The Finest Financial institution Accounts for Excessive College 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 facet hustles, by doing chores round the home, or by accumulating allowance from their dad and mom.

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 very best 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 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 nicely. 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 general decide gives one of the best worth for the best variety of customers, in our view.

Finest 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

Gives three distinct banking settings

Scholar Payment 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.

Choose the one which works for you proper now, and in case your life modifications — 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 faculty college students.

Additionally on Benefit SafeBalance, there isn’t any 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 embody:

  • Straightforward, Anytime Entry. Go to Financial institution of America at 1000’s of monetary facilities and ATMs.
  • 24/7 Safety. Complete 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 objectives. 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 shopper debit card, so long as you report them promptly.
  • Debit Card Controls. Quickly lock a misplaced card shortly and simply to assist forestall unauthorized use.
  • Customized Alerts. Know now and react quick to essential account modifications. You may set customized alerts by way of electronic mail or textual content for issues like a low steadiness, pending deposit, and upcoming payments.

Plus, Benefit SafeBalance expenses 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 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 accessible to children as younger as 6 and as outdated as 17, making it a pure stepping stone into the world of monetary independence.

In contrast to some highschool and pupil checking accounts, Chase First BankingSM has complete parental controls constructed proper in. Guardian customers can see precisely how and the place children spend and place versatile limits on transaction quantities, sorts, places, and extra. And so they can approve or decline children’ requests for funds, preserving a decent leash on children nonetheless constructing sound monetary habits.

Extra options:

  • $0 month-to-month service charge
  • Open to any present Chase buyer
  • Payment-free entry to greater than 15,000 Chase and affiliated ATMs
  • Free academic instruments for youths and fogeys alike

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Chase Excessive College Checking is the following step up from Chase First BankingSM. Designed particularly for youths 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 approach, the grownup co-owner has the ultimate say on funding choices.

Extra options:

  • No month-to-month upkeep charge
  • The grownup account holder is eliminated when the minor account holder turns 19
  • Payment-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 cell banking app too. Or do each for max financial savings energy.

Extra 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
  • Rise up to $200 in overdraft safety when you’re eligible

¹The Annual Share 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 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 along with your card as typical, and redeem your factors for money again if you’re prepared.

Extra 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)
  • Cell test deposit within the on-line banking interface
  • Robotically spherical up debit card purchases to save lots of sooner
  • Payment-free entry to greater than 40,000 Allpoint ATMs
  • No minimal steadiness necessities

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Finest for Family Budgeting: FamZoo


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

Holistic Family Budgeting

Accounts for complete household

Customizable Financial savings Targets

Targets for every child


Spending, saving, giving


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FamZoo is a monetary training app with probably the most highly effective family budgeting capabilities of any account on this checklist. 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 embody:

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

Extra options:

  • Schedule and pay for chores and odd jobs within the app
  • Train 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 prompt funds transfers
  • Pay a little bit as $2.50 per thirty days if 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, sturdy parental management options, and in-app family chore checklist.

One Greenlight function that actually 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 youngsters 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.

Extra options:

  • Assign and pay for family chores and odd jobs proper within the cell app
  • Arrange automated weekly or month-to-month transfers
  • Get real-time notifications at any time when the cardboard is used 
  • Set customizable spending guidelines to limit card exercise
  • Set customizable incomes, spending, and saving objectives
  • 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 among 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, resembling a each day restrict of $500 in swipe transactions and ATM withdrawals.

Extra options:

  • No month-to-month upkeep charge
  • Child account holders could be age 13 to 17
  • Set textual content or electronic mail alerts for particular debit card actions
  • Entry to about 40,000 fee-free ATMs round america
  • Payment-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 essential components to evaluate highschool financial institution accounts. We search for accounts that steadiness parental controls and monetary empowerment for youths whereas offering a number of helpful and probably invaluable options and advantages.

Account Construction

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

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

When you’re undecided your child is able to make essential monetary choices on their very own, a parent-owned account is likely to 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 dad and mom veto energy over — or at the very least the power to watch — children’ spending and saving. All else being equal, we’re followers of accounts with versatile, refined parental controls that enable dad and mom to extend and cut back freedom of use.

Account Charges

Really fee-free financial institution accounts are uncommon. However highschool financial institution accounts are inclined to have fewer charges than extra beneficiant “grownup” accounts, and people charges could also be simpler to waive as nicely. 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 recognize the place to look, you will discover them. We’re at all times looking out for accounts and playing cards that supply respectable charges of return on on a regular basis purchases.

Curiosity Charges (Yield)

Highschool financial institution accounts aren’t well-known for prime yields both. Nevertheless, some kid-friendly debit playing cards make a degree of paying curiosity on eligible financial savings balances. When 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 very best highschool financial institution accounts and debit playing cards make it straightforward 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 objectives, 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 desire 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 very best accounts on our checklist include probably invaluable 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 price out of them.

Develop into a Excessive College Banking Knowledgeable: Your Questions Answered

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

Can Dad and mom 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 mum or dad 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 typically higher on this level. When you’re a mum or dad 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 will depend on 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 checklist don’t even distinguish between “highschool” and “grownup” standing.

That mentioned, it’s attainable that you just’ll want to alter accounts as you become older. It’s possible you’ll need 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 College Financial institution Account Value?

Most of the accounts on this checklist waive month-to-month upkeep charges with a qualifying youngster or pupil on the account. These charges might reappear — or could also be harder to waive — when you hold the account after graduating.

Accounts constructed round monetary training or family budgeting usually tend to have unavoidable charges. These are typically modest — $3 to $10 per thirty days — and help wealthy function suites. However they’re price noting if price is absolutely essential to you.

Can You Put money into Shares Via a Excessive College 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.

Easy methods to Select the Finest Excessive College Financial institution Account

First, decide what you need to get out of your checking account and what you propose to make use of it for. Your account can have multiple objective, after all, but it surely’s essential to know upfront.

Frequent causes to open a checking account in highschool embody:

  • Managing revenue from a part-time job
  • Organizing and dealing towards financial savings objectives
  • Getting follow with primary cash administration ideas
  • Taking part 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 contemplate how your objectives for the account match up with the merchandise on this checklist. The very best highschool checking account for incomes rewards on spending just isn’t 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 it is best to nonetheless take the time to make the best name in your wants.