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So first up on our list is Alliant Credit Unions teen checking service. Now this service and really all of the services we're going to look at today are specifically catered towards teenagers but again you do still have to have a parent or guardian as a co-applicant on the account. However, you are still able to get your own debit card and have all the benefits of having your own bank account with most of these platforms so it's not the end of the world. This Alliant teen checking account offers 0.25% on their checking account and 0.75% on their savings account. Alliant is a great place to start but one huge con with this account is that they have a $28.00 overdraft fee which I absolutely hate overdraft fees and really banking fees in general but if you're not familiar an overdraft fee basically means if you go to use your debit card and there isn't enough money in your checking account to cover that expense, then they will pull that money from your savings account automatically in most cases but that action triggers what's called an overdraft fee.
The next option is the Capital One money teen checking account. This account offers 0.65% on their savings account and 0.1% on the checking account which is still actually pretty good compared to your average checking account interest rate. On top of that, you also have access to 39,000 Capital One ATMs as well as the entire network of Allpoint ATMs and all of these are free to use. On top of that, there's also a $0.00 minimum balance which is fantastic for a teen checking account since again you might not have a whole lot of money right now and you don't have to be paying a stupid fee just because you don't have enough money in that account. I will also mention that Capital One does have some physical branch locations but they're not super widespread but if there is one near you then that might be something to consider.
That brings us to the third bank on this list and I cannot believe that I'm saying this and it sickens me to do so but #3 is my mortal enemy Wells Fargo. I know I know I give Wells Fargo a hard time all the time and there's a good reason for that however the one reason that they are on this list is that they have over 5,000 branch locations all across the United States as well as an ATM network of 13,000. However, they offer a pathetic 0.01% interest rate which is absolutely horrible and is significantly lower than the national average and they also have an overdraft fee of $35 so while those branch locations might be nice and it might be convenient for you, I can't say that I can recommend this because it's Wells Fargo.
One other suggestion is to look into a service like Greenlight or BusyKid because these have a much better user interface and offer some fantastic benefits for both you and the adult opening the account with you. You could also get one of those prepaid visa debit cards and put your money on that. Definitely be careful with this because if you lose that card then your bank is pretty much gone but if you don't have a whole lot of money and you or just looking for a place to essentially store your cash then this is another option. And that brings me to my last point which is maybe considered just using cash. I know this is completely counter-intuitive to this entire conversation because you clicked on this video wanting to get a bank account as a teenager.
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