-own the account until the child turns 18. It’s suitable for children of any age and provides a basic but reliable introduction to banking. With minimal fees and a straightforward structure, it’s a good option for families that want a traditional experience without too many bells and whistles.
The account requires an opening deposit but has no monthly maintenance fee until the child turns 18. Parents retain full control, with visibility into transactions and the ability to set limits. There is no debit card attached to the savings account unless it’s linked to a parent-owned checking account, which can provide additional safeguards.
Greenlight: the prepaid debit card built for families
Though not a traditional bank, Greenlight is one of the most popular financial tools for kids and teens. It operates as a fintech app with FDIC-insured banking services provided by Community Federal Savings Bank. Greenlight offers prepaid debit cards for kids, controlled and funded by parents through a mobile app that is packed with financial learning features.
Parents can assign chores, automate allowance, set savings goals, and even invest—yes, kids can buy fractional shares of stock with parental approval. Greenlight is subscription-based, with monthly plans that vary in price depending on the level of features selected. But many families find the cost worth it due to the educational content and hands-on learning opportunities.
Tips for choosing the right account for your child or teen
When selecting a bank account for your child or teenager, it’s important to consider your family’s specific needs and financial habits. Think about the level of independence your child is ready for, and whether they’re more likely to benefit from a savings-focused account or one that encourages spending with guidance. Younger kids often do better with basic savings accounts, while teens may need more flexibility and control.
Another key consideration is the digital experience. Today’s kids are growing up with smartphones and apps, so it’s essential that the bank you choose offers a strong, easy-to-use mobile interface. Apps that let kids visualize their goals, understand their spending, and interact with money in a positive way can significantly boost their financial education.
Conclusion: financial empowerment starts early
The best time to begin teaching kids about money is now. With the range of banking options available in the US today, families have the tools they need to start these lessons early and keep them going through the teenage years. Whether you’re looking for a hands-on savings experience, a controlled spending environment, or a full-featured digital platform with investment opportunities, there’s a solution that fits your child’s stage of development.
These accounts are more than just places to store money. They’re opportunities to teach children how to plan, budget, earn, and grow their finances responsibly. By giving them the chance to manage real money in a safe and controlled environment, parents set their children up for a lifetime of financial success.
As the banking landscape continues to evolve, so do the resources available to young people. The most important step is taking action—opening that first account, having that first conversation about saving, and leading by example. Empower your kids with knowledge, and the right tools will help them thrive.
