Teen checking accounts are an excellent tool for helping young people learn to manage their money and set long-term financial objectives. An adolescent checking account must avoid monthly maintenance or overdraft fees. Budgeting tools, a streamlined mobile app, and straightforward web banking are also essential.
Chase High School Checking stands out because it allows students to become members of a major national bank. There is no minimum starting deposit or maintenance fee associated with this account. The bank's mobile app includes a budgeting feature that teenagers may use to plan their finances and keep tabs on their spending. For instance, the Autosave function will allow you to schedule weekly or monthly automatic transfers following your savings goals.
Unlike many other Chase offerings, this account does not provide overdraft protection. If the purchase puts you in a negative balance, it will be declined. Additionally, Chase High School Checking can only be opened if a parent already holds a Chase Checking account.
The bank has branches in the following states: Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and the District of Columbia. You'll have to use a CVS to make your cash deposits if you don't reside near one of these branches.
Why it's different: Connexus's teen checking account has a high-interest rate and several attractive features, including no monthly service fees and minimum opening deposit. This is an unusual bonus that only a few schools provide.
Something to keep in mind: the overdraft cost from Connexus is $4. However, this fee can be avoided if you link your checking account to a savings account and use the bank's free overdraft protection service.
We looked into various banks and credit unions to discover ones catered to young customers by offering checking accounts. Below are some alternate financial institutions from which we ultimately opted out. If these stories strike your fancy, you should learn more about them.
To avoid confusion, we are not adding internet banking services, as they typically require account holders to be 18 or older.
No matter your financial situation, you can open a checking account with no minimum deposit at Alliant Credit Union. Although the interest rate on the teen account is respectable, a greater rate is available at the credit union we recommend.TD Bank: Students between the ages of 17 and 23 are eligible for TD Bank's fee-free student checking account.
Two types of checking accounts are available to teenagers at Wells Fargo. However, there is a $25 minimum initial deposit, and depending on the account, and there may be recurring monthly fees. The accounts we recommend don't charge monthly maintenance fees and have modest minimum deposits.
If you're under 25, you can open a Regions Bank student checking account. No maintenance costs are associated with this account, but you will need to deposit at least $50 to open it. There are fewer requirements to open an account with our topic recommendations.
PNC Bank provides teenagers with a virtual student wallet at no ongoing cost. If you're looking for a simple checking account, the Virtual Student Wallet's inclusion of three different bank accounts may be too much.
Bethpage offers a great checking account with no monthly fees and no minimum initial deposit. The only drawback is that it's only available to those aged 15-17. All ages are welcome at the places we recommend.
Our mission here at Personal Finance Insider is to provide you with informative content that aids in the formation of sound financial judgments. We know you have specific needs, so we give you a wide range of choices to help you discover the banking service that best meets those requirements.
Joint bank accounts for teenagers are a sort of teen checking account. The availability of teen checking accounts at most banks enables parents to arm their children with greater financial independence by giving them access to services such as debit cards.
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