Student Checking Accounts: A Great Way to Teach Money Management

Student checking accounts may be one of the best ways to help a student, either high school or college bound, learn how to budget, account for, and manage their own funds.

Here, we have information on student checking accounts. Also, see our our checking lessons section for some helpful teaching and learning worksheets and lessons.

Student Checking Accounts

There are several different types of checking accounts just with students in mind that can let parents help monitor from afar how well their student is doing with their bank account.

Joint Accounts
One type of student checking account is one in which a parent and student are joint account holders. In this case, the student’s name and parent’s would appear on checks. Statements would also come addressed to both.

This may be a good way for a parent to keep close tabs on how a high school student is doing with paying for their personal expenses that require writing a check or having a payment deducted from a bank account. This may include a personal cellular phone bill, purchasing items for a school team or club, or making payments for music lessons not covered by the parents. Also, high school students can learn to use their ATM and debit VISA card wisely at the local movie theater or Mall. They will learn to spend only what they have in their account, and not rely on credit for necessities or luxuries they cannot afford.

More money lessons to learn
Smart students will get one more lesson from opening their own checking account. A student checking account does not always have the same fees attached as a regular, basic checking account, but there would still be fees for being overdrawn and they will learn that deposits can take a few days to credit to their account before they can actually spend the money. These are good topics for parents to carefully address with the students, before they learn the hard way. Thrifty students will also get a lesson on interest bearing accounts. Often with balances as low as $100, students can earn interest on their checking account.

College students usually have more expenses that need to be paid by check as they head off for school away from home. There will be rent and groceries to add to the list of expenses and even utilities, car insurance and other school related expenses such as books, lab fees, and tuition. Parents opting to help pay for some of these expenses can help the student by having the student account close to home. This way parents can add funds from home for the student to use in check writing or by accessing their ATM card.

If there is a problem with using out of state checks by students, then the Internet may be the solution. A student can open an account in the city where they attend school. By allowing parents to have their online password and account number, moms and dads at home can go online and add funds to the account. The student can check balances from school or home and write local checks without any problem.

Start by teaching checking account basics
No matter how big or small a student’s budget, it is always a good idea for parents to teach the basics of how a checking account and ATM debit card work. At some point in their life, even with the age of the Internet, students will have to rely on using a bank account of some sort to pay their bills. By teaching them to carefully record each transaction and balance their checkbook record with monthly statements, the student will be well on their way toward handling a checking account responsibly.


For additional related material for teaching and learning about checking accounts, please see the following:

Check Writing and Checking Account Lessons
Teach and learn how to write a check, make checking account deposits and withdrawals, manage and balance your checkbook, and bank reconciliation with your monthly bank checking account statement. Worksheets, lessons, lesson plans and exercises.


Categories Banking, Kids & Money, Personal Finance

One thought on “Student Checking Accounts: A Great Way to Teach Money Management”

  1. For parents with kids in high school, it’s always a good idea to teach them on how to manage money. Getting them a checking account would be one of the better ways to do so. Since many banks out there offer student checking accounts, it would be wise to do that over a regular one. Like you said, these wouldn’t have some of the fees attached to is as opposed to a regular one.

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