Best Banks for Families With Students, 2019

BEST: Capital One 360

• Why it won: Family members of all ages will find easy-to-manage, no-fee accounts.
• Standout accounts: Money Teen Checking yields 0.25% on all balances. Kids savings yields 1% on all balances.
• Where it is: About 500 branches in eight eastern and southern states and Washington, D.C.

Teenagers between ages 13 and 17 can get a handle on their finances with a dedicated checking account that allows them to submit checks, make direct deposits and more. As joint owner, a parent can keep tabs on the account. Once a child turns 18, he or she can roll his or her balance into a regular 360 checking account. Kids under age 18 can tuck birthday checks and other earnings into a special savings account that returns the same rate as the adult version.

Both parent and teen holders of the Money account are privy to additional features on the mobile app. Both can track activity, automatically transfer allowance money, and set up a simple budget.

RUNNER-UP: Alliant Credit Union

• Why it won: Kids and teens earn the same high rates as adults with accounts created specifically for them.
• Standout accounts: Teen Checking pays 0.65% on any balance. Kids Savings yields 2.1% on $100 or more.
• Where it is: One branch in Chicago; otherwise online only.

Teens between the ages of 13 and 17 can get free checking and earn interest with two simple conditions: opt into e-statements and collect at least one electronic deposit per month (a parent transferring funds from an external bank qualifies). Parent joint owners get to view the account, authorize any outgoing transfers and set up alerts. At age 18, a teen can transition into the free High-Rate Checking account. Members can access more than 80,000 ATMs nationwide and get back up to $20 in out-of-network ATM costs each month with either checking account. The savings account for children younger than 13 pays the same high rate as the adult savings account, and Alliant will cover the $5 needed to open either one. (To join Alliant, the credit union will make a $5 donation to its partner charity Foster Care to Success on your behalf.)

The Best Banks and Credit Unions for You, 2019

These stellar banks and credit unions are making all the right moves to win satisfied customers:

Best National Banks

Best Banks for High-Net-Worth Families

Best Internet Banks

Best Banks for Families With Students

Best Banks for No-Fee, No-Fuss

Best Credit Unions

Best Banks for Frequent Travelers

Best Regional Banks

Best Banks for Retirees