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Best Banks for Teenagers and Young Adults.

Updated on December 20, 2019
Source
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#1 Charles Schwab

Charles Schwab Online Banking provides free ATM withdrawals worldwide and is known for being a great bank for people who travel a lot. When you open a Charles Schwab High Yield Investor Checking Account, you will receive not only a Checking but also a Brokerage Account (free for both). Charles Schwab is known for its Investment Banking, so you can contribute to your retirement or other investments under one Schwab account. They also have great customer service; in fact, they will personally contact you when you first open your account to ask if you may have any questions.

Great for younger folks who frequently travel or wish to.

Receive:

  • Platinum Debit Card
  • Free Checkbook

Pros:

  • No minimum balance
  • No monthly fees
  • Free ATM withdrawals worldwide
  • 0.15% APY on Checking Account
  • Brokerage Account connected
  • Mobile App (Deposit Checks) & Manage Investments

Cons:

  • Better Interest Rates at other Online Banks (below)
  • Online Banking (convert cash to check; money order)

Ally Banking
Ally Banking | Source

#2 Ally Banking

Ally Banking is famous for its online banking by many. They offer online checking and savings accounts with one of the highest interest rates in the industry. They also have an investment branch, providing multiple IRA options and specialize in multiple financial needs. They are restricted to a few ATMs but provide an easy to use map but only reimburse "up to $10 per statement cycle for fees charged at other ATMs nationwide". Being an online bank, they do not require a minimum balance nor charge a monthly fee.

Great for younger folks who want to save and spend while also earning a little bit of money.

Receive:

  • Debit Card
  • Checkbook

Pros:

  • Mobile App (Deposit Checks)
  • Some Investment Options
  • High Interest Rates (Checking: 0.10%-0.50% APY Savings: 1.70% APY)
  • No minimum balance
  • No monthly fees

Cons:

  • Limited network of ATMs (not worldwide)
  • Online Banking (convert cash to check; money order)

Source

#3 Discover Banking

Discover banking is another great choice and is synonymous with being a great Credit Card Company. As a result, there will be some cash back perks when banking with them. They offer both a savings and checking account with high interest rates. This is a great bank, especially if you are thinking about getting a credit card through them. Discover It credit card is amazing for building your credit at a young age. Unfortunately, they are limited in investment accounts but if you are looking for a great bank that is famous for its credit cards then this is for you.

Great perks for banking and high interest rates for both savings and checking. You could possibly pay your Discover credit card balance through their Discover bank as well.

Receive:

  • Debit Card
  • Checkbook

Pros:

  • Checking Account: "1% cash back on up to $3,000 in debit card purchases each month"
  • Savings Account: 1.70% APY
  • No minimum balance
  • No monthly fees
  • Mobile app (Deposit Checks)

Cons:

  • Limited ATM network (has a map)
  • Lack of Investment Options
  • Online Banking (convert cash to check; money order)

Source

#4 Axos Banking

This is another great online banking option that is a bit similar to the perks of Discover Banking. It has multiple different types of Checking Accounts: Essential Checking, Rewards Checking, First Checking, CashBack Checking, and Golden Checking. It also has a savings account that has a strong interest rate at 1.30% APY. Currently, they are working on building an investment platform.

Great for young people who spend a lot and can reap rewards for spending on a debit card.

Receive:

  • Debit Card
  • Checkbook *unsure*

Pros:

  • No minimum balance
  • Rewards & Cash back for using debit card
  • "Unlimited domestic ATM fee reimbursements" (Rewards Checking)
  • Mobile App (Deposit Checks)
  • "Rewards Checking": Up to 1.25% APY
  • Savings Account: 1.30% APY

Cons:

  • No Investment options
  • Online Banking (convert cash to check; money order)


Summary

Overall, I believe that these 4 banks are the most beneficial for teenagers and young adults due to their no minimum balances, no fees, free ATM networks, and competitive interest rates. These banks are great for building a solid foundation for your financial future with little perks as well as for their customer service. Discover bank is especially a great bank if you are planning on getting a credit card with them to build up your credit score as well. Charles Schwab Banking is great for long-term investing and travels. Ally is a great online bank in general but Axos provides more perks for aggressive spenders.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

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