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Explore the following glossary of common financial terms and acronyms to understand financial concepts and jargon better.

Opening a bank account as a high school student is a great way to start building your financial literacy skills. Here are general steps you can follow:

1. Choose a bank:

Do your research and find a bank that offers the features you need, such as low or no fees, online banking, and a good interest rate. Some youth-friendly banks include: Capital One, Navy Federal Credit Union, Alliant Credit Union and Connexus Credit Union. Compare your checking accounts options with NerdWallet’s tool.

2. Gather required documents:

Typically, you’ll need to provide identification documents such as a driver’s license or passport, proof of address, and your Social Security number.

3. Get a parent or guardian involved:

If you’re under 18, you’ll need a parent or legal guardian to co-sign on the account with you. 

4. Schedule an appointment:

Call or visit the bank to schedule an appointment with a representative who can help you open your account. Remember to read the terms and conditions carefully before opening an account, and make sure you understand the fees and requirements associated with the account you choose.

5. Get a deposit ready:

Bank institutions require you to make an initial deposit to open the account. The amount required may vary depending on the bank and type of account you choose. Usually, initial deposits range between $25 and $100.

6. Activate your account:

Once your account is set up and funded, you can activate it and start using it! 

Acquiring a credit card as a high school student is a great way to build credit early and establish a good credit history. However, getting a credit card in high school may be challenging, but can be rewarding in the long run. That’s why we are here to guide you through the process.

1. Choose a credit card company:

Do your research and find a credit card that offers the features you need, such as low or no fees, online banking, and a good interest rate. Some youth-friendly credit companies include: Capital One and Discover. Compare your credit card options with NerdWallet’s tool.

2. Be at least 18 years old:

To open a credit card account on your own, you must be at least 18 years old. If you are younger than 18, you may need to have a parent or guardian co-sign on the account.

3. Have a source of income:

Credit card issuers want to see that you have a way to pay back any money you borrow. If you have a part-time job or another source of income, that can help you qualify for a credit card.

4. Compare credit card options:

Look for credit cards that are designed for students or people with limited credit history. Compare the interest rates, fees, rewards, and other features of different cards to find one that fits your needs.

5. Apply for a credit card:

Once you’ve chosen a credit card, you can apply online or in-person. Be prepared to provide your personal information, such as your name, address, and social security number, as well as information about your income and employment.

Here are some steps to follow when applying for scholarships as a high school student:

1. Start early:

Begin searching for scholarships during your junior year of high school or earlier so that you have enough time to research and apply to multiple scholarships.

2. Learn where to look:

  • Do local research: Ask your high school about scholarships. Are any local organizations offering scholarships in the region?
  • Tap into Google: There are many scholarship directories available. Such as College Board, Scholarship.com, and Scholly, 
  • Seek scholarships related to your interests: Look for scholarships related to your major and extracurriculars, such as sports.

3. Make a list:

Create a list of potential scholarships you want to apply for, and make note of the requirements, deadlines, and any additional application materials needed.

4. Check eligibility:

Confirm that you meet the eligibility requirements for each scholarship before applying. Some scholarships may be specific to certain majors, extracurricular activities, or geographic locations.

5. Prepare application materials:

Gather all the materials required for each scholarship, such as transcripts, essays, recommendation letters, and resumes. 

6. Apply to multiple scholarships:

Don’t put all your eggs in one basket. Apply to as many scholarships as possible to increase your chances of receiving funding.

Here are some steps to follow when applying for scholarships as a high school student:

1. Start early: Begin searching for scholarships during your junior year of high school or earlier so that you have enough time to research and apply to multiple scholarships.

2. Learn where to look:

  • Do local research: Ask your high school about scholarships. Are any local organizations offering scholarships in the region?
  • Tap into Google: There are many scholarship directories available. Such as College Board, Scholarship.com, and Scholly, 
  • Seek scholarships related to your interests: Look for scholarships related to your major and extracurriculars, such as sports.

3. Make a list: Create a list of potential scholarships you want to apply for, and make note of the requirements, deadlines, and any additional application materials needed.

4. Check eligibility: Confirm that you meet the eligibility requirements for each scholarship before applying. Some scholarships may be specific to certain majors, extracurricular activities, or geographic locations.

5. Prepare application materials: Gather all the materials required for each scholarship, such as transcripts, essays, recommendation letters, and resumes. 
6. Apply to multiple scholarships: Don’t put all your eggs in one basket. Apply to as many scholarships as possible to increase your chances of receiving funding.