Teaching High School Students Real-Life Skills

Learning how to bank responsibly can help students prepare to confidently navigate their finances in the future.

PNC is dedicated to growing the financial wellness of high school students by offering access to free financial education tools and resources as they work toward their financial goals. PNC has partnered with EVERFI to help educate and guide students along their journeys.

Students – Use these resources to be prepared to confidently take your next steps when you meet with a banker.

Being involved in banking institutions at a young age can make a positive impact on a student’s ﬁnancial well-being, yet only 49% of teens have opened a bank account.

Source: Mason Butts, “Question of the Day: What percent of teens have opened a bank account?” Next Gen Personal Finance blog. 2022

Prepare to Bank as a Student

When can I open a bank account?

Generally, someone must be at least 18 years of age to open a bank account on their own. However, there are several options that allow teens under the age of 18 to start banking with an adult cosigner or custodian. For example, PNC has options which allow teens between the ages of 14-17 to begin their banking experience.

What type of accounts are available?

The most common types of bank accounts for high school students are checking accounts and savings accounts. Your parent or guardian can set up a custodial account to benefit you, or establish a joint account with you if you’re not yet 18 years old.

Account Types

Checking

A checking account requires some financial responsibility and can teach you how to balance an account, keep track of spending limits, and more. Typically, these accounts have no limit on the number of withdrawals you can make per month.

Many teen checking accounts come with a debit card, ATM access, mobile and/or online banking, and provide the co-owner with spend tracking and alerts, and the ability to transfer funds to the teen's account.

Savings

Account Titles

Joint

A joint bank account is a checking or savings account that is owned and controlled by two or more people. Any of the account's owners can make deposits into and withdrawals from the account.

In many cases, everyone included in a joint checking account receives a debit card to make purchases and access the account through an automated teller machine (ATM).

When you are a co-owner of a joint bank account, you don't need the consent of the other owners to conduct any transactions using funds from the account.

With a joint bank account, a teen can make purchases and deposits on their own. However, it also allows a parent or guardian co-owner to keep tabs on the account balance and transactions.

Custodial

Custodial savings accounts for minors (UTMA) can be opened and managed by the parent, legal guardian, or other adult (as the custodian), on behalf of a minor (the beneficiary).

Only the custodian can make deposit or withdrawal from the account, on behalf of the beneficiary. The custodian is responsible for managing the funds before the beneficiary reaches a certain age (age of majority) as defined by their state, which ranges from age 18-21.

Once the beneficiary reaches that certain age in their state, the custodian is responsible for transferring the funds to the beneficiary and closing the custodial account.

What does a student need to open a bank account?

While each banking institution may have its own requirements, typically, the following information is needed to establish a bank account for a minor:

Minor’s name, date of birth, and Social Security number.Parent or guardian’s Social Security number.
Parent or guardian’s valid photo ID (e.g., driver’s license or passport). Parent or guardian’s contact information.
Cash or a check for the initial deposit (if required).
Student ID with photo.

Learn about PNC Banking Opportunities for Teens

Prepare for Financial Conversations

With your parent, guardian, or a trusted adult

When you were my age, did you have a bank account?
Do you have any advice for me for how to use a bank account?
How would you feel about me opening a bank account? Is there a type of an account that you recommend?

With a banker

What account types do you offer? Do you have any special account types designed for someone my age?
Do you charge any account fees?
What interest rates are you offering right now?
What happens if I overdraft or use an ATM outside of your network?
What kind of digital banking opportunities do you offer?