Insight
Is My Child Ready for a Checking Account?
When it comes to teaching kids about money, hands-on experience is the best teacher. Here’s how to know if your child is ready.
First Savings
Smarter savings. An account built specifically for teens.
It’s never too early to start saving. That’s why we have a teen savings account built for practicing financial responsibility from a young age. And parents maintain oversight through innovative controls.
$20B+
Total Assets
400K+
Customers
4.7K ★
Apple App Store
Why is First Savings smart for teenagers?
Earn 0.25% APY*
What’s better than a teen savings account? One that earns 0.25% and grows money faster for teens.
Zero monthly fees
An introduction to banking shouldn’t include costly fees. Your teen keeps more money in their pocket with First Savings.
Free mobile app
There’s no need to ever visit a physical branch when teens can bank from their phone on the Axos mobile app.
Teach your teen to save, build smart money habits, and practice responsibility.
Teens have financial independence. Parents have control.
Intuitive parental controls
- Monitor your teen’s savings to help them reach their goals.
- Set up account alerts.
- Enable biometric login for extra security.
- Sync your accounts to one dashboard.
- Use data to create budgeting strategies.
Save smarter. Earn interest. Achieve goals.
Why do teens need a savings account?
It gives teens a safe, secure place to put their hard-earned money from chores or part-time jobs while earning compound interest.
One of the best parts is the ease of managing savings goals through the Axos mobile app. Teens learn to budget and to celebrate progress in a way that’s efficient, fun, and familiar from the convenience of their phone.
Starting early means they have money-management skills and an established banking relationship when they enter adulthood. This lays the foundation for smart financial decisions through the rest of their life.
A savings account is a great way for teens to practice smart savings habits that will translate into adulthood.
All you need is a valid ID, your Social Security number, and 15 minutes.
Axos app
Easy money management for teens. It’s all in the app.
Managing money is easy for teens when they have the Axos app. Track spending, move money, and make mobile deposits—all at your fingertips.
Frequently Asked Questions
Can I link a checking account to fund savings?
Yes. Linking an Axos or external checking account to fund your teen savings account is quick and easy. Opening a First Checking account is also an option to fund your savings.
Can I set limits on my teen’s account?
Yes. Parents can set certain spending and withdrawal limits and have full visibility into all account activity.
How do I open a joint savings account with my teen?
At Axos Bank, you can open an online savings account in just a few steps—no branch visit required. Our secure, paperless application takes only minutes to complete, and you can do it all online or in the mobile app.
What is the minimum age for a teen account?
The minimum age to open a teen checking account is 13 years old. Accounts are valid through age 17 (age 18 in Alabama).
Does the teen savings account earn interest?
Yes. The teen savings account earns 0.25% APY.
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