Axos Bank First Checking 2024 Review
Axos Bank First Checking is a teen checking account with no monthly fees, overdraft fees or nonsufficient funds fees. This account offers an introduction to money management for teens who are ready to learn the basics of spending and saving.
Axos Bank First Checking is a checking account that's designed for teens aged 13 to 17. Parents can open a joint First Checking account with their teen and have access to spending controls. Teens, meanwhile, get the benefit of no monthly fees and access to a debit card for purchases and cash withdrawals.
You might consider opening this checking account if you:
- Have a teen who's ready for a first checking account
- Would like to have access to parental controls
- Prefer a bank that charges minimal fees
- Want a checking account that earns interest
Axos also offers the First Savings account, which allows teens to earn interest on balances. The APY, however, is below what you'll find with other online high-yield savings accounts.
Axos Bank First Checking Account Pros & Cons
Compared to Other Checking Accounts
Capital One MONEY Teen Checking
The Capital One MONEY Teen Checking account has no minimums and no monthly fees. Kids aged 8 and up get access to a debit that they can use for purchases or cash withdrawals at more than 70,000 fee-free ATMs. Parents, meanwhile, can monitor transactions and set spending controls through the Capital One mobile app.
Read our full editorial review of the Capital One MONEY Teen Checking account
Chase First Banking
Chase First Banking is a debit card for kids ages 6 and up, but teens can also open an account with their parents' help. You'll need to have a Chase checking account to open a First Banking account on behalf of your child. There's no monthly fee and parents can set controls on spending and ATM withdrawals inside the Chase mobile app.
Read our full editorial review of Chase First Banking
Greenlight
Greenlight is an all-in-one money app for kids and teens that includes a debit card. Parents can set up individual accounts for each child in the family and kids can manage their accounts through the Greenlight app. Kids earn interest on balances and they can also earn cash back on purchases with upper tier subscription plans.
Read our full editorial review of the Greenlight Debit Card for Teens
Copper Account
The Copper Account includes a free debit card for teens and has no overdraft fees, no hidden fees and no minimum balance requirements. Parents and teens can manage accounts through the Copper mobile app and deposits are FDIC-insured. In addition to learning how to spend and save responsibly, teens can also learn the basics of investing with Copper.
Read our full editorial review of the Copper Account
Interest and Rewards
Interest checking helps you grow your money a little at a time. Axos Bank does pay interest on First Checking accounts, which is a plus for teens.
The annual percentage yield is low, however, and falls short of what you could earn with other online checking accounts. The APY is the same for the First Savings account.
Teens won't earn rewards with this account. If interest and rewards are on your list of must-haves then you might want to consider a different teen checking account.
When comparing interest checking accounts, look at the minimum balance requirements and the APY teens could earn. With rewards checking, consider the rewards structure and what fees you'll pay.
Fees
Many teen checking accounts are fee-friendly, with no monthly fees and in some cases, no overdraft fees either.
Fewer fees is a good thing, especially for teens who are just learning how to manage money. Here are the fees Axos Bank charges.
Other Service Fees - Axos Bank First Checking
| Type | Fee |
|---|---|
| Monthly Maintenance Fee | $0.00 |
| Foreign ATM fee | $0 |
| Overdraft Fee | $0 |
| Paper Statement | $5 |
| Stop Payment | $10-$35 |
| Foreign Transaction Fee | 1% |
| Incoming Wire Transfers (Domestic and International) | $0 |
| Outgoing Wire Transfers (Domestic and International | $35-$45 |
| Official Checks | $10 |
| Legal Fee | $100 |
Axos Bank doesn't charge a fee to use another bank's ATM. You may, however, get hit with a fee from the ATM's owner.
If your teen incurs any foreign ATM fees, Axos Bank will reimburse them up to $12 per month.
Branch and ATM Access
Axos Bank doesn't have branches but you can use any bank's ATM to make withdrawals. Again, Axos won't charge you a fee but the ATM's owner might.
No branches may not make a difference to a teen who's comfortable with online and mobile banking. On the other hand, some teens may prefer to be able to visit a branch if they need to deposit cash or checks or ask questions about their account.
When comparing teen checking accounts, consider branch locations and the size of the ATM network. A bank that refunds foreign ATM fees may also be a good idea if your teen needs or wants to be able to withdraw cash on the go.
Account Access
Axos Bank account access is limited to ATMs, online banking and mobile banking.
If you need to deposit funds, you can do so via:
- ACH transfer
- Wire transfer
- Mobile check deposit
- ATMs (for cash deposits)
There are some limits on withdrawals that teens should be aware of. The daily transaction limits are as follows:
- $100 for cash withdrawals
- $500 for debit card transactions
Parents can log in to the Axos Bank mobile app to view their teen's account activity. You can also set up account alerts and lock or unlock your teen's debit card.
FDIC Insurance
Axos Bank deposit accounts are protected by FDIC insurance. The FDIC steps in to safeguard your money when a bank fails.
That doesn't happen often and it's not something your teen should stress over. If a bank does fail, the FDIC makes sure that depositors get their money back, up to the maximum coverage limit.
That limit is $250,000 per depositor, per account ownership type. It applies at each bank you have accounts with.
What You Need to Open
Parents can open an Axos Bank First Checking account with their teen online. You can open a First Savings account using the same application.
You'll need the following to open the account:
- Government-issued ID
- Your Social Security number (and your teen's)
- A valid U.S. address that is not a P.O. Box
- Your U.S. mobile number
- Your valid email address
You and your teen must be a U.S. citizen or resident alien to apply. You'll also need to link a bank account to make the initial deposit to the account.
Once the account is open, the parent or guardian is listed as the primary owner. The teen is listed as a joint owner.
Frequently Asked Questions
How old do you have to be to open an Axos Bank account?
You must be 18 or older to open a bank account with Axos Bank. Teens can open a First Checking or First Savings account with the help of a parent or an adult legal guardian. These accounts are designed for teens who are 13 to 17 years of age.
Who are teen checking accounts for?
Teen checking accounts are suited for teenagers who are ready to learn about money management in a hands-on way. These checking accounts offer teens an opportunity to develop good money habits and learn how to balance spending with saving.
What is the best teen checking account?
The best teen checking account is the one that offers the features and benefits you're looking for, with minimal fees. Online banks are a good option for teen checking accounts, since they tend to charge fewer fees than traditional banks. An online teen bank account may also included added features, like financial literacy resources or the option to invest some of their money.
