4 considerations for opening your child’s first checking account
Would your child benefit from a checking account? Check out these four tips to start them off on the right financial foot.
Children grow up fast. One day you’re buckling them into a car seat, and the next you’re handing them the keys. Like learning to drive or taking on a first job, managing a checking account is a big milestone that teaches responsibility and will help your child learn important financial habits.
Parents often ask about how to open a bank account for kids. Many checking accounts are for adults aged 18 and up, so you can help your child set up their own account when they are heading off to college or starting their career. If you’re interested in opening your child’s first checking account when they are younger, you could consider opening a joint checking account that you share with your youngster. Note that for some checking accounts you must be at least 18 years old to be added to the account as a joint accountholder.
“Is your teen interested in managing money, saving for different goals and spending on their own?” asks Kimberly Palmer, a personal finance expert. If so, a checking account can be a great way to flex those skills and practice money management, she adds.
If you’re considering opening your child’s first checking account—whether it’s a joint account you help manage or a solo account for your older teen—consider the following four tips:
1. Factor in fees
Whether you’re going to open a child’s bank account online or in a brick-and-mortar bank, it’s important to understand the fees associated with the account and who is responsible for paying them, says Mia Taylor, an award-winning financial journalist. Your child may think you are covering the fees if you have a joint account, for example, so be clear on the parameters when you open the checking account.
If you’re wondering how to open a bank account for kids going to college or starting their first job, “look for an account with no minimum balance fees or monthly balance fees,” Palmer says. That way, your child won’t have to worry about being penalized for having a low balance or stress about fees eating into earnings and spending money. Teaching your kids to manage money is a lot easier when you don’t have to worry about monthly fees or minimums eating into their progress. Capital One accounts are fee-free: Add in no minimum balance requirements and you have more money in your wallet.
If you’re setting up a checking account for a kid heading off to college or moving to a new city, you’ll also want to consider the fees associated with withdrawing cash from out-of-network ATMs. You can use a bank’s ATM locator to ensure there are no-fee ATMs near their college campus or apartment. Finding a place to withdraw money is a breeze with Capital One since you have access to over 70,000 fee-free ATMs nationwide.1
2. Focus on features
Choosing the right checking account for your child’s lifestyle may mean finding an account that has features that support their needs and goals, as well as your preferences.
If you are opening your child’s first checking account and they are younger and sharing the account with you, you may want the ability to set limits on spending and the number of withdrawals. “Parents and teens may have different preferences for each of these features, so it’s important to talk about what you’re looking for ahead of time and compare the different options together,” Palmer says.
If you have a joint account with your child, you could also consider setting up email or text alerts for every transaction or every large transaction over a certain dollar amount. This may help you keep better track of your child’s spending habits and could help you have conversations about how to create a budget. Setting up a low balance notification may also be wise when you open a child’s bank account online to help avoid overdraft and insufficient funds fees.
“Parents and teens may have different preferences for each of these features, so it’s important to talk about what you’re looking for ahead of time and compare the different options together.”
3. Make mobile a priority
It’s no shock that today’s kids are experts at navigating a smartphone. As you make plans to open a child’s bank account online, be sure to consider whether the checking account has a mobile app for making deposits and tracking funds, Taylor says. You can easily keep tabs on your MONEY Teen Checking account with a top-rated mobile app.2
“Mobile deposits are a huge convenience factor for teens” since it allows them to deposit funds with the snap of a photo, Taylor says. Be sure to also research the app’s functionality (the easier, the better) and security, Palmer adds.
Tracking spending with a pen and paper may feel tedious to digital natives, so talk with your child about how they can sync their checking account with other budgeting and spending apps. Exchanging money with friends via digital wallet apps may also be of interest to your child, but you may want to consider providing guidelines when opening your child’s first checking account.
“Only send money to people you know, not to strangers,” Palmer suggests.
Even though digital wallets can be convenient for older teens, Taylor says you may not want to overcomplicate a checking account for a younger child. “Keep it simple in the beginning,” she says. “As teens get older, they can add those features on their own.”
4. Use the account as a teaching tool
Good financial habits are learned early and remembered for decades. That’s why the most important thing parents can do when opening your child’s first checking account is to use the account to have discussions about money, Palmer says.
“Ask them what they want to save for, what kinds of items they hope to buy and what—if any—money they would like to donate to a cause that is important to them,” Palmer says. “A checking account is a useful way to plan for future expenses and savings goals—all lessons that carry into adulthood.”
“Sit them down and show them what you’re doing with your own checking account so that you can pass on good values early on. The earlier you start with kids, the wiser they will be.”
A great way to pass on money management lessons is to show your children how you manage your own account.
“Sit them down and show them what you’re doing with your own checking account so that you can pass on good values early on,” Taylor says. “The earlier you start with kids, the wiser they will be.”
Want to boost your kids’ financial literacy? Learn how to make a household budget that gets the whole family involved.
There are no fees to open, keep or use your MONEY Teen Checking debit card, helping your kids keep more of their own money.3
1Competitor bank comparison is based on size of branded and partner ATM networks and cited fees as of 9/10/25. Competitor set is based on Top 25 banks by estimated domestic retail deposits from the FDIC’s Summary of Deposits report effective June 2024. Retail deposits are estimated as total outer fenced capped deposits plus total uncapped direct deposits. Banks which did not file a Summary of Deposits report are sourced from various company reports. Consumers should research all products before opening.
As of August 21, 2025, there are at least 1,260 Capital One ATMs, 35,000 MoneyPass® ATMs and 40,000 Allpoint® ATMs.
The Capital One ATM network offers Capital One checking customers free access to Capital One, MoneyPass® and Allpoint® ATMs.
Fee-free ATM access is limited to consumer and business checking accounts.
All Capital One ATMs, including Café ATMs, have a $3 fee for any non-Capital One customer.
2The Capital One Mobile app has a 4.9/5-star customer rating on the App Store and is in the top 10% in the Finance App category as of 11/10/2025.
The Capital One Mobile app has a 4.5/5-star customer rating on Google Play and is in the top 10% in the Finance App category as of 11/10/2025.
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3The MONEY Teen Checking account has no monthly cycle service charge and no minimum balance required to open or maintain the account.
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The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.
