American Express Checking account was introduced in 2022 and new accounts were opened by invitation only. For this account you get rewards debit card. When you use the card to make purchases you earn cashback reward points. 0.5 of a point for every dollar that you spend. Not much if you compare these points with Amex credit cards.

Overall the checking account is similar to other online only banks and has the same benefits. For example, it earns you 0.6% APY. Not bad for a checking account. Who could possibly think that checking account can earn interest?

The checking account has no annual or monthly fee. Which is standard for online only banks.

Keep in mind, that it is not the same as American Express Bluebird and American Express Serve. These are prepaid cards with their own benefits.

What are the Amex Checking Account benefits?

Like many other new banks it offers access to a network of 37,000 fee-free ATMs. The network is called MoneyPass and spread across the US.

Paying interest on your balance is another benefit. Few other banks offer APY this high. For example, Capital One 360 checking earns only 0.1% on checking balance.

When you use this card to make purchases, you earn reward points. Honestly, I think it is a poor idea to buy something using debit card. My suggestion would be to apply for a Amex credit card and pay it off using your rewards checking account.

How to add money?

There are very few ways to add money to Amex checking account. For example, you can receive your paycheck to the American Express account. You have to setup direct deposit and your employer should add money to your balance.

You can also make an online transfer using ACH transfer. It is very common way to transfer money between bank accounts. It usually takes a couple of business days to clear the transaction.

You can use your smartphone and make a mobile check deposit. This way you can cash paper checks and add money to your checking account. Read how to mobile deposit paper check.

When you apply for the Amex Rewards checking account you receive special debit card to use at ATMs. You can also make purchases using the card. Additionally your balance earns 0.6% APY.

Overall it is a fine online only checking account without some unique benefits. It doesn’t offer free cash deposits at retail stores.

Capital One Teen Checking account has a free debit card that can be used to make purchases and withdraw cash at ATMs. Parents that have their own Capital One 360 Checking account can open accounts for their kids from home. No need to go anywhere.

How old do you have to be to get the kids debit card?

The minimum specified age is 6 years old. It is more than enough, because very few parents allow kids to go shopping on their own at this age. Other kids’ accounts, like First Checking from Chase, require the same age. However, Fidelity allows a minimum of 13 years old, but in addition it offers an investment account. Building good financial habits is important.

How does the Capital One Money account work?

Your child will get his own Capital One debit card that looks exactly like parents’ one. Except it has the kids name. The debit card has a security chip and contactless payments feature.

Parents can lock the card if it is lost and unlock it right from the Capital One mobile app.

They can also track transactions like purchases and ATM withdrawals from the Capital One mobile app or using Capital One website. Automatic transfer of allowance every month can help parents to not forget about it.

High interest accounts for kids

The checking account pays 0.1% interest, which exceeds one paid by big banks on their savings accounts.

In addition to the Capital One Teen Checking account your kid can have his own savings account with a high interest of 0.3% that is paid monthly. That is a good thing to brag about!

I should mention, that these are normal bank accounts with an account and routing number, so your child can receive a paycheck in case he wants to take a part time job.

If the employer sends a paper check to your child there is a mobile check deposit. Mobile check deposit to the Money account can be handy if your child gets a gift in the form of a paper check.

Pros for opening

• High interest checking account with Debit Card and high interest savings account
• Easy to control for parents from computer and smartphone