Parents can also set up real-time alerts to be notified of and review kids’ transactions. MONEY Teen Checking’s parental controls are not super-strict, but parents can monitor kids’ account activity through the app and withdraw funds at any time. If you use a machine outside the network, that machine’s network controls the fees. You won’t pay a cent to withdraw cash from these machines. ATM Access & Feesīetween Capital One- and Allpoint-branded ATMs, MONEY Teen Checking has about 70,000 fee-free ATMs in its network. Use it wherever Mastercard is accepted and add it to your mobile wallet for contactless payments, which are faster and more secure than traditional swipe or dip payments. This account comes with a Mastercard debit card. There are some less common fees associated with this account, but it’s easy enough to avoid them if you opt for electronic statements and avoid overdrafts. It also has no monthly maintenance fee or other ongoing fees. MONEY Teen Checking has no minimum opening deposit or balance requirement. The Capital One MONEY Teen Checking Account’s most important features give teens plenty of freedom while allowing parents to monitor them from a distance, only getting involved when the teen needs guidance. Key Features of the Capital One MONEY Teen Checking Account Unlike many interest checking accounts, there are no hoops to jump through to earn that yield. This account earns a decent yield on all balances, at least by checking account standards: 0.10% APY. Pays interest on all balances with no qualifying activities.Stay within the expansive ATM network and avoid overdraws, and you shouldn’t have to worry about fees. This account has no recurring account fees or minimum balance requirements. That’s a positive development for parents who believe their kids are ready for more financial freedom. For a long time, MONEY Teen Checking was the same way, but that recently changed. Most teen checking accounts are open to kids 13 years and older. The Capital One MONEY Teen Checking Account stands out for three key reasons: What Sets the Capital One MONEY Teen Checking Account Apart? And it seamlessly links to external accounts, including non-Capital One accounts, for easy allowance payments. It belongs to a big fee-free ATM network. MONEY Teen Checking comes with a Mastercard debit card. While it doesn’t have super-granular parental controls, it’s easy for adults to monitor account activity and remove money from the account. MONEY Teen Checking is a joint bank account, so a parent or guardian shares ownership privileges with the kid. It has no minimum balance requirements or monthly maintenance fees. The Capital One MONEY Teen Checking Account is an interest-bearing checking account for kids as young as 8. What Is the Capital One MONEY Teen Checking Account? If you’re looking to set up a new checking account for your youngster while keeping tabs on what they’re doing with their money, MONEY Teen Checking should be high on your list. The biggest drawback is the lack of rewards on debit card purchases, which many teen-friendly personal finance apps and debit cards offer.īut there’s a lot more good than bad here. It pays interest on all balances, it’s open to kids as young as 8, and it’s flexible enough to accommodate kids and teens at all stages of their financial education journeys.īut MONEY Teen Checking isn’t perfect. The Capital One MONEY Teen Checking Account is one of the best bank accounts for kids.
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