Updated June 11, 2022

Capital One Money Teen Checking Account Review

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

Overall Score

3.6

Savings

2.5

Checking

3.5

Customer Service

3.0

Minimum Deposit to Open

5.0

Mobile App

3.5

Ease of Use

5.0

Education

2.5
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.
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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 16,000+ 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 ($4.99/mo.): Includes debit card, basic banking, educational content, high-interest savings, and parental controls.

  • Greenlight + Invest ($7.98/mo.): Adds an investing platform and research tools for kids and parents.

  • Greenlight Max ($9.98/mo.): Adds higher savings interest rate, cash back on purchases, identity theft protection, and more.

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 free debit card and banking app designed to make financial education fun for teens. The app has a hip, modern feel that makes the Capital One Money app feel a bit bland in comparison.

Copper offers rewards for completing short quizzes and educational videos. 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 kids 13 and older. If you're looking for a banking 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® - $200 Bonus

Expires 10/19/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • 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 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*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds 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 you bring your account balance to overdrawn by $50 or less at the end the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Citibank

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

Expires 10/31/2022
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
HSBC Bank
Member FDIC

HSBC Premier Checking - $500 Welcome Deposit

Expires 2/15/2023
  • Receive a $500 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online, using this offer page, by February 15, 2023.
  • Make recurring Qualifying Direct Deposits totaling at least $10,000 per month from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $500 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Donna Tang is a content associate at CreditDonkey, a bank 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.

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