What to Look For When Opening a Checking Account in High School

Opening a checking account can feel like a big deal. Especially when it's your first time. Especially in high school. There are fees, minimum balance requirements, and local banks to sort through. Plus, you've got a million and a half options. But you can do a few things to narrow it down -- and fast.

Cheat sheet:

1. Decide if you want an account with a local bank or credit union.
2. Decide if you will bank with your parents' bank or credit union.
3. Filter for zero fees, no minimums, and easy access to your money.

It doesn't have to be complicated. Find your top three checking accounts by sticking to accounts that promise zero maintenance fees, no account minimums, and easy access.

Zero maintenance fees

Your checking account shouldn't have them, with rare exceptions. As a high schooler, you probably don't have a ton of money as it is. The last thing you need is monthly fees eating into that.

Example: Say you have $50 in your checking account. If your bank or credit union charges you a $5 monthly maintenance fee, your balance will hit zero in 10 months, assuming no other activity into or out of the account. Some banks charge overdraft fees, so you could be charged extra if your account balance drops below zero.

No account minimums

Avoid accounts that require you to maintain a minimum balance. An account with this feature will charge you fees for not having enough money in your checking account. Kind of insidious. If they exist, they should be low. Consider how much money you're down to lock up in your checking account to maintain it.

Easy access

Easy access to your money is a must. We're talking about online access and physical bank branches. You want to be able to manage your money without stressing about it.

These days, banks like Chase and Wells Fargo even let you manage accounts from your phone. Take the Axos Bank First Checking for Teens. You and your parents can open a joint account online and manage it from a computer or mobile app. (Axos Bank reviews on Trustpilot are low, but sadly, that's standard for banks.)

Big banks are the ones that let you walk into physical branches wherever. If you open a Capital One MONEY Teen Checking Account, you can walk into any Capital One branch to manage your account. Chances are high there's one near you. (This particular account must be opened online, though. On the bright side, walking into a bank branch is unnecessary to get started. )

Savings accounts for easy budgeting

You can open a teen checking account without a savings account. But having both makes it easier to budget. You can split money between two accounts: spending and saving.

Before opening a checking account, you might want to check if your bank or credit union offers a savings account for high schoolers. It's simpler to have all your money in one place.

One more thing: It's convenient to have all your bank accounts in one place. But keep an eye out for maintenance fees or account minimums. Some savings accounts charge fees. It's okay to open a checking account in one place and a savings account in another to avoid fees or get a higher interest rate on your savings.

How to open a checking account in high school

To open a checking account before you turn 18, you'll typically need an adult guardian with you. You might need to go to a bank branch, but some places let you open an account online. Feel free to ask your parents if they'll help you open a bank account as a minor.

Opening a checking account in high school makes it easier to spend and learn money management. It's convenient, and you can practice budgeting while your balance is low. It's worth doing if you value convenience and want to practice using a low-stakes bank account.