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The Greatest Financial institution Accounts for Excessive Faculty College students of 2023


About 23% of highschool college students maintain part-time jobs whereas at school, in keeping with the 2020 knowledge 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 gathering allowance from their mother and father.

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

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

The Greatest Financial institution Accounts for Excessive Faculty College students

These financial institution accounts are designed for highschool college students — and, in some circumstances, youthful children as effectively. 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 very well, whether or not it’s automating the financial savings course of, paying rewards on eligible purchases, or simplifying family budgeting. Our greatest total decide provides the most effective worth for the best variety of customers, in our view.

Greatest Total: Financial institution of America Benefit Banking

No month-to-month upkeep charge for College students beneath 25 enrolled at school or an academic or vocational program on choose accounts

Three Checking Accounts

Affords three distinct banking settings

Pupil Charge Waiver

No charges for College students beneath 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 may swap to a different setting that matches the brand new you.

With no month-to-month upkeep charge for College students beneath 25 enrolled at school

or an academic or vocational program, Benefit SafeBalance is the only option for school college students.

Additionally on Benefit SafeBalance, there is no such thing as a month-to-month upkeep charge if an proprietor of the account is beneath 18.

See provide web page for extra particulars.

All Financial institution of America Benefit Banking settings embrace:

  • Straightforward, Anytime Entry. Go to Financial institution of America at 1000’s 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.
  • Good 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 accountable for unauthorized transactions made utilizing your client debit card, so long as you report them promptly.
  • Debit Card Controls. Briefly lock a misplaced card rapidly and simply to assist stop unauthorized use.
  • Customized Alerts. Know now and react quick to vital account adjustments. You may set customized alerts through e mail or textual content for issues like a low steadiness, pending deposit, and upcoming payments.

Plus, Benefit SafeBalance prices no month-to-month upkeep charge for College students beneath 25 enrolled at school 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 popular Rewards program.

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

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Chase First BankingSM is a good 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 pupil checking accounts, Chase First BankingSM has complete parental controls constructed proper in. Mum or dad 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 present Chase buyer
  • Charge-free entry to greater than 15,000 Chase and affiliated ATMs
  • Free academic instruments for teenagers and oldsters alike

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

Further options:

  • No month-to-month upkeep charge
  • The grownup account holder is eliminated when the minor account holder turns 19
  • Charge-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 opponents, that function is constructed proper into the app’s debit card. Each time you swipe, dip, or faucet your card, Chime routinely rounds as much as the closest greenback and units apart the distinction in a wet day fund.

You may 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 information 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
  • Stand up to $200 in overdraft safety for those who’re eligible

¹The Annual Proportion Yield (“APY”) for the Chime Financial savings Account is variable and should change at any time. The disclosed APY is correct as of November 17, 2022. No minimal steadiness required. Will need to 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 due to a rewards program that guarantees as much as 15x factors on eligible purchases with greater than 14,000 collaborating retailers.

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

Further options:

  • Customizable parental controls assist grownup customers hold 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 thirty days)
  • Cellular test deposit within the on-line banking interface
  • Routinely spherical up debit card purchases to save lots of quicker
  • Charge-free entry to greater than 40,000 Allpoint ATMs
  • No minimal steadiness necessities

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FamZoo is a monetary schooling app with essentially 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 be taught the worth of a greenback.

FamZoo’s budgeting capabilities embrace:

  • Separate accounts for a number of child and grownup customers, enabling a holistic monetary image throughout all the family
  • Customizable financial savings targets for each child person
  • Separate subaccounts for various features of your monetary life: spending, saving, giving
  • Break up funds between subaccounts to remain on prime of monetary targets
  • Use the Household Billing function to schedule recurring debits from children’ accounts to cowl shared household bills
  • Make and observe 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 on the spot funds transfers
  • Pay a bit of as $2.50 per thirty days whenever you prepay 24 months upfront

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Greenlight has rather a lot in widespread with FamZoo, all the way 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 thirty days, you get all the good options of Greenlight plus a parent-controlled brokerage that enables fractional share buying and selling beginning at simply $1. Dad and mom and children alike should buy and promote shares within the account, making it a priceless assist 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 each 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 thirty days)

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The Capital One MONEY Teen Checking Account is without doubt one of the few highschool checking accounts that earns curiosity on eligible balances. It’s not a lot, but it surely’s greater than most opponents can say for themselves.

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

Further options:

  • No month-to-month upkeep charge
  • Child account holders may 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 america
  • Charge-free overdraft transfers from a linked Capital One financial savings account 

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

We use a number of vital elements to evaluate highschool financial institution accounts. We search for accounts that steadiness parental controls and monetary empowerment for teenagers whereas offering plenty of helpful and doubtlessly worthwhile options and advantages.

Account Construction

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

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

If you happen to’re undecided your child is able to make vital monetary selections on their very own, a parent-owned account could be the higher match initially. Nevertheless, we don’t take a place on which is healthier.

Parental Controls

Most of those accounts have some built-in parental controls that give mother and father veto energy over — or a minimum of 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 cut 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 effectively. All else being equal, we search for accounts with low or no upkeep charges and affordable charges for actions like ATM withdrawals and overdrafts.


Highschool financial institution accounts and debit playing cards aren’t notably well-known for beneficiant cash-back rewards. But when you already know the place to look, you’ll find 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. If you happen to’re out there for a household pay as you go debit card anyway, give their interest-bearing options (or lack thereof) a detailed look.


The most effective highschool financial institution accounts and debit playing cards make it simple to automate financial savings, budgeting, and even investing. We’re massive 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 massive 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 choose highschool financial institution accounts with budgeting instruments highly effective sufficient that you just gained’t want a separate budgeting app

Worth-Added Options and Capabilities

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

These additional options could improve the price of the account — through a month-to-month upkeep charge that may’t be waived — however that’s worthwhile if you will get your cash’s price out of them.

Develop into a Excessive Faculty Banking Knowledgeable: Your Questions Answered

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

Can Dad and mom Management Excessive Faculty Financial institution Accounts?

Usually, sure. 

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

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

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

It depends upon how the account is structured. Some highschool financial institution accounts turn out to be “grownup” or faculty pupil 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 mentioned, it’s attainable that you just’ll want to vary accounts as you become older. It’s possible you’ll wish to do that anyway as your monetary wants turn out to be extra sophisticated and also you qualify for extra beneficiant financial institution accounts.

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

Most of the accounts on this record waive month-to-month upkeep charges with a qualifying youngster or pupil on the account. These charges could reappear — or could also be harder to waive — for those who hold the account after graduating.

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

Can You Spend money on Shares Via a Excessive Faculty Financial institution Account?

Not typically, but it surely’s attainable to search out custodial funding accounts for highschool college students. Our prime decide 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.

The right way to Select the Greatest Excessive Faculty 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 a couple of goal, in fact, but it surely’s vital to know upfront.

Widespread causes to open a checking account in highschool embrace:

  • Managing earnings from a part-time job
  • Organizing and dealing towards financial savings targets
  • Getting observe with fundamental cash administration ideas
  • Collaborating in family budgeting and paying in 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 most effective highschool checking account for incomes rewards on spending shouldn’t be essentially the only option for superior budgeting, for instance.

These are sturdy monetary merchandise, and also you’d be well-served by any of them. However you must nonetheless take the time to make the proper name in your wants.


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