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


About 23% of highschool college students maintain part-time jobs whereas in class, in keeping 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 develop into sole property of the child once they flip 18. They’re designed to show excessive schoolers handle their cash with out completely ceding parental management.

The Greatest 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 children.

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 total choose gives one of the best worth for the best variety of customers, in our view.

Greatest General: Financial institution of America Benefit Banking

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

Three Checking Accounts

Affords three distinct banking settings

Pupil 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 modifications — say, you graduate from school and land a decent-paying job — you may change to a different setting that matches the brand new you.

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

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

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

See provide web page for extra particulars.

All Financial institution of America Benefit Banking settings embrace:

  • Simple, Anytime Entry. Go to Financial institution of America at 1000’s of economic 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.
  • 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 answerable for unauthorized transactions made utilizing your shopper debit card, so long as you report them promptly.
  • Debit Card Controls. Quickly lock a misplaced card rapidly and simply to assist forestall unauthorized use.
  • Customized Alerts. Know now and react quick to essential account modifications. You possibly can set customized alerts by way of e mail or textual content for issues like a low stability, pending deposit, and upcoming payments.

Plus, Benefit SafeBalance costs no month-to-month upkeep payment for College students underneath 25 enrolled in class or an academic or vocational program.

For different account settings, the month-to-month upkeep payment 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 good first checking account for youthful highschool college students. It’s out there to children as younger as 6 and as outdated as 17, making it a pure stepping stone into the world of economic independence.

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

Further options:

  • $0 month-to-month service payment
  • Open to any current Chase buyer
  • Price-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 subsequent step up from Chase First BankingSM. Designed particularly for youths 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 manner, the grownup co-owner has the ultimate say on funding selections.

Further options:

  • No month-to-month upkeep payment
  • 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 characteristic. And in contrast to many rivals, that characteristic 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 possibly can set recurring financial savings transfers within the Chime cell 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
  • Rise up to $200 in overdraft safety if you happen to’re eligible

¹The Annual Proportion 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 collaborating retailers.

Simply use the Present app to seek out retailers in your space, pay along with your card as common, and redeem your factors for money again while 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 monthly)
  • Cellular verify deposit within the on-line banking interface
  • Robotically spherical up debit card purchases to avoid wasting sooner
  • Price-free entry to greater than 40,000 Allpoint ATMs
  • No minimal stability necessities

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Greatest for Family Budgeting: FamZoo

FamZoo gives highly effective family budgeting instruments that set children up for a lifetime of smart 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 schooling app with probably the most highly effective family budgeting capabilities of any account on this listing. 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 embrace:

  • Separate accounts for a number of child and grownup customers, enabling a holistic monetary image throughout the whole family
  • Customizable financial savings targets for each child consumer
  • Separate subaccounts for various elements of your monetary life: spending, saving, giving
  • Break up funds between subaccounts to remain on prime of economic targets
  • Use the Household Billing characteristic to schedule recurring debits from children’ accounts to cowl shared household bills
  • Make and observe casual household loans inside 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 characteristic
  • 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 just a little as $2.50 monthly while you prepay 24 months prematurely

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Greenlight has so much in widespread with FamZoo, all the way down to the kid-friendly debit card, strong parental management options, and in-app family chore listing.

One Greenlight characteristic that actually stands out is the custodial investing account that comes with the Greenlight + Make investments plan. For $7.98 monthly, you get all the nice options of Greenlight plus a parent-controlled brokerage that permits fractional share buying and selling beginning at simply $1. Dad and mom and youngsters alike should buy 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 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 targets
  • Get identification theft safety, cellphone insurance coverage protection, and buy safety with the Greenlight Max plan ($9.98 monthly)

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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, 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 payment
  • 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
  • Price-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 College College students

We use a number of essential components to evaluate highschool financial institution accounts. We search for accounts that stability parental controls and monetary empowerment for youths whereas offering plenty of helpful and probably useful options and advantages.

Account Construction

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

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

If you happen to’re undecided your child is able to make essential monetary selections 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 best.

Parental Controls

Most of those accounts have some built-in parental controls that give mother and father veto energy over — or at the least 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

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 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.


Highschool financial institution accounts and debit playing cards aren’t significantly well-known for beneficiant cash-back rewards. But when you understand the place to look, you’ll find them. We’re all the time 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 prime 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) an in depth look.


The perfect highschool financial institution accounts and debit playing cards make it straightforward to automate financial savings, budgeting, and even investing. We’re large 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 large 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 simply 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 listing include probably useful extras like built-in chore lists, allowance splits, identification theft safety, and even entry-level investing platforms. 

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

Turn out to be a Excessive College Banking Professional: Your Questions Answered

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

Can Dad and mom Management Excessive College 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 mum or dad 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. If you happen to’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 is determined by how the account is structured. Some highschool financial institution accounts develop into “grownup” or school scholar accounts with no motion required on the account holder’s half. And some of the accounts on this listing don’t even distinguish between “highschool” and “grownup” standing.

That stated, it’s potential that you simply’ll want to vary accounts as you become older. It’s possible you’ll wish to do that anyway as your monetary wants develop into extra sophisticated and also you qualify for extra beneficiant financial institution accounts.

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

Lots of the accounts on this listing waive month-to-month upkeep charges with a qualifying little one or scholar on the account. These charges might reappear — or could also be tougher to waive — if you happen to 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 monthly — and help wealthy characteristic suites. However they’re price noting if price is de facto essential to you.

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

Not usually, nevertheless it’s potential to seek out custodial funding accounts for highschool college students. Our prime 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.

Learn how to Select the Greatest Excessive College Financial institution Account

First, decide what you wish to get out of your checking account and what you intend to make use of it for. Your account can have multiple objective, after all, nevertheless it’s essential to know prematurely.

Frequent causes to open a checking account in highschool embrace:

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

Then think about how your targets for the account match up with the merchandise on this listing. The perfect highschool checking account for incomes rewards on spending is just not 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 best name to your wants.


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