What is the difference between a regular checking account and a teen checking account? An Alliant Teen Checking account must be opened as a joint account with a parent or guardian. It offers many of the same features as our regular checking account, but it offers greater peace of mind for parents or guardians through a variety of controls. Parental Controls – The parent or guardian will be listed as a Joint Owner with complete access to the Teen Checking Account. Spending Controls – For safe debit card use, there are cash ATM withdrawal limits of $500 per day, and spending limits of $500 for PIN-based purchases and $5,000 for signature-based purchases and P2P transactions (Venmo, Zelle, etc.). Find out more.