Capital One Money Teen Checking Review 2024
Capital One is a well-known name in banking, offering checking accounts, savings accounts, and CDs. If you’ve got a teenager, then you might consider opening a Capital One MONEY account for them so they can start learning the basics of personal finance.
The MONEY account is a teen checking account that includes a debit card and online and mobile banking access. There are no fees and no minimums, which could make it an attractive choice if you’re looking for a bank account for kids and tools to teach them about personal finances.
Capital One MONEY Teen Checking at a Glance
If you are unfamiliar with Capital One, you may not know what to expect. Here is a quick rundown of some of the most notable features of this account.
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Overall Impression
The MONEY Teen Checking account can offer kids a great introduction to banking and money management.
Parents might prefer a bank account to a prepaid debit card for kids, which sometimes requires paying fees to use or reload.
While branch banking access is limited, digital-savvy kids might be okay with it. The Capital One app mobile app is top-rated, making it easy for kids and parents to track balances and spending.
Capital One MONEY Teen Checking Pros and Cons
When opening a new bank account, it is essential to consider the advantages and potential disadvantages. The Capital One MONEY Teen Checking account is mostly pros, though there are a few drawbacks.
Pros
- Even though it is called a teen checking account, parents can open a MONEY account for kids as young as 8
- Kids can manage their money through the Capital One app or visit 70,000-plus ATMs without paying fees
- While the rate is not spectacular, MONEY accounts earn interest, a nice added benefit
- Parents are not required to have a Capital One account to set up a MONEY account for their kids
- Parental controls can offer peace of mind since you can set limits on where and how much your child spends
- Once teens turn 18, they can keep their MONEY account or transfer the money to a Capital One 360 Checking account
Cons
- While the ATM network is extensive, branch banking access is limited
- Teens may chafe at their parents being able to control their banking activity and spending habits
- The Zelle feature is only available to teens aged 13 and older
How Capital One MONEY Teen Checking Compares to Others
Several banks offer teen checking accounts and online platforms that offer prepaid debit cards for kids. Knowing what’s available can make finding the right banking option easier. Here are a few other possibilities for kids’ and teen banking.
Greenlight
Greenlight is a personal finance app and debit card designed to help kids learn about money by managing it themselves. Parents can set up a Greenlight account and add debit cards for their kids, then set controls for how they spend. The app is an alternative for younger kids who may not yet be old enough for a teen checking account.
Since everything is app-based, there’s no branch banking access, but kids can use their debit cards to withdraw cash at ATMs. Unlike the MONEY account, Greenlight charges a monthly subscription fee, with three tiers to choose from.
Read our full Greenlight debit card review.
Copper
Copper is another digital money management app for kids and teens that includes access to a debit card and online and mobile banking. Parents can create a Copper account and then create up to five subaccounts for each of their children. Each child gets a debit card, while parents can control when and how they spend.
Kids can use their Copper cards to withdraw cash at more than 55,000 ATMs without a fee. There are no monthly maintenance fees either, and as a bonus, the app includes several tools to help kids become more money-savvy.
Read our full Copper banking review.
Chase First Banking
Chase is a brick-and-mortar banking option offering kids and teens debit cards. There’s no monthly maintenance fee, and parents can set up an account for kids aged 6 to 17. A debit card is included, and kids can access online and mobile banking.
Parents can help kids set up savings goals through the Chase app and reward them for doing chores or earning good grades. You’ll need to be a Chase banking customer to set up a First banking account for your kids.
Navy Federal Credit Union Free Campus Checking
Navy Federal Credit Union offers checking accounts for teens aged 14 and older with no monthly maintenance fee. There are no minimum balance requirements either, and teens can get up to $120 in ATM fee rebates each year.
A debit card is available, as are paper checks. Teens can manage their accounts online or through the Navy Federal Credit Union mobile app.
How Capital One MONEY Teen Checking Works
The MONEY account is a checking account for teens, tweens, and kids aged 8 or older. Parents can set up a MONEY account on behalf of each of their children, regardless of whether they have a Capital One bank account or not. Kids get access to a debit card with their account, which they can use to make purchases or withdraw cash at more than 70,000 ATMs. Parents and kids can manage their accounts online or through the Capital One mobile banking app.
Who Is Capital One MONEY Teen Checking For?
Opening a teen checking account with Capital One could make sense if you already have accounts there as a parent or you’re looking for a fee-free checking option for your child. Capital One makes it easy for kids to manage their accounts, spend, and save, all without paying monthly maintenance or other fees. Earning interest is a nice incentive, though parents can also set up a savings account for kids with Capital One.
Rating the Features
Is Capital One the best banking option for teens? A closer look at the benefits and features can make it easier to decide if it’s the best choice for your family.
User Experience
Capital One offers a user-friendly website and mobile app. It’s easy to find information about the different accounts offered and just as easy to open an account online. Capital One is transparent about fees and interest rates, so you don’t have to hunt for answers. In addition to online banking, you can also book in person at Capital One cafes and branches, though locations are limited.
Fees
Capital One doesn’t charge monthly maintenance fees for MONEY Teen Checking accounts. There are no fees at all. That includes no overdraft fees and no foreign transaction fees.
Avoiding high fees is a plus, as some banks that offer teen checking may charge monthly fees. And certain prepaid debit cards for kids can also require a monthly subscription fee.
Rates
As mentioned, the Capital One MONEY Teen Checking account does earn interest. Is it a fantastic rate? Not really, but making some interest on checking account balances is better than nothing.
Minimum Deposit
Capital One doesn’t require a minimum deposit for MONEY Teen Checking accounts. You can open the account and fund it later or deposit just $1 to get started.
That’s great if you’re setting the account up for your kids, but they’re using their own money to fund it. Even if they’ve only got a few bucks in their piggy bank, that’s not a barrier to getting a bank account.
Tools, Extras
One of the best features of the MONEY account is the Capital One mobile banking app. Parents and teens can set up their logins so they can view account information, but there’s a little more to it than that.
Teens can set up savings goals in the app and track their progress. Parents, meanwhile, can use the app to set controls on where their kids can spend. And if their child’s debit card is lost or stolen, they can use the lock feature to prevent anyone else from using it.
It’s easy to link external accounts from other banks, which is excellent for parents who may not bank with Capital One. Once your accounts are connected, you can quickly transfer funds from your bank to your teen’s MONEY account.
Customer Support
Capital One offers customer service by phone if you need help, and an online support center includes answers to commonly asked questions. There is no live chat support, but you can use the Eno digital assistant to get answers to basic questions or check your balance.
Access
You can visit either to manage your accounts in person if you live near a Capital One branch or cafe. If you need help logging in to online banking or the Capital One app, you can always log in to online banking or the Capital One app.
The app is top-rated for its features and functionality, which is reassuring. You can visit one of 70,000+ ATMs if you need to withdraw cash.
Safety and Security
Capital One is FDIC-insured, so your deposits are protected in the unlikely event that the bank fails. In terms of security measures, Capital One employs several tools for safeguarding customer information. Capital One also has a fraud protection team to help if your account is compromised.
Getting Started
Opening a MONEY Teen Checking account with Capital One is a straightforward process. Log in to start the process if you already bank with Capital One.
To open an account, you’ll need to give Capital One some information about yourself and your child, including:
- Your name and Social Security number
- Their name and Social Security number
- Your date of birth and theirs
- Your mailing address and phone
- Your email address
If you don’t have an account with Capital One, you must link an external account to make your opening deposit. For that, you’ll need your bank account number and routing number.
Once your accounts are open, receiving your child’s debit card takes about two weeks. You’ll need to activate it before they can begin using it.
Frequently Asked Questions (FAQs)
Opening a checking account for a teen could be a good idea if you want to help them learn about money management and banking. A teen who earns their own money from a part-time job, side hustle, or doing chores might also appreciate having a secure place to keep it and a debit card for spending.
A prepaid debit card for kids is separate from a bank account. Instead, parents can load money onto the card, which their child can then spend or withdraw in cash at ATMs. Teen checking accounts are bank accounts that can include a debit card. But instead of reloading the card, parents and teens can make deposits to their account online, in person, or at ATMs, depending on where they bank.
The best teen checking account is ultimately the one that checks off all of your boxes regarding features, benefits, and cost. A good teen checking account should offer easy access via a debit card, online banking, and mobile banking while charging minimal or no fees. Some nice features include deposit interest and tools like savings calculators or savings buckets to help kids reach their financial goals.
