I've actually been researching the exact same thing. In order to be a teacher, you can get your bachelor's degree in any subject, but most of course choose education. You don't need a masters to be a teacher but it does help because eventually most teachers get their master's anyway, you just need a teaching credential certificate after your bachelor's I believe, but I was listening to an elementary teacher who said you need a bachelor's and you can get your bachelor's in literally anything - her words not mine.

Now that being said, if you're deciding between psychology or education, and you want more flexibility (like either being a therapist or a teacher) I would go with psychology. Because as I said above, for a teacher, it doesn't really matter what you get your bachelor's degree in and psychology is already closely related to education as compared to other majors.

So it really depends what you want to do. A psychology degree can open doors in social work, being a teacher, being a counselor, as a therapist I believe you need a masters though but you can still get your foot in the door as an aide or assistant this way.
An education degree will mostly just be for teaching purposes, you can't really be a counselor I think so your options may be limited in that regard. There's always room to be promoted within a school such as in administration or principle, etc...

If you're more inclined towards psychology and want to counsel, go with that degree.
If you're more inclined towards educating and want to teach, go with that degree.