Creating a bank account for your high school kid is one of the best ways to teach them personal finance, as most of the school curricula fail to teach them that. It is necessary for them to know how to write a check, avoid overdraft fees, and accrue interest right from a young age. Playing Monopoly isn’t going to help them learn all these. So if you have planned to create a bank account, you’re already one step ahead as a parent. In fact, Raddon Research Insights found that only 33% of Gen Zers aged 14 to 22 have their bank account with a bank or credit union.
But how do find out the best banks for High School students? Well, don’t worry, you have come to the right place; in this article, I have handpicked the best ten banks for high school students.
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1. Chase
The reason why Chase has topped the chart is that they offer first-class bank accounts exclusively for high school and college students. You can open your account with zero minimum balance at this bank. Moreover, it is one of the largest banks in the US, so you can find ATMs everywhere.
Moreover, their mobile app is considered to be very user-friendly and very handy. Additionally, Chase offers the Chase Freedom Student Card, which provides cashback on purchases, as well as a signup bonus. The only disadvantage is it has very minimal interest rates.
2. CapitalOne
CapitalOne is one of the finest banks which offers bank accounts right from 8-year-old guys. It is primarily designed for students who are under 18 years of age. The reason Capital One is popular is that they provide free installation of accounts and the minimum balance is zero.
CapitalOne in my opinion is better than Chase because they pay 0.1% interest on deposited funds. But the only drawback is they have very limited customer care and physical branches in America. Nevertheless, they have more than 70,000 ATMs all across the country.
3. U.S. Bank
U.S. Bank is a first-class bank that offers Visa Cards for students. I would prefer college students to take this card, but this bank offers below 18 cards for high school students. The minimum balance required is 25 dollars in this bank account.
The only drawback is they charge hefty overdraft fees at 36$ per incident. Nevertheless, they provide free checkbooks and give students access to a no-fee checking account with a debit card. They provide on-campus programs at many colleges and universities too.
4. Union Bank — Teen Access Checking
Union Bank’s Teen Access Checking program is one of the finest in town. They particularly offer this program for teenage students who are between 13-17 who want to gain financial responsibility and independence. The bank has made the interface very simple for high school students to understand.
The highlight of the program is the kid will enjoy online and mobile banking, optional account alerts, and the ability to send money from their mobile device. They provide a number of options for students to use the account very effectively as well as feasibly.
5. USAA — Youth Spending
If you are a parent and you are looking for a bank account where you will have a bit of control over monitoring the expenses as wella s giving them complete autonomy, then USAA’s Youth Spending program is the best choice for you. This bank is highly recommended.
The highlight of this bank is You can set ATM or debit card limits, sign up for text alerts, transfer money into the account and choose whether you want your child to be able to make deposits and transfer money. They do not have any sort of minimum fee nor balance to be maintained.
6. Alliant Credit Union — Free Teen Checking
With no minimum or maximum balance requirements, Alliant Credit Union’s Free Teen Checking bank account is a fantastic choice for high school students who want to have financial autonomy towards money. The only con is that a parent must definitely jointly own the account.
Moreover, if your parent is an Alliant member it will be very easy to get the card. The bank also has a very easy and user-friendly interface with mobile-friendly applications as well. The reason why I suggest this bank is that they have a personal financial management program in the app where students can track their expenses.
7. Logix Federal Credit Union
For ages around 13-17, Logix Federal Credit Union offers great minimum balance accounts for students who specifically do their high school. If you are a parent there are a lot of benefits if you open in this bank too. You can open an account with $25, and your teen will receive a free Mastercard debit card.
Logix has constantly made sure that they have numerous branches and ATMs all across the country. Moreover, it is not only preferred by old people who get a pension but also young teenage kids as there are a lot of benefits. The bank has a very user-friendly interface that won’t complicate stuff.
8. Wescom Credit Union — GenEdge Account
If your kid is aged around 15 or 16 or 17, then they will be eligible for the GenEdge Account offered by Wescom Credit Union. The bank is very popular for its extravagant infrastructure banks across the nation.
Through the Gen Edge Account, you’ll have the option of receiving a Visa debit card with a $500 daily spending limit and a $250 daily withdrawal limit. The mobile banking option is very user-friendly. The highlight is all you have to do is pay 1$ to open the bank account.
9. 1st Source Bank — e-Student Checking Account
1st Source Bank has particularly designed a program for teenage kids who want to create a more feasible account. E-Student Checking Account is a fantastic option that can be extended until you are 24 years old.
The advantages of this bank are payments via Popmoney, free Mobile Wallet with Apple Pay, and no minimum balance requirements or monthly maintenance fee with e-statements. To open the account, all you have to do is pay 15$ to avail of the major benefits offered by this bank.
10. Bank of America — Core Checking
Last but not the least, the top-class Bank of America has created a Core Checking program exclusively for high school students. The highlight of this bank is they offer a monthly fee waiver for students under the age of 24 who are enrolled in a high school, college, or vocational program.
If you are a parent, the bank also offers various options to keep track and hold on to the high school student’s account. You can also create a joint account and have monthly limitations which can help the kid to learn about financial management from a really young age.
