Best Bank for 18 Year Olds

Opening a bank as an 18-year-old is one of the best ways to start learning about money early. But with all your options, where do you even start?

When it comes to bank accounts, the earlier you start, the better. The problem is that there are so many options to choose from.

To help you weigh out your options, here's a list of some of the most popular accounts for 18-year-olds.

Best Bank Accounts for 18-Year-Olds

Banking doesn't have to be hard, especially if you're just starting out. The bank account should be convenient to open, easy to use, and have exclusive benefits.

With that, here are the best bank accounts for 18-year-olds.

Chase for The Best Overall

Chase is one of the biggest banks in the US. It is a great place to start if you're opening a bank account for the first time.

The Chase College Checking account is made specifically with students in mind. By providing proof of student status, Chase will waive all the monthly service fees for students aged 17-24.

Member FDIC

Chase College Checking℠ - $100 Bonus

Click Here to Get $100 Coupon

Expires 10/18/2023

• Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
• No Monthly Service Fee for up to 5 years if you're a student between the ages of 17-24 at account opening with proof of student status.
• Students ages 18-24 with a Social Security Number can open an account online or at a Chase branch. Students with no Social Security number or who are 17-year-olds can only open an account at a branch.
• Keep track of your money in the Chase Mobile^® app. The app helps you manage your money.
• Zelle^® is available in more than 1,000 banking apps in the U.S. So you can send and receive money from almost anyone you know and trust who has a bank account in the U.S.
• Access to more than 15,000 Chase ATMs and more than 4,700 branches.
• JPMorgan Chase Bank, N.A. Member FDIC
• Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

What we like about Chase:
Chase has one of the highest-rated mobile apps in the country. It includes features like Autosave, which will help you grow your savings by setting goals and creating spending rules.

The app includes customizable alerts, online check deposits, financial management content, bill payments, Zelle integration, and more.

With 4,700 branches and 16,000 ATMs around the country, Chase is a great option for those going away for college.

What we don't like:
The Chase College Checking account doesn't let you earn interest on your savings. This means your money stays stagnant after you deposit it.

You'll also be charged $3 for inquiries, transfers, or withdrawals using a non-Chase ATM in the US, Puerto Rico, and the US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.^[1]

These extra fees could be a pain if you don't have any Chase-supported ATMs nearby.

Capital One for Money-Savvy Teens

Capital One offers options for teens looking to get started early, parents who care about their child's finances, and both looking to create a joint account.

They have the MONEY Teen Checking Account which comes with a highly-rated mobile app. You'll be able to manage your finances, track your spending, and contact 24/7 customer support wherever you are.

With nearly 300 branches and 70,000+ fee-free ATMs nationwide, you'll always have easy access to your money.

What we like about Capital One:
Capital One has budgeting tools that will help you manage your finances more conveniently.

With their checking account, your total balance is divided into two categories: Spendable and Set Aside.

This makes it easy for anyone to save money and manage their spending.

Capital One's MONEY Teen Checking Account also comes with a debit card (featuring parental controls), which is a huge step towards financial independence.

Though it does not have a competitive APY, the account allows young adults to still earn interest on their money.

What we don't like:
Access to their customer service via telephone is limited. You might experience a significant wait before reaching a customer service representative.

The hold times when contacting Capital One can be quite lengthy, which can be frustrating, especially when it involves your finances.

Discover for Best Cashback Program

Books, school supplies, groceries, and nights out with friends can break the bank if you aren't careful. Luckily, Discover has an account that gives a little bit back every time you spend.

With a Discover Cashback Debit account, you get 1% cashback on up to $3,000 each month in debit card purchases. See website for details.

Member FDIC

Online Checking Account - Earn Cash Back

Click Here to Apply Now

• Balance Requirement: $0
• Monthly Fee: $0
• APY: N/A
• ATMs: 60,000+ Allpoint or MoneyPass ATMs
• Perks: 1% cashback on up to $3,000 in purchases each month. See website for details

What we like about Discover:
If you have a lot of school expenses, the 1% cashback Discover provides could be a big help. It allows you to get up to $30 back every month, giving you more spending power for the next month.

Discover also has a great mobile app to help you track and manage your expenses. It includes features like mobile check deposits, an ATM finder, a bills hub for auto payments, and more.

They also have an Early Pay feature, which lets you get your paycheck up to two days in advance.

You can also pair it with the Discover Online Savings Account. You can earn a competitive APY on your savings and watch your money grow.

Member FDIC

Online Savings Account - Earn 4.30% APY

Click Here to Get Deal

• Minimum Deposit to Open: $0
• Balance Requirement: $0
• Monthly Fee: $0
• APY: 4.30%

Both the savings and cashback accounts have close to no fees, including no overdraft charge. This could be useful for young adults who are worried about accidentally overdrawing.

What we don't like:
Discover only has one brick-and-mortar branch in Greenwood, Delaware. So, if you prefer in-person banking, you'd need to travel to the location (unless you reside near the area).

Another con is that they do not have a cash deposit option.

Bank Of America for Money Management Programs

Another titan of US banking, Bank of America is a great place to start if you're looking to open your first account.

They offer the Bank of America Advantage SafeBalance Banking account which waives all monthly fees for students under 25.

What we like about Bank of America:
The Bank of America has two programs to help students save and learn at the same time:

• Keep the Change Program - This program rounds up all your debit card transactions to the nearest dollar and transfers the difference from your checking to your savings account.

• Better Money Habits Program - In partnership with Khan Academy, this program offers financial courses and educational materials across a wide variety of topics.

They also have thousands of financial centers and ATMs nationwide, making them easily accessible.

What we don't like:
The Bank of America has an out-of-network ATM fee of $2.50 each within the U.S. and $5.00 each outside the U.S.^[2] This could add up and eat into your money if you don't have a Bank of America ATM nearby.

The Bank of America Advantage SafeBalance Banking account also doesn't offer interest on your savings, keeping your money stagnant whenever it's not in use.

Copper for Best Educational Tools

Copper is a fintech company that provides banking services through Evolve Bank & Trust, an FDIC-insured institution.

They provide a ton of educational tools and resources to help teens become financially independent.

This is perfect for parents looking to teach their children money management skills at an early age.

Everyone gets a free 30-day trial at the start. Then, Copper offers two subscription packages: the Copper plan at $4.95/month and the Copper + Invest plan at $7.95/month.

What we like about Copper:
The Copper plan includes everything a young adult will need to save and manage expenses. They also have an app with interactive and educational tools for teens to learn more about finances.

Additionally, parents have the option to keep an eye on their kids' spending and savings.

The more expensive plan also comes with an investment platform and higher savings rewards. This'll help teens and young adults get an even bigger head start on their future.

What we don't like:
Copper doesn't have any physical locations which means it is not suited for those who prefer in-person banking.

There is also no way to waive the monthly fees after your free trial ends. Depending on which plan you sign up for, you'll have to fork over at least $4.95 per month.

Wells Fargo for Best College Campus Programs

With over 5,200 branches and 13,000 ATM locations worldwide, Wells Fargo is one of the biggest banks in the US.

The Wells Fargo Clear Access Banking account is designed for lower balances, making it a perfect starting point for young adults.

The account has a service fee of $5 per month. However, it can be waived if the account holder is between the ages of 13 and 24 or if the account is linked to one of the cards from the Wells Fargo Campus Card program.

What we like about Wells Fargo:
The Wells Fargo Campus Card Program is designed specifically for students. They have perks and benefits like waived monthly fees and a maximum of 4 free cash withdrawals at non-Wells Fargo ATMs.

They also have the CollegeSTEPS program which gives students access to online resources on money-related topics.

They can learn things like how to manage money, plan and pay for college, understand credit, and more.

What we don't like:
The Wells Fargo Campus Card program is only available in 24 participating schools in the country.^[3] If your school isn't part of the list, you won't have access to its perks.

There are also no ATM fee reimbursements if you aren't part of the Campus Card program, which means you can be charged up to $5 for transactions made via non-Wells Fargo ATMs.^[4]

U.S. Bank for Easy Teens Checking Account

With over 2,200 branches nationwide and more than 37,000 ATMs, U.S. Bank is another great option for teens looking to get a head start.

Their Bank Smartly Checking account is free and has special perks for college students. It includes waivable monthly maintenance fees and 4 free transactions on non-U.S. Bank ATMs per statement period.

What we like about U.S. Bank:
U.S. Bank has a Campus Banking program to help students manage their money better.

It includes several perks such as a campus card that merges your student ID with your debit card and on-campus branches and customer advisory centers.

U.S. Bank also has an easy-to-use mobile app where you can cash checks online and pay bills.

What we don't like:
U.S. Bank's Campus Banking program is only offered to 34 participating schools which means its benefits aren't accessible.^[5]

Also, once the account holder turns 25, monthly maintenance fees are reinstated. They can only be waived if you have $1,000 in monthly direct deposits or an average account balance of $1,500.

Member FDIC

U.S. Bank Smartly® Checking and Standard Savings - Up to $1,000 Bonus

Earn up to $1,000 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31 2023. Member FDIC.

Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

• Enroll in online banking or the U.S. Bank Mobile App
• Make two or more direct deposit(s)* totaling $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500

Earn up to $400 with a new Standard Savings account.

• Make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000 or more to earn $400 by November 30, 2023
• Maintain that balance until May 31, 2024

Earn an additional $100 for opening both!

Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account

Click Here to Learn More

Expires 10/31/2023

Axos Bank for Variety of Accounts

Axos Bank is a completely digital bank that offers different types of accounts: Essential Checking, Rewards Checking, and CashBack Checking.

Member FDIC

Essential Checking

Click Here to Get Deal

• Minimum Deposit to Open: $0
• Balance Requirement: $0
• Monthly Fee: $0
• ATMs: Unlimited domestic ATM reimbursements
• Perks: No overdraft fees; Get paid up to two days early

Member FDIC

Rewards Checking - Up to 3.30% APY

Click Here to Get Deal

• Minimum Deposit to Open: $50
• Balance Requirement: $0
• Monthly Fee: No monthly maintenance fee
• APY: Up to 3.30%
• ATMs: Unlimited domestic ATM reimbursements
• Perks: Get your first set of 50 checks free

Member FDIC

CashBack Checking - Earn up to 1.00% Cash Back

Click Here to Get Deal

• Minimum Deposit to Open: $50
• Balance Requirement: $0
• Monthly Fee: No monthly maintenance fee
• ATMs: Unlimited domestic ATM reimbursements
• Perks: Up to 1.00% cash back on all signature-based purchases (up to $2,000.00 per month in cash back)

What we like about Axos Bank:
With Axos, you can pick the type of account that suits your needs best. Luckily, all their accounts have unlimited ATM fee reimbursements and no monthly fees.^[6]

What we don't like:
Axos caters more to those who prefer mobile banking since they have no physical branches in the US.

Quontic for Unique Banking Rewards

Quontic is also a purely digital bank. They offer a couple of different checking accounts.

Whether you're interested in high-interest checking, want cashback rewards on your purchases, you can choose the one best for your needs.

Member FDIC

High Interest Checking - Up to 1.10% APY

Click Here to Learn More

• Minimum Deposit to Open: $100
• Balance Requirement: $0
• Monthly Fee: $0
• APY: 1.10% APY when you make at least 10 qualifying debit card transactions of $10 or more per statement cycle
• ATMs: 90,000+ fee-free ATMs across the nation

What we like about Quontic:
Quontic offers some of the most unique products and rewards programs for checking accounts.

They also have the Quontic Pay Ring which is a sleek, black wearable accessory. With it, you can leave your debit card at home and pay for things with just a tap of your ring.

Additionally, none of Quontic's checking accounts charge you any monthly service fees or overdraft fees.

What we don't like:
The minimum opening deposits on each checking account are higher than some other options. If you decide to go with one of their accounts, make sure to have at least $100 for the initial deposit.

MPH Bank for High Savings Interest

MPH Bank is a bank backed by the 133-year-old, FDIC-insured Liberty Savings.

Standing for "Makes People Happy," they offer one of the most competitive APYs for teen checking accounts on the market.

The MPH Bank First Account is an online checking account designed for those aged 10-24. It comes with a digital debit card and its mobile app includes features like personalizable dashboards, Zelle integration, and useful financial tools.

What we like about MPH Bank:
MPH Bank's biggest draw is its competitive APY. This is especially enticing for teens and young adults looking to keep their money moving.

MPH Bank's First Account acts as both a checking and savings account for kids and teens. It has all tools they need to start saving and managing their money.

What we don't like:
Despite it being backed by a long-running institution, MPH Bank was only founded in 2018. This means that they aren't as renowned yet compared to well-established banks.

What Do You Need To Open A Bank Account?

At 18, you can legally open a bank account on your own. Here are all the requirements you'll most likely need to provide:

• A valid, government-issued ID (a driver's license, passport, or state ID)
  
• Birth date
  
• Social Security number
  
• Initial deposit (if the account requires it)
  
• Co-owner's details (if you're under 18)
  
• Proof of enrollment (if you're opening a student account)

How To Choose The Best Bank

Each person will have their own banking preferences, depending on what you prioritize in an account. Here are some of the most important factors you should consider:

Monthly Minimums and Fees
Ideally, you'll want an account with no or low monthly fees. You'll also want the freedom to spend your money without having to worry about a minimum balance.

Mobile App and ATM Access
Teens and young adults who are always on the move will need their money to be easily accessible. This means having a solid mobile app and thousands of available fee-free ATMs nationwide is a must.

Educational Resources and Budgeting Tools
Budgeting tools and an educational resource library could go a long way. They allow you to learn while banking and put you on the right path to being financially literate and independent.

Earnings on Savings
Look out for accounts that offer high APYs. These will allow your money to grow over time, giving you more spending power as the years go by.

Access to a Debit Card
Debit cards give you the ability to take your money wherever you go. They also serve as a quick and easy way to pay for purchases.

Methodology

We put ourselves in the shoes of an average young adult looking to get started in personal finance. We looked at the different features being offered and considered which ones would benefit any 18-year-old lifestyle.

The first factor that came to mind was easy access to funds. Which banks had accessible ATMs? Which had strong mobile apps? The account would need to serve teens who are both homebodies and always on the go.

Next, we thought of the minimum deposits and fees. For many teens, opening a bank account is their first step into personal finance. High minimum deposits and fees would only act as an unnecessary barrier.

We also thought about the educational resources and budgeting tools each bank offered. Ideally, any teen would want to learn while they banked. We looked at the resource library available as well as how interactive they were and how they'd appeal to younger audiences.

Bottom Line

Choosing a bank to start out with is a huge step towards adulthood and financial independence, so it's important that you look at all your options carefully.

That said, you aren't limited to having just one account. You can mix and match different accounts to satisfy all your needs. Just make sure you get the hang of it first before diving into multiple options simultaneously!

References