{"id":15458,"date":"2025-11-21T03:40:00","date_gmt":"2025-11-21T09:40:00","guid":{"rendered":"https:\/\/www.discover.com\/online-banking\/banking-topics\/?p=15458"},"modified":"2026-02-02T13:05:53","modified_gmt":"2026-02-02T19:05:53","slug":"opening-your-childs-first-checking-account","status":"publish","type":"post","link":"https:\/\/www.discover.com\/online-banking\/banking-topics\/opening-your-childs-first-checking-account\/","title":{"rendered":"4 considerations for opening your child’s first checking account"},"content":{"rendered":"\n

Children grow up fast. One day you\u2019re buckling them into a car seat, and the next you\u2019re handing them the keys. Like learning to drive or taking on a first job, managing a checking account<\/a> is a big milestone that teaches responsibility and will help your child learn important financial habits.<\/p>\n\n\n\n

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\u2019re interested in opening your child\u2019s first checking account when they are younger, you could consider opening a joint checking account that you share<\/a> 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.<\/p>\n\n\n\n

\u201cIs your teen interested in managing money, saving for different goals and spending on their own?\u201d 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.<\/p>\n\n\n\n

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If you\u2019re considering opening your child\u2019s first checking account\u2014whether it\u2019s a joint account you help manage or a solo account for your older teen\u2014consider the following four tips:<\/p>\n\n\n\n

1. Factor in fees<\/h2>\n\n\n\n

Whether you\u2019re going to open a child\u2019s bank account online or in a brick-and-mortar bank, it\u2019s 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<\/a>.<\/p>\n\n\n\n\n\n\n

If you\u2019re wondering how to open a bank account for kids going to college or starting their first job, \u201clook for an account with no minimum balance fees or monthly balance fees,\u201d Palmer says. That way, your child won\u2019t 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\u2019t have to worry about monthly fees or minimums eating into their progress. Capital One accounts<\/a> are fee-free: Add in no minimum balance requirements and you have more money in your wallet.<\/p>\n\n\n\n

If you\u2019re setting up a checking account for a kid heading off to college or moving to a new city, you\u2019ll also want to consider the fees associated with withdrawing cash from out-of-network ATMs. You can use a bank\u2019s\u00a0ATM locator\u00a0to 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<\/a> nationwide.1<\/sup><\/p>\n\n\n<\/div>\n\n\n

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2. Focus on features<\/h2>\n\n\n\n

Choosing the right checking account for your child\u2019s lifestyle<\/a> may mean finding an account that has features that support their needs and goals, as well as your preferences.<\/p>\n\n\n\n

If you are opening your child\u2019s 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. \u201cParents and teens may have different preferences for each of these features, so it\u2019s important to talk about what you\u2019re looking for ahead of time and compare the different options together,\u201d Palmer says.<\/p>\n\n\n\n

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\u2019s spending habits and could help you have conversations about how to create a budget<\/a>. Setting up a low balance notification may also be wise when you open a child\u2019s bank account online to help avoid overdraft and insufficient funds fees.<\/p>\n\n\n<\/div>\n\n\n

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\u201cParents 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.\u201d<\/p>\n