Opening a bank account teaches young people valuable financial lessons as they begin managing money. This article reviews the top 10 best options making it easy and rewarding for teens to establish independence and responsibility through everyday banking. We’ll explore features like low fees, parental controls, and valuable perks helping new account holders cultivate lifelong money habits.
1. Chase First Banking
Aspiring bank moguls love Chase First for free checking including paperless statements, cell phone protection and ID theft resources. Parents joint own accounts helping oversee early experiences. Teens earn $100 bonuses completing educational activities furthering financial literacy. Reward points redeemed for gift cards make managing money more exciting through Chase’s vast branch network nationwide.
2. Bank of America Advantage SafeBalance Banking
Establishing responsibility, SafeBalance has no minimums or monthly fees. Joint accounts include parental oversight of debit purchases. Free cash deposits and account alerts via notifications and text help inculcate safe money habits from day one. Rewards programs offer chances to earn merchandise through savings goals, and tuition to online banking courses ensures continued learning as needs grow more sophisticated over time.
3. Fifth Third StraightUp Banking
Cincinnati born Fifth Third caters to newbies through simple setup and zero fees or minimums on StraightUp checking. Teens like redeeming StraightUp Scratch offs online for prizes motivating involvement. Mobile and online banking capabilities match fintech offerings preparing youth for digital finance’s future. Parents maintain money management influence through joint accounts while kids gain independence.
4. Capital One Journey Savings Account
Beginner investors find guidance through Capital One. Journey’s 1% APY eclipses most competitors attracting cash without risk. Cash rewards motivate growing balances by referring pals. An included Capital One secured credit card reporting positive payment habits to agencies builds youthful credit scores healthily over time for eventual use in adulthood.
5. Discover Cashback Debit for Teens
Teens receive 1% cashback on up to $3,000 spent annually through Discover, redeemable as gift cards. No catch – just rewarding responsible spending habits through cash. Parental controls over transfers and deposits balance guidance with autonomy. High yields and bonuses like completing grade milestones incentivize financial literacy from day one.
6. Synchrony Bank My SavingsWise Teen Savings Account
Saving goals remain engaging through Synchrony’s fun “chores to dollars” feature matching tasks to cash. Rewards programs allocate percentages of accrued balances to interests and hobbies, whereas tools monitor progress motivating further dedication. Joint parental ownership retains involvement while developing independent decision making and delayed gratification skills.
7. U.S. Bank Teen Checking with Savings
Offering rounded practice managing money through checking linked to savings, families find U.S. Bank’s “It all adds up” program especially beneficial. Digital tools allow monitoring transactions online, whereas Youth Financial Education Curriculum teaches skills beyond banking mechanics preparing teens for adulthood’s scenarios. Free checks, maintenance statements and mobile access adds convenience.
8. Wells Fargo Way2SaveSM for Teens
Renowned Wells Fargo matches goals to initiative through rewards on Way2Save balances. Their Goal Setter tool lets youth allocate savings strategically for short-medium aspirations. ID Protect monitors family finances securely. Learning resources including workshops teach crucial concepts like budgeting, investing and scams prevention guiding competent decision making from youth.
9. TD Convenience Checking
Free TD checking includes bill pay, mobile/online access and parental tools in a complete starter package. Rewards points offset items like phones, clothes or entertainment through the TD Rewards program encouraging saving versus impulse spending lessons well before adulthood. Access to hundreds of ATMs globally facilitates early travel money management when exploring new places.
10. Axos Bank 360 Checking
For established teens ready progressing skills, Axos provides advanced tools including check deposits, budget monitoring spreadsheets, and parent/child cash transfers through Zelle facilitating allowances digitally. High interest, no fees or minimums on 360 rewards responsible habits through independence supported by parental oversight when navigating new challenges.
In summary, these top new teen accounts pave an enjoyable path toward lifelong financial competence with engaging perks and learning resources guiding wise choices from an early age. Ultimately, a good first account makes teens eager rather than fearful about navigating money matters skillfully in their bright futures.