Smart bank accounts for growing kids and teens

From money jars to teenage debit cards, Fin4Kidz helps children, teens, and parents navigate banking essentials together. 

Checking accounts

Most banks allow teens ages 13 to 17 to open a checking account, but it’s usually set up as a joint account with a parent or another adult. Because teens can’t legally sign banking contracts yet, the adult is added to the account to help manage it.

A joint account lets teens learn real money skills while still having support. The adult can:

  • Keep an eye on spending

  • Make transfers or deposits

  • Set spending limits

  • Help build good money habits

This gives teens hands‑on practice managing their own money while still having guidance.

When the teen turns 18, they can open an account in their own name and take full control.

Savings accounts

A teen savings account is usually a joint or custodial account shared between a teen and a parent or guardian. It lets teens deposit money, earn interest, and keep track of their savings, while the adult provides oversight. These accounts are designed to help teens learn financial skills like setting goals, building good habits, and understanding how saving and interest work.

Key Benefits:

Earning Interest: Even small amounts of interest show teens how their money can grow over time.

Financial Education: Teens learn how to manage real money, check balance, and understand deposits and withdrawals.

Goal‑Setting: Many accounts let teens set savings goals, like saving for a phone, a car, or college.

Parental Oversight: Parents can help guide teens while giving them more responsibility as they learn.

No Monthly Fees: Most teen savings accounts have no monthly fees and no minimum balance

What to bring to the bank

  • Teen’s full legal name and date of birth

  • Teen’s Social Security number (SSN) or ITIN

  • Parent or guardian’s government‑issued photo ID

  • Parent or guardian’s SSN

  • Proof of the parent or guardian’s address (like a utility bill or lease)

  • Teen’s contact information (address, phone, email)

  • An initial deposit (amount varies by bank — some start at $0)