what's the best bank account for a high school student?

Question

such as savings or checking account...

Answer 1

No question, a savings account. Don't open a checking account until they get a job that requries direct deposit. Chances are, the high schooler won't have that much money to put into a checking account anyway, therefore, they will be stuck with the free checking, which includes, you guessed it, NO INTEREST. Savings accounts are great because it not only pays a little bit of interest, but it also requires the individual to make the concerted effort to go to the bank to withdraw money. Checks are much easier to write and harder to keep track of. If they have the money, consider a money market instead - only 3 checks max a month. It also gives a high interest rate. Also, check around before investing anything.

Moral of the story:
Not too much money? Go savings.
More than 5 grand? Head for the money market.

Answer 2

If your parents utilize a particular bank, check with that bank first. You account can be linked with your parents name, and sometimes must be. One of my previous banks refused to let me handle my own money before the age of 18. Another thing to look at are account specifically tailored to benefit students. Anything that earns interest is almost always better than something that does not. You will also want to keep in mind how often you need access to your money.

Answer 3

Savings account. You are able to save your money and earn interest on your savings. A checking account doesn't allow you to earn any interest. When you go off to college, you'll be glad you saved your money and didn't spend it when you were younger! You'll need it much more living on your own, so save it now and let it work for you in a saving account.

Answer 4

a free one if you can get it. A checking acct should come with a debit card (I'm sure they all do now) for cash withdrawals.