8 Best Banks for High School Students

Find bank accounts designed specifically for high schoolers.

Start discussing money with your children today. If your kids don’t have a basic understanding of personal finance, it might come back to bite them when they move out on their own. They need to know how to make major financial decisions, such as managing a checking account, taking out a loan and creating a workable budget.

Educate your children on all things financial by opening up a student checking account for them. You’ll have to co-sign, which means you’ll still have some control over the account. You and your child can work together to choose from a number of financial institutions offering student checking accounts with different features.

To help you get started with choosing the right account, GOBankingRates put together this list of the eight best banks for students. Check out the handy chart for a quick reference, then review each carefully and decide which bank account is best for your family’s personal situation. All the checking accounts listed here have the perks of mobile banking, online banking and no monthly fee.

The Best Banks for High School Students
BankChecking AccountMonthly FeeMinimum to OpenDebit Card
Union BankTeen Access Checking$0$100ATM or debit card with a choice of daily preset limits
USAAYouth Spending$0$25ATM or debit card with zero fraud liability
Alliant Credit UnionFree Teen Checking$0$0Visa debit cards for you and your teen
Logix Federal Credit UnionTeen Checking$0$25Mastercard debit card
Wescom Credit UnionGenEdge Account$0$1ATM card with $250 daily withdrawal limit
1st Source BankE-Student Checking Account$0$15Mastercard debit or ATM card
Chase BankChase High School Checking$0$25Debit card with chip technology
Bank of AmericaCore Checking$0$25Debit chip card
Information accurate as of Aug. 29, 2018.

Union Bank — Teen Access Checking

Union Bank’s Teen Access Checking introduces teenagers between ages 13 and 17 to the world of banking and enables them to gain financial independence and responsibility. Your teen will enjoy online and mobile banking, optional account alerts and the ability to send money from their mobile device. In addition, your teen can choose an ATM or debit card with a choice of daily preset limits. With a $0 monthly service fee — and $100 minimum opening deposit — this is a solid choice for your teenager. An adult must jointly own an account with the teenager.

USAA — Youth Spending

Help your kids manage their money with a USAA Youth Spending account. This bank account comes with tools to help you teach your children how to wisely manage money. 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. There are no monthly service fees, no minimum balance requirements, free ATMs located across the country and ATM or debit cards with zero liability for unauthorized charges. If your child’s account maintains a daily balance of $1,000 or more, he will even earn 0.01% APY. You can open an account with as little as $25.

Related: Best Banks for College Students

Alliant Credit Union — Free Teen Checking

Designed to introduce teenagers from 13 to 17 years of age to the responsibilities of managing money, the Free Teen Checking account has no minimum or maximum balance requirements, no monthly service fee and ATM rebates of up to $20 per month. A parent must jointly own the account — and be an Alliant member. Both you and your teen will receive a free debit card. The account is mobile- and online-friendly, and you can transfer money to it at any time. Introduce your child to Alliant’s built-in personal financial management app that can help him review spending patterns. Choose e-statements — and schedule at least one monthly electronic deposit — and your child will earn 0.65% APY. You must open the account with $5, but Alliant will even provide it for you — so it’s $0 out of pocket.

Click to find out how to choose a high-yield savings account.

Logix Federal Credit Union — Teen Checking

The Logix Teen Checking account is for members from ages 13 to 17. It has no monthly service fees and comes with up to $6 a month in ATM surcharge rebates. The account comes with mobile and online banking, which means you can transfer money into the account — and you can even monitor it with free transaction alerts. You must serve as a co-owner on the account, and you and your teen must open an account at a Logix branch — your teen will need his driver’s license or school ID. You can open an account with $25, and your teen will receive a free Mastercard debit card.

Wescom Credit Union — GenEdge Account

If your child is 15, 16 or 17, consider a Wescom Credit Union GenEdge Account. A parent must co-sign for the account, and you’ll have the option of receiving a Visa debit card with a $500 daily spending limit and $250 daily withdrawal limit. The account comes with free online and mobile banking. All you need is $1 to open an account — but you’ll have to go into a Wescom branch to do it. In addition, your child can apply for a GenEdge Visa credit card with a co-signing adult and start building credit.

1st Source Bank — e-Student Checking Account

For children between 16 to 24 years old, the e-Student Checking account from 1st Source Bank offers online and mobile banking, payments via Popmoney, free Mobile Wallet with Apple Pay, and no minimum balance requirements or monthly maintenance fee with e-statements. Account holders will also get one overdraft fee refund per year and up to $15 in ATM fee rebates per month. The account also comes with a Mastercard debit or ATM card, free e-statements and even a discount rate on your child’s first car loan if he qualifies. To open an account, you’ll need $15.

Related: 7 Things Toda’s Kids Really Need to Know About Money

Chase Bank — Chase High School Checking

This account might be a good fit for your student who is 13 to 17 years old, as long as you are willing to co-own it and link it to your personal checking account. When your child turns 19, this account will automatically become a Chase Total Checking account. The account comes with online and mobile banking, bill pay and 24/7 customer service via telephone. You’ll need $25 to open the account, and Chase will waive the $6 monthly service fee when you link your checking account to your child’s. Visit any Chase branch to open an account.

Bank of America — Core Checking

Bank of America’s Core Checking account is student-friendly, offering a monthly fee waiver for students under the age of 24 who are enrolled in a high school, college or vocational program. You can open the account with $25, and you’ll get online and mobile banking, text alerts, a free debit card with chip technology and access to thousands of free ATMs across the country.

Click to see the most expensive high schools in America.

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Natalie Campisi contributed to the reporting for this article.

This content is not provided by the banks reviewed in this article. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the banks reviewed here.

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