What to Look for When Opening Your First Savings Account in High School

So you're in high school. Probably under 18, but maybe not. You want to open a savings account, but many places won't let you. Of the places that do, there's conflicting information.

The quick-and-dirty solution: You hop on Reddit and ask for bank recommendations. Everyone and their mom pitches you the bank they've used for the last 30 years. It's overwhelming.

Fluff, begone! We've boiled down what you, the enterprising high schooler, should look for in your first savings account, keeping in mind your age and priorities. We start with the most important thing to look for: zero maintenance fees.

Zero maintenance fees

High schoolers aren't known for their massive savings balances. According to Kids' Money, the average teen saves between $548 and $720 annually. If you're the average teen, a dozen $10 monthly maintenance fees could drop your balance by 20% in a single year. In short, not good.

Open savings accounts that charge you $0 to keep the account open. That way, you won't log in to your savings account one day and discover nothing but crumbs. The best savings accounts for kids don't charge maintenance fees to teens under 18.

No account minimums

Did you know banks can charge you fees for not keeping a certain amount of money in your savings account? They can, and some do. When your average bank balance hovers in the $50 to $100 range, you want to avoid account minimums. Like maintenance fees, they can quickly eat into your savings.

Easy access

Parents make banking look easy. Spoiler: It's complicated. Especially when you want access to branches, but your bank has none. Or when you want to manage your money from your phone, but your credit union doesn't offer a mobile banking app. Ugh. Major hassle.

Once you've eliminated banks that charge fees, prioritize having easy access to your money. If you want in-person help, open a savings account at a brick-and-mortar bank. Would you rather call or text customer service? Consider online-only banks.

One more thing: When you're under 18, you typically need an adult to help you open a bank account (not always, but often). Opening a savings account that gives your parents insight into your savings habits can go a long way toward getting their support.

Linked checking accounts

A savings account helps you save, but a checking account helps you spend. Opening both helps you keep your spending money separate from your savings money. Plus, checking accounts come with debit cards you can use to buy things online.

It's convenient to manage your money in one place. If your top savings account also offers a checking account for teens, it's worth looking into. It could make your life easier.

Good APYs

Annual percentage yield (APY) is the interest you earn after a year of keeping money in a savings account. The bigger the APY, the more money you earn. As an adult, it's more crucial to open a high-yield savings account that offers one of the best APYs.

But while you're still in high school, APYs are less important. If you have a high APY of 4.00% but only $500 in your savings account, your yearly earnings will total $20 (whomp whomp). Very little. So it's worth comparing APYs, but low fees and easy access are probably more critical for your needs.

If you're unsure where to begin, the Capital One Kids Savings Account is a great place to start. (If you're already 18, skip the kid savings accounts and dive straight into the best student savings accounts.) Take your time -- you could stick with your savings account for years.