Updated May 4, 2023

Capital One Money Teen Checking Account Review

Read more about Capital One
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

Is Capital One a good bank for your teenager? Here are the pros, cons, and fees of a Capital One Money Teen Checking account.

5-point scale (the higher, the better)

Pros and Cons

  • No monthly fee
  • Earns some interest
  • 70,000+ ATM network
  • No in-app educational tools
  • Not all ATMs accept cash
  • Limited features

Bottom Line

Basic checking account for older kids and teens

Every parent wants their kid to be financially successful.

But not everyone teaches their kids about money from a young enough age.

Without hands-on experience, many children enter adulthood with bad money management skills. With a children's bank account and debit, parents can give their kid a head start.

Capital One Money aims to introduce kids to convenient online banking. In this review, find out if Capital One Money is legit and safe for your kid.

Plus, check out how it stacks up against competitors like Chase First Banking and Greenlight.

What is Capital One Money Teen Checking?

You may know Capital One by its "What's in your wallet?" campaigns. The bank originally started out as a credit card company in 1994 and has since become one of the top national banks.

It now has more than $400 billion in total assets and offers a full range of banking services, including checking, savings, CDs, and loans.

Capital One Money Teen Checking is a no-fee checking account and debit card for kids. This joint account is geared toward teens, but parents can open an account for any kid age 8 or older.

Before reading about Capital One Money's features, take a look at the quick details to see if it's right for your kids:

Age8+ years
Monthly Fee$0
Minimum Deposit$0
APY0.10%
Free ATM Access70,000+ ATMs nationwide

Is Capital One a safe bank?
Capital One Bank is a member of the FDIC. This means the funds in your Capital One Money account are insured up to $250,000. If the bank ever fails, the FDIC will mail you a check with your balance.

Capital One Money Key Features

Capital One Money can help older kids and teens manage their money. Learn more about the account's key features below.

Debit Card

Capital One Money Teen Checking offers a free debit card for kids. Teens can use the debit card to make purchases online and in store.

Parents can lock and unlock the debit card any time in the app. As an extra safety feature, the card can't be used at places that are inappropriate for kids, including:

  • Bars, nightclubs, and liquor stores
  • Cigar stores
  • Massage parlors
  • Online prescription drug stores
  • Car rentals

The debit card lets your kid withdraw cash at 70,000+ Capital One, MoneyPass, or Allpoint ATMs.

Cash deposits can only be made at a Capital One ATM or branch. There are only about 2,000 Capital One ATMs across the U.S., so your options are much more limited.

Mobile App

Parents and kids each get separate logins for the mobile app. The experiences for each app are slightly different.

Teens can manage their money, set up direct deposit, and deposit checks through the app. The savings goals feature lets them separate spending money from savings. If your kid wants new shoes, for example, they can set a specific amount and deadline to reach that goal.

The app looks and feels similar to an adult banking app. It doesn't offer educational content like some other banking apps for kids. This makes it better suited for teens who want a more mature banking experience.

Parents can send and remove money from their kid's account, monitor spending, and set up allowances. The app lets you give your kid as much freedom as you want, but you're ultimately in control.

Capital One Mobile App: Apple App Store, Google Play Store

Parental Controls

Parental controls are important for any product designed for kids. Capital One Money Teen Checking offers a couple safety features to help parents keep their kids in check:

  • Parental monitoring
  • Spending and activity alerts
  • ATM and spending limits
  • Lock and unlock debit card

What happens to the Capital One Money account when my child turns 18?
Your kid can still use a Capital One Money account once they turn 18. The account doesn't convert to a different account, but your kid can upgrade to a Capital One 360 Checking Account if they want. Once your kid turns 18, transaction limits get bumped up from $500 per day to $5,000 per day.

Fees to Look Out For

Capital One Money has no monthly fees or balance requirements to keep the account open or earn interest. The account can't be overdrafted, so there are no overdraft fees to worry about.[1]

There are a couple fees you might run into:[2]

  • Expedited card delivery: $25
  • Foreign check return fee: $10
  • Cashier's check: $10

These services are all optional and pretty easy to avoid. For everyday use, the Capital One Money really is a fee-free account.

Customer Service and Reviews

If you don't live near a Capital One branch, you have a couple options to contact customer support about your bank account:

Phone
Call 1-800-655-2265 (agents are available 8:00 am - 11:00 pm EST, 7 days a week)

Twitter
Tweet @AskCapitalOne

Mail
Checking Accounts, Savings, Money Market, and CD Accounts
Capital One Bank
PO Box 98707
Las Vegas, NV 89193

Like many other big banks, Capital One has some mixed reviews in the customer service department. Some customers report long waits and turnaround times to hear back from the support team.

The mobile app generally has very positive reviews. The app has a rating of 4.7 out of 5 on the Google Play Store and 4.9 out of 5 on the Apple App Store.

Pros and Cons

Still not sure if Capital One Money is right for your kid? Review these pros and cons for the quick takeaway.

Pros

  • Free banking app and debit card for kids and teens
  • No overdraft fees
  • Available for kids age 8+
  • Access to 70,000+ Capital One, Allpoint, and MoneyPass ATMs
  • Balance earns interest
  • Set personalized savings goals
  • Easy-to-use app
  • Don't need an existing Capital One account to open

Cons

  • Can only deposit cash at Capital One ATMs and branches
  • Low interest rate
  • No investment services
  • No in-app educational tools
  • Fewer features than other banking apps for kids
  • No paper checks

How to Open a Capital One Money Account

A parent or guardian can open a Capital One Money Teen Checking account for kids age 8 or older.

Here's how to get started:

  1. Go to the Capital One Money page and click Open Account.
  2. Log into your existing Capital One account if you have one.
  3. Enter personal details for you and your child.
  4. Add funds.
  5. Confirm your account.
  6. Receive the debit card in the mail in 5-7 business days.

Capital One needs to check your identities when you open an account. You and your kid will need to provide details like your address, date of birth, and Social Security number.

Can I open a bank account for my 14-year-old?
Parents can open a joint bank account or custodial account for their minor children. Typically, children age 13 and older are eligible for these accounts. Some accounts have even lower age requirements. Every account is different, so be sure to double-check the age requirements beforehand.

How It Compares

Find out how Capital One Money stacks up against other free and paid banking accounts for kids.

Capital One Money vs. Chase First Banking

Chase First Banking is a free kid's debit card and checking account from one of the biggest banks in the nation. You can only open this account if you're a current Chase customer, but it's a solid account if you qualify.

The account offers some features you won't find with Capital One Money, like more parental controls, limits for specific merchants and spending categories. Parents can also assign chores and set allowance amounts for completing tasks.

Kids can withdraw and deposit cash more easily since Chase has 15,000+ ATMs and 4,700 branches nationwide. Capital One may have a larger ATM network for withdrawals, but there are only about 2,000 Capital One ATMs that accept cash deposits.

These features make the account great for a wider age range. The account is open to kids ages 6 to 17. One caveat is that Chase First Banking doesn't accept direct deposit. This could be inconvenient when your teen gets their first job.

Capital One Money vs. Greenlight

Greenlight is a paid app and debit card that offers a lot more features than most free accounts. The app offers checking, high-interest savings, investing, and much more.

The app has a monthly fee, but it covers up to 5 kids per family. There are 3 different pricing plans to choose from:[3]

  • Greenlight Core ($4.99/mo.): Includes kids' debit card, basic banking, educational content, parental controls, financial literacy games, credit card for parents, investing for parents with limited features, and 1% savings reward.

  • Greenlight Max ($9.98/mo.): Adds an investing platform and research tools for kids and parents, priority customer support, protection plans, cash back on purchases, and 2% savings reward.

  • Greenlight Infinity ($14.98/mo.): Adds family location sharing, crash detection, SOS alert, cash back, and 5% savings reward.

Capital One Money is good if your kid already has a good handle on money. But if you really want to teach your kids about money management from the ground up, Greenlight is a great alternative.

Capital One Money vs. Copper Banking

Copper Banking is a debit card, banking, and investing app designed to make financial education fun for kids and teens.

Copper offers rewards for completing short quizzes and educational videos, and setting up a savings goal. The educational content is bite-sized and engaging to keep your teen interested. The app also encourages your kid to set goals, budget, and save money.

Parents can assign chores, set allowances, and monitor their kid's account, but the parental controls are fairly limited. You control how much money is transferred to your kid and get activity notifications. Beyond that, kids can spend their money however they like.

Copper is open to teens and kids 6 and older. If you're looking for a banking and investing app that emphasizes financial literacy education, this is a great option.

Can you open a bank account by yourself at age 16?
Minors can't open a bank account by themselves. You need to be at least 18 years old to open an account. If a child is under 18, they will need a parent or guardian to set up a bank account.

Bottom Line

Capital One Money is a solid free bank account for kids. The account earns a small amount of interest and lets parents monitor their kids spending. Plus, a network of 70,000+ ATMs makes it easy to withdraw cash. On the other hand, depositing cash is a bit more difficult.

There aren't any in-app educational tools to help kids learn more about finances. But for basic, dependable checking and debit card usage, Capital One Money delivers.

Want to learn more about other banking products for kids? Check out the top accounts and popular alternatives:

References

  1. ^ "What are the fees for a teen checking account?": Capital One, 2022.
  2. ^ Capital One. Teen Checking Account Money Disclosures, Retrieved 5/6/2022
  3. ^ Greenlight. Plans, Retrieved 5/6/2022
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees 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*
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Bluevine

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Donna Tang is a content associate at CreditDonkey, a credit card comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

2 hours agoA visitor from Texas read Best First Checking Account for Kids
Must-ReadA visitor from Illinois read Free Debit Card for Kids
TrendingA visitor from California read Chase First Banking Review
Expert InsightsA visitor from Pennsylvania read Debit Cards for Kids
TrendingA visitor from Texas read GoHenry Review

Compare:

Leave a comment about Capital One Money Teen Checking Account Review?



Save money and build wealth. Sign up to get our FREE email newsletter.

About CreditDonkey
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.