The Capital One MONEY Teen Checking account has no monthly service fee or minimum balance requirement, providing a low barrier to entry. Kids ages 8 or older can get the feeling of financial independence using a debit card. Purchases and withdrawals are limited to $500 per day or whatever lower limit the parent or guardian sets.
The debit card can be used at more than 70,000 Capital One, MoneyPass and Allpoint ATMs. Parents get activity alerts and can lock and unlock the card at any time. At age 18, your kid can switch to a regular Capital One 360 checking account and transfer their balance. A bonus for teens and parents: This joint account comes with two separate mobile app logins.
Teens can use the bank’s highly rated app for money management, by dividing the balance in their account into “Spendable” and “Set Aside” categories. They can also set savings goals and earn a little interest on their balance: 0.10% APY. For parents, the mobile app offers oversight, with the ability to track activities and make deposits into their teen’s account.
Notably, this account doesn’t allow teens to spend in certain categories, such as car rental, drinking establishments, liquor stores, cigar stores and some online retailers.
You can link external bank accounts to MONEY, which means parents or guardians don’t need to be current Capital One customers to open an account.
Read our full Capital One Bank review.
Children ages 8 and older can open a joint MONEY Checking account with a parent or legal guardian. Once they turn 18, they can continue to use their MONEY account or open a Capital One 360 Checking account and transfer the balance to the new account.
