The Finest Financial institution Accounts for Excessive College College students of 2023

About 23% of highschool college students maintain part-time jobs whereas in class, in line with the 2020 information from the Bureau of Labor Statistics. Many others make ends meet with work-from-home aspect hustles, by doing chores round the home, or by amassing allowance from their mother and father.

Nevertheless they make their cash, highschool college students want someplace to place it. However, legally talking, they’ll’t open an “grownup” checking account of their very own till they flip 18.

That’s the place highschool banking is available in. The perfect financial institution accounts for highschool college students are both parent-owned accounts that the child is allowed to make use of or custodial accounts that turn into sole property of the child after they flip 18. They’re designed to show excessive schoolers find out how to handle their cash with out completely ceding parental management.

The Finest Financial institution Accounts for Excessive College College students

These financial institution accounts are designed for highschool college students — and, in some circumstances, youthful children as properly. Some convert to “grownup” accounts or in any other case stay usable after age 18, whereas others are strictly for kids.

Every does one factor rather well, whether or not it’s automating the financial savings course of, paying rewards on eligible purchases, or simplifying family budgeting. Our greatest general choose presents one of the best worth for the best variety of customers, in our view.

Finest General: Financial institution of America Benefit Banking

No month-to-month upkeep charge for College students underneath 25 enrolled in class or an academic or vocational program on choose accounts

Three Checking Accounts

Provides three distinct banking settings

Scholar Price Waiver

No charges for College students underneath 25


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Financial institution of America Benefit Banking is a checking account with three settings: Benefit SafeBalance, Benefit Plus, and Benefit Relationship.

Decide the one which works for you proper now, and in case your life adjustments — say, you graduate from faculty and land a decent-paying job — you’ll be able to change to a different setting that matches the brand new you.

With no month-to-month upkeep charge for College students underneath 25 enrolled in class

or an academic or vocational program, Benefit SafeBalance is your best option for faculty college students.

Additionally on Benefit SafeBalance, there isn’t any month-to-month upkeep charge if an proprietor of the account is underneath 18.

See provide web page for extra particulars.

All Financial institution of America Benefit Banking settings embody:

  • Simple, Anytime Entry. Go to Financial institution of America at hundreds of monetary facilities and ATMs.
  • 24/7 Safety. Whole Safety Safety® and fraud monitoring. Safe sign-in, card locking options, and extra.
  • Handy Methods to Pay. Use your debit card or digital pockets.
  • Sensible Cash Administration Instruments. Set customized alerts and financial savings targets. Get cash-back offers and rewards personalized for you.
  • Unauthorized Transactions. Financial institution of America’s $0 Legal responsibility Assure means you’re not answerable for unauthorized transactions made utilizing your client debit card, so long as you report them promptly.
  • Debit Card Controls. Briefly lock a misplaced card shortly and simply to assist forestall unauthorized use.
  • Customized Alerts. Know now and react quick to necessary account adjustments. You’ll be able to set customized alerts by way of e-mail or textual content for issues like a low stability, pending deposit, and upcoming payments.
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Plus, Benefit SafeBalance prices no month-to-month upkeep charge for College students underneath 25 enrolled in class or an academic or vocational program.

For different account settings, the month-to-month upkeep charge is waived in any assertion cycle throughout which the account holder is enrolled in Financial institution of America’s Most well-liked Rewards program.

Financial institution of America, N.A. member FDIC.

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Chase First BankingSM is a superb first checking account for youthful highschool college students. It’s obtainable to children as younger as 6 and as previous as 17, making it a pure stepping stone into the world of monetary independence.

Not like some highschool and scholar checking accounts, Chase First BankingSM has complete parental controls constructed proper in. Father or mother customers can see precisely how and the place children spend and place versatile limits on transaction quantities, sorts, places, and extra. They usually can approve or decline children’ requests for funds, retaining a decent leash on kids nonetheless constructing sound monetary habits.

Further options:

  • $0 month-to-month service charge
  • Open to any current Chase buyer
  • Price-free entry to greater than 15,000 Chase and affiliated ATMs
  • Free instructional instruments for teenagers and fogeys alike

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Chase Excessive College Checking is the following step up from Chase First BankingSM. Designed particularly for teenagers between the ages of 13 and 17, it’s a custodial scholar banking product designed to show monetary self-sufficiency — however, crucially, it stays linked to the grownup co-owner’s exterior account. That approach, the grownup co-owner has the ultimate say on funding choices.

Further options:

  • No month-to-month upkeep charge
  • The grownup account holder is eliminated when the minor account holder turns 19
  • Price-free entry to greater than 15,000 Chase and affiliated ATMs

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Chime additionally has an automatic financial savings function. And in contrast to many rivals, that function is constructed proper into the app’s debit card. Each time you swipe, dip, or faucet your card, Chime mechanically rounds as much as the closest greenback and units apart the distinction in a wet day fund.

You’ll be able to set recurring financial savings transfers within the Chime cellular banking app too. Or do each for max financial savings energy.

Further options:

  • Receives a commission as much as two days early in case your eligible direct deposit supplier recordsdata with the Federal Reserve to start the direct deposit course of
  • Earn 2.00% APY¹ on all eligible balances
  • Pay no month-to-month charges
  • Keep away from ATM charges at greater than 60,000 fee-free ATMs
  • Rise up to $200 in overdraft safety for those who’re eligible

¹The Annual Share Yield (“APY”) for the Chime Financial savings Account is variable and will change at any time. The disclosed APY is correct as of November 17, 2022. No minimal stability required. Should have $0.01 in financial savings to earn curiosity.

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Present is a kid-friendly cash administration app that comes with a free debit card. That card is the star of the present because of a rewards program that guarantees as much as 15x factors on eligible purchases with greater than 14,000 taking part retailers.

Simply use the Present app to search out retailers in your space, pay together with your card as standard, and redeem your factors for money again if you’re prepared.

Further options:

  • Customizable parental controls assist grownup customers maintain tabs on children’ spending
  • Receives a commission as much as two days early with qualifying direct deposit
  • Pay no charges on overdrafts as much as $200 with a qualifying direct deposit — simply allow Overdrive in your Present Premium account ($4.99 per 30 days)
  • Cell test deposit within the on-line banking interface
  • Robotically spherical up debit card purchases to save lots of sooner
  • Price-free entry to greater than 40,000 Allpoint ATMs
  • No minimal stability necessities

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Finest for Family Budgeting: FamZoo


FamZoo presents highly effective family budgeting instruments that set children up for a lifetime of smart monetary decisionmaking.

Holistic Family Budgeting

Accounts for whole household

Customizable Financial savings Targets

Targets for every child


Spending, saving, giving

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FamZoo is a monetary schooling app with probably the most highly effective family budgeting capabilities of any account on this record. It’s applicable not only for excessive schoolers stretching towards monetary independence however for youthful children simply starting to study the worth of a greenback.

FamZoo’s budgeting capabilities embody:

  • Separate accounts for a number of child and grownup customers, enabling a holistic monetary image throughout your complete family
  • Customizable financial savings targets for each child consumer
  • Separate subaccounts for various facets of your monetary life: spending, saving, giving
  • Break up funds between subaccounts to remain on high of monetary targets
  • Use the Household Billing function to schedule recurring debits from children’ accounts to cowl shared household bills
  • Make and monitor casual household loans throughout the app

Further options:

  • Schedule and pay for chores and odd jobs within the app
  • Educate the idea of compound curiosity utilizing FamZoo’s parent-paid curiosity function
  • Get real-time account exercise alerts for transactions and extra
  • Use a text-message-based system to obtain and approve funding requests from children
  • Lock and unlock misplaced, stolen, or broken playing cards
  • Arrange scheduled and instantaneous funds transfers
  • Pay slightly as $2.50 per 30 days if you prepay 24 months prematurely

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Greenlight has quite a bit in widespread with FamZoo, right down to the kid-friendly debit card, strong parental management options, and in-app family chore record.

One Greenlight function that basically stands out is the custodial investing account that comes with the Greenlight + Make investments plan. For $7.98 per 30 days, you get all the nice options of Greenlight plus a parent-controlled brokerage that enables fractional share buying and selling beginning at simply $1. Mother and father and children alike can purchase and promote shares within the account, making it a priceless help for highschool college students able to develop their cash for the lengthy haul.

Further options:

  • Assign and pay for family chores and odd jobs proper within the cellular app
  • Arrange automated weekly or month-to-month transfers
  • Get real-time notifications every time the cardboard is used 
  • Set customizable spending guidelines to limit card exercise
  • Set customizable incomes, spending, and saving targets
  • Get identification theft safety, cellphone insurance coverage protection, and buy safety with the Greenlight Max plan ($9.98 per 30 days)

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The Capital One MONEY Teen Checking Account is likely one of the few highschool checking accounts that earns curiosity on eligible balances. It’s not a lot, nevertheless it’s greater than most rivals can say for themselves.

Plus, there’s no minimal or ongoing stability necessities and a few affordable built-in restrictions on use, resembling a each day restrict of $500 in swipe transactions and ATM withdrawals.

Further options:

  • No month-to-month upkeep charge
  • Child account holders could be age 13 to 17
  • Set textual content or e-mail alerts for particular debit card actions
  • Entry to about 40,000 fee-free ATMs round the US
  • Price-free overdraft transfers from a linked Capital One financial savings account 

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Methodology: How We Choose the Finest Financial institution Accounts for Excessive College College students

We use a number of necessary elements to evaluate highschool financial institution accounts. We search for accounts that stability parental controls and monetary empowerment for teenagers whereas offering a lot of helpful and doubtlessly beneficial options and advantages.

Account Construction

Highschool financial institution accounts could be parent-owned or custodial. 

A parent-owned construction provides the guardian or guardian extra management over the child’s actions, as much as and together with proscribing entry to the account completely. A custodial account is collectively owned and managed, and will give the kid sole possession after they flip 18.

Should you’re unsure your child is able to make necessary monetary choices on their very own, a parent-owned account may be the higher match initially. Nevertheless, we don’t take a place on which is best.

Parental Controls

Most of those accounts have some built-in parental controls that give mother and father veto energy over — or no less than the power to observe — children’ spending and saving. All else being equal, we’re followers of accounts with versatile, refined parental controls that enable mother and father to extend and scale back freedom of use.

Account Charges

Actually fee-free financial institution accounts are uncommon. However highschool financial institution accounts are likely to have fewer charges than extra beneficiant “grownup” accounts, and people charges could also be simpler to waive as properly. All else being equal, we search for accounts with low or no upkeep charges and affordable charges for actions like ATM withdrawals and overdrafts.

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Highschool financial institution accounts and debit playing cards aren’t significantly well-known for beneficiant cash-back rewards. But when you realize the place to look, you will discover them. We’re at all times looking out for accounts and playing cards that provide first rate charges of return on on a regular basis purchases.

Curiosity Charges (Yield)

Highschool financial institution accounts aren’t well-known for top yields both. Nevertheless, some kid-friendly debit playing cards make some extent of paying curiosity on eligible financial savings balances. Should you’re available in the market for a household pay as you go debit card anyway, give their interest-bearing options (or lack thereof) a detailed look.


The perfect highschool financial institution accounts and debit playing cards make it straightforward to automate financial savings, budgeting, and even investing. We’re huge followers of accounts that allow you to spherical up and save the change on eligible debit card purchases, set and fund long-term financial savings targets, and arrange recurring financial savings plans that draw out of your paycheck, allowance, and different inflows.

Budgeting Instruments

We’re additionally huge followers of accounts with refined budgeting capabilities. Household debit playing cards like FamZoo and Greenlight actually stand out on this level, however digital banking apps like Chime and Copper aren’t slouches both. All else being equal, we want highschool financial institution accounts with budgeting instruments highly effective sufficient that you just received’t want a separate budgeting app. 

Worth-Added Options and Capabilities

The extra versatile and feature-rich the highschool checking account, the higher. The perfect accounts on our record include doubtlessly beneficial extras like built-in chore lists, allowance splits, identification theft safety, and even entry-level investing platforms. 

These further options might enhance the price of the account — by way of a month-to-month upkeep charge that may’t be waived — however that’s worthwhile if you may get your cash’s value out of them.

Turn into a Excessive College Banking Skilled: Your Questions Answered

You’ve gotten questions on financial institution accounts for highschool college students. We’ve solutions.

Can Mother and father Management Excessive College Financial institution Accounts?

Typically, sure. 

Highschool financial institution accounts and debit playing cards can both be parent-owned or custodial — collectively owned. In each circumstances, the guardian proprietor can monitor account exercise and handle the child consumer’s permissions.

Some highschool financial institution accounts have higher parental controls than others. Child-friendly debit playing cards like FamZoo and Greenlight are typically higher on this level. Should you’re a guardian involved about giving your child an excessive amount of monetary freedom, that’s the place to begin.

What Occurs to Your Excessive College Financial institution Account When You Graduate?

It relies on how the account is structured. Some highschool financial institution accounts turn into “grownup” or faculty scholar accounts with no motion required on the account holder’s half. And some of the accounts on this record don’t even distinguish between “highschool” and “grownup” standing.

That stated, it’s doable that you just’ll want to vary accounts as you become old. You might wish to do that anyway as your monetary wants turn into extra difficult and also you qualify for extra beneficiant financial institution accounts.

How A lot Does a Excessive College Financial institution Account Value?

Most of the accounts on this record waive month-to-month upkeep charges with a qualifying little one or scholar on the account. These charges might reappear — or could also be harder to waive — for those who maintain the account after graduating.

Accounts constructed round monetary schooling or family budgeting usually tend to have unavoidable charges. These are typically modest — $3 to $10 per 30 days — and assist wealthy function suites. However they’re value noting if value is absolutely necessary to you.

Can You Spend money on Shares By means of a Excessive College Financial institution Account?

Not usually, nevertheless it’s doable to search out custodial funding accounts for highschool college students. Our high choose on this level is Greenlight, whose Greenlight + Make investments plan features a parent-owned taxable brokerage account the place children could make fractional inventory share trades with as little as $1.

Easy methods to Select the Finest Excessive College Financial institution Account

First, decide what you wish to get out of your checking account and what you propose to make use of it for. Your account can have multiple function, in fact, nevertheless it’s necessary to know prematurely.

Frequent causes to open a checking account in highschool embody:

  • Managing revenue from a part-time job
  • Organizing and dealing towards financial savings targets
  • Getting observe with fundamental cash administration ideas
  • Taking part in family budgeting and paying on your portion of shared family bills
  • Incomes curiosity and rewards in your balances and on a regular basis purchases

Then take into account how your targets for the account match up with the merchandise on this record. The perfect highschool checking account for incomes rewards on spending isn’t essentially your best option for superior budgeting, for instance.

These are robust monetary merchandise, and also you’d be well-served by any of them. However you need to nonetheless take the time to make the appropriate name on your wants.