NEW YORK – September 28, 2026 -- OnePay announced that teens ages 13 to 17 can now open bank accounts through its app, letting them save at up to 3.35% APY, invest, spend, and start building credit history, all with parental oversight and no monthly fee.
Teens can bank without paying fees while parents keep control
Through the OnePay app, parents can view their teen's accounts, monitor spending activity, set allowances, manage real-time controls, and receive alerts. Teens must remain an authorized user on a parent's OnePay deposit account, complete Social Security number verification, and not opt out of credit reporting to qualify.
Nothing is reported to credit bureaus while a teen is under 18. Once they turn 18, OnePay reports their eligible account history to the bureaus, giving young adults an established credit file instead of no history at all.
Roughly 42 million US teens lack early exposure to credit and banking
OnePay cites data showing there are roughly 42 million teenagers in the United States, most of whom reach college with no working knowledge of banking, saving, or investing, and no credit history. That gap can make first car loans, apartment applications, and credit cards harder to secure independently, and typically more expensive, without a parent co-signing.
Accounts carry over into adulthood with credit history intact
When teens turn 18, their OnePay accounts transition with them rather than closing out. They keep their Builder Card, spending and savings history, automations, and any credit history built during their teen years, while gaining full access to OnePay's adult platform, including the CashRewards card, Pay Later, and crypto offerings.
"Most teen banking products are dead ends,