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The Capital One MONEY Teen Checking Account is one of the best bank accounts for kids. 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. But MONEY Teen Checking isn’t perfect. The biggest … Read more

If your high schooler is ready for a checking account of their own — so long as it has training wheels — then Chase High School Checking needs to be in the running.  Though it doesn’t earn interest on balances or rewards on debit card purchases, it claims a spot on our list of the … Read more

Wells Fargo Clear Access Banking is not the best kids’ bank account on the market. It does make our list of the best bank accounts for kids, but only just. Good thing Clear Access Banking isn’t only a kids’ bank account. Unlike most of its competitors, it’s designed for older teens and young adults as … Read more

I like to think I know more about credit cards than the average person. I’ve written dozens of credit card reviews for Money Crashers and personally tried out more credit cards than I’d like to admit. So I was surprised and a little embarrassed to learn for the first time recently that the IRS permits … Read more

You can open a bank account for your child long before they attend their first school dance or slide behind the wheel of a car for the first time.  And you should because kids learn by doing. A parent-supervised checking account is the ideal tool for teaching your child the value of money and getting … Read more

For those old enough to remember, the sudden failure of Silicon Valley Bank in March 2023 dredged up uneasy memories of the late-2000s financial crisis. Back then, the world’s biggest banks teetered on the brink of implosion, and ordinary people worried — rightfully so — whether their money was safe, even in “too-big-to-fail” banks. Silicon … Read more

The Alliant Credit Union Teen Checking Account earns a spot on our list of the best bank accounts for kids for several reasons. For starters, it’s virtually fee-free. It can earn a decent yield on all balances. It has a big network of fee-free ATMs and a generous reimbursement fund for out-of-network ATM transactions. It’s … Read more

Opening a bank account for your kids and becoming a joint account holder is a great way to: Reinforce basic banking concepts that we take for granted, such as adding and withdrawing funds Teach basic budgeting skills and demonstrate the importance of spending less than you earn, a cornerstone of financial responsibility Demonstrate the importance … Read more

Your kid’s first bank account should be a checking account. Some parents opt for a kid-friendly prepaid debit card instead, which isn’t technically a bank account but can perform the same basic functions. Your kid’s second bank account should be a savings account, and it should come close on the heels of the checking account. … Read more

Kid-friendly debit cards have lots of built-in advantages, including full adult ownership (usually) and tight controls on transactions. They also tend to have robust educational features and tools to reinforce the money lessons kids naturally learn by using them.The downside is kid-friendly debit cards tend to have higher fees than kids checking accounts or savings … Read more