The linked account doesn’t have to be from Capital One but can be at any other U.S. To open an account, you must link it to the bank account of a parent or guardian. You’ll also earn a slight interest of 0.10% APY, though you’ll hardly notice it. You can withdraw your money at over 70,000 in-network ATMs. There are no monthly maintenance fees or minimum balance requirements and you can access the account via the mobile app, visiting a branch or using your debit card. Parents can, however, set spending limits, lock the card and control access to Zelle. The account itself comes with a bevy of safeguards, including limiting total debit card purchases to less than $500 per day for those under 18 and purchases at establishments not appropriate for children (aka bars). After they turn 18, they can switch it to a standard checking account, or keep it as is. While “teen” is in the title, this is a good option for parents who want their kiddos nearing college to gain banking experience while limiting the trouble they can get into.

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