The consummate bank for families is one they can grow with over time, with a starter account for teenagers and additional free accounts once they turn 18, plus attractive choices for the parents so they can make transfers and keep tabs on their kids' transactions.
Here's a look at our top bank picks for families with students.
All rates as of June 22, 2018.
BEST: Capital One 360
The online arm of Capital One Bank has a free Money teen checking account, which is designed for parents and their kids between 13 and 18 years old to open together. There are no fees or minimum deposits. Only the teen receives a debit card, but adults can keep an eye on transactions via app or text alerts. Cash withdrawals from Allpoint or Capital One ATMs are free.
Once your child turns 18, he or she can move over to the regular 360 Checking account, which also doesn't require a minimum balance or charge monthly fees. Parents with a Capital One branch account can also link it to a regular 360 Checking account and transfer money between those accounts instantly. For savers, Capital One 360 offers a Kids Savings Account, which earns 1% and has no fees or balance requirements. Only parents can transfer money in or out.
The Capital One app allows for mobile check deposit and peer-to-peer payments through Zelle. You can get customer service for Capital One 360 accounts at Capital One branches, and at the more-relaxed hubs known as Capital One Cafes, you can ask questions or make ATM deposits--then grab a latte.
Sponsored Content
Axos Bank
First Checking, a joint account for teens younger than 18 and their parents, was added to the Axos Bank (formerly Bank of Internet USA) lineup last year. The account charges no monthly fees and has no balance requirements beyond an initial deposit of $100. It also imposes low daily withdrawal limits ($100 in cash withdrawals, $500 in purchases), nixes overdraft fees, and refunds $12 in ATM fees per statement cycle.
Once your teen turns 18, he or she will have several checking account options, including the no-frills, no-fee Essential Checking, with unlimited reimbursement of ATM fees in the U.S., or CashBack Checking, which rewards active debit card users with 1% cash back as long as they keep at least $1,500 in the account. Parents who bank with their kids may prefer Rewards Checking. Parents can transfer money to their children instantly if both have an Axos account. The app also allows you to transfer funds and deposit checks remotely.
Sponsored Content
The Best Banks and Credit Unions for You, 2018
These stellar banks and credit unions are making all the right moves to win satisfied customers:
Sponsored Content
-
Higher Summer Costs: Tariffs Fuel Inflation in JuneTariffs Your summer holiday just got more expensive, and tariffs are partially to blame, economists say.
-
Don’t Miss Alabama Tax-Free Weekend 2025Tax Holiday Ready to save? Here’s everything you need to know about the 2025 back-to-school Alabama sales tax holiday.
-
What to Do With Your Tax Refund: 6 Ways to Bring GrowthUse your 2024 tax refund to boost short-term or long-term financial goals by putting it in one of these six places.
-
What Does Medicare Not Cover? Eight Things You Should KnowHealthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
-
15 Reasons You'll Regret an RV in RetirementMaking Your Money Last Here's why you might regret an RV in retirement. RV-savvy retirees talk about the downsides of spending retirement in a motorhome, travel trailer, fifth wheel, or other recreational vehicle.
-
The Six Best Places to Retire in New Englandplaces to live Thinking about a move to New England for retirement? Here are the best places to land for quality of life, affordability and other criteria.
-
The 10 Cheapest Countries to VisitWe find the 10 cheapest countries to visit around the world. Forget inflation woes, and set your sights on your next vacation.
-
15 Ways to Prepare Your Home for Winterhome There are many ways to prepare your home for winter, which will help keep you safe and warm and save on housing and utility costs.
-
Six Steps to Get Lower Car Insurance Ratesinsurance Shopping around for auto insurance may not be your idea of fun, but comparing prices for a new policy every few years — or even more often — can pay off big.
-
How to Increase Credit Scores — FastHow to increase credit scores quickly, starting with paying down your credit card debt.
