Q:

What banks offer free checking accounts for children?

A:

Quick Answer

Wells Fargo, Capital One, Chase and Union Bank each offer a zero-money-down checking account for children ages 13 to 17. Each requires opening a joint account with either a parent or adult over the age of 18, according to their websites.

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Full Answer

While most banks offer free savings accounts to children of most ages, only some offer free checking accounts for teens ages 13 to 17. Wells Fargo offers a teen checking account with zero-money down for children ages 13 to 17 with an adult co-owner. The account includes 24-7 online access to the account, optional overdraft protection and online transfers to easily move money from the parent's account to the child's, according to its website. This account does not earn interest.

Capital One's Money teen banking program combines a debit MasterCard with a checking account, according to its website. Teens earn interest with no minimum balance, and the account pays an annual percentage yield of 0.25 percent. Capital One's Money account must be a joint account, with one holder being at least 18 years old.

Chase's high school checking account program can be opened jointly for teens 13 to 17 with a parent or guardian co-owner, states its website. The child receives an ATM debit card and pays no monthly service fee. This account does not earn interest.

Union Bank offers a teen access checking program for children 13 to 17, and although it requires a $100 minimum to open, there are no monthly service fees, explains its website. The child receives access to mobile and online banking, overdraft protection and an ATM debit card that can be restricted to a certain spending limit. This account does not earn interest.

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