Capital One MONEY Teen Checking Account

Your 8-year-old can now experience banking safely with the Capital One MONEY Teen Checking Account.

securely on the bank's website

With almost no fees, Capital One's MONEY Teen Checking is a great way for teens to experience money management, and start building good financial habits.

Along with their parents or legal guardians, teens can learn learn by doing: Capital One's top-notch mobile app includes useful features and tools that help teens track their activity, plan for savings and put money aside, set up financial goals and stick to them, but also transfer money from one account to another. Since parents or guardians will receive their own username and password, they'll be able to access their teen's account, and see what the teen is doing. Also possible are alerts and notifications for even greater supervision. They can also remove money from their teen's balance, and use the Mobile app for alerts. On a nicer side, parents or guardians can send regular or one-time allowance to their teen, and reward their goals. Only the teen gets a debit card.

Another reason why parents/guardians love the MONEY Teen Checking account is because it's not only free, but it is also an interest-bearing account, with a 0.10% APY. Besides, if your teen plans to do a study exchange and go abroad, you should know there aren't any foreign transaction fees linked to this checking, so your teen can use their debit card without additional charges anywhere in the world.

Checking account details

Checking account fees

  • Monthly Fee
    $0
  • APY
    0.10%
  • Minimum Deposit to Open
    $0
  • Out-of-Network ATM Transaction Fee
    $0
  • Out-of-Network ATM Withdrawal Fee
    $0
  • Overdraft Fee
    $0
  • Non-Sufficient Funds Fee
    $0
  • Foreign Transaction Fee
    0%

Capital One MONEY Teen Checking Account FAQ

1. Who is eligible to open a MONEY Teen Checking account?

U.S. citizens and legal residents can apply for a MONEY Teen Checking account. Since this is a joint account, MONEY must have 2 owners, one, "the Adult", who is 18+, and who must be the parent or the legal guardian of the "Young Adult". The former must have either an active Capital One deposit account in good standing or a personal checking account at another U.S. bank that will then be linked to the MONEY account.

2. What are the age requirements?

While the account says it's designed for teens, any kid aged 8+ can become a joint accountholder, together with their parent or legal guardian. Once the teen's reached the age of 18, they can open Capital One's 360 Checking® Account, and transfer their funds there.

3. Are there any transaction limits?

For accountholders who are less than 18 years old, total card purchases and withdrawals are limited to $500 per day. These transactions include ATM withdrawals, cash advances, and signature and PIN-based purchases. Withdrawals from an ATM made using a MONEY Card are limited to $500 per day. 

For those who are 18+, the transaction limit is set to $5,000 per day. ATM withdrawals made using a MONEY card are limited to $1,000 per day.

If you want to lower the limit, you can call Capital One at 1-888-464-0727.

 

4. What is a paperless customer?

As a paperless customer, you agree with Capital One to receive all communications, such as tax forms or monthly statements, electronically, at a valid email address you'll be asked to provide.

5. If this is an online checking account, does that mean I cannot open it in person?

MONEY Teen checking accounts are online accounts, meaning you can open an account, and manage your finances regardless of your location.

However, you can also visit the nearest Capital One branch, and open a MONEY teen checking there - or online, of course.

6. Can teens write checks?

MONEY Teen Checking accounts are paper-free accounts, so there aren't any checks available, only a debit card.

7. What are some pros of online and mobile banking?

In addition to mobile deposits, online bill pay, and a free credit score, you can also take advantage of many other online banking perks Capital One offers to its clients via its well-rated app. For example, you can transfer money via Apple Pay®, Google Pay™ and Samsung Pay®, and also use Zelle® for person-to-person money transfers.

You can, of course, set instant alerts to keep track of your spending, and receive push notifications whenever your card is used. In case your card is lost or stolen, you can immediately lock it via the app.

For an extra layer of security, you can choose how to access your account in the app: whether it with a touch of your finger using the device fingerprint sensor or with a customized pattern using SureSwipe, you can rest assured no one but you will be able to log in to your account.

8. How can I withdraw or transfer money?

You can withdraw or transfer money from your MONEY Teen account either directly on the website or using the debit card your teen received to withdraw funds at ATMs and points of sale. You can also contact the bank to complete the operation.

9. Are mobile deposits available internationally?

No, only in the United States, and U.S. territories.

10. How do I contact Customer Service?

You can use live chat available in your Capital One mobile app, but you can also visit a Capital One Café or give them a call at 1-877-514-2265.How do I contact Customer Service?

 

 

 

 

Check out other Capital One checking account offers
Bank Monthly Service Charge Minimum Deposit to Open APY
Capital One 360 Checking® Account $0 $0 0.10%
Capital One MONEY Teen Checking Account $0 $0 0.10%
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