How to Open Your First Bank & Credit Accounts as a Teen
Published by Speed Credit
Table of Contents
- Why Banking Young Is a Power Move
- How to Open Your First Bank Account
- Best Banks for Teen Checking & Savings
- First Credit Card Options for Teens
- Banking Dos and Don’ts for Teens
Why Banking Young Is a Power Move
Most teens wait until they need a bank account—then scramble. Starting early gives you:
- Financial independence
- Safe place for earnings from jobs or side hustles
- Proof of income & money management for future credit, rentals, and jobs
Pro Tip: Banks that cater to teens usually offer no fees, parental controls, and beginner-friendly apps.
How to Open Your First Bank Account
If you’re under 18, you’ll need a parent or guardian to help you open a joint account. Here’s what to bring:
- State ID or school ID + birth certificate (if no license)
- Social Security number
- Parent or guardian’s ID
What to Look For:
- No monthly fees
- Mobile banking app with alerts
- Free debit card
- Parental view-only access or co-management
Best Banks for Teen Checking & Savings
1. Step (Banking + Credit Building)
- No fees, teen-controlled, reports to Experian
- Great for building credit without risk
2. Capital One MONEY Teen Checking
- No fees, no minimums
- Parent-linked with real-time alerts
3. Chase High School Checking (13–17)
- Linked to parent’s Chase account
- Free access to Chase ATMs and app
4. Fidelity Youth Account
- Bank + investing in one
- Great for older teens who want to start learning about stocks
First Credit Card Options for Teens
At 18, you can apply solo. Before that, you can become an authorized user on someone else’s card.
Best Starter Cards at 18+
- Discover it® Secured – No annual fee, cashback, graduates later
- Capital One Platinum Secured – Low minimum deposit
- Chime Credit Builder Card – No interest, no credit check
Before 18: Ask a parent to add you as an authorized user
- You benefit from their payment history
- No application or credit check needed
Banking Dos and Don’ts for Teens
✅ DO:
- Set up auto alerts for spending
- Check your balance weekly
- Use your debit card like cash—never overdraft
❌ DON’T:
- Ignore fees—always read the fine print
- Use your credit card for things you can’t pay off
- Lose your login info—secure your digital wallet
Next Steps: Put It All Together
You’ve got the tools. Now it’s time to use them. Combine your new bank and credit accounts with your budget, savings goals, and side hustle—and you’re officially on the fast track to financial adulthood.
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