Teenagers will spend about $913 million of their own money on back-to-school items this year, according to the National Retail Federation. Total spending on back-to-school items is expected to hit $26.6 billion.
The highest cost will be electronics, with an average if $212 per student, according to the NRF.
Personal finance resource Wallet Hub issued suggestions for the best overall student checking accounts. AmericaNet Rewards Checking and Evantage Bank Rewards Checking were recommended because they do not charge a monthly fee and offer the ability to earn 1.5 percent APY on balances up to $10,000, according to Wallet Hub.
AmericaNet was also recommended as the best for saving.
Other Wallet Hub recommendations include:
-- Bofi Federal Bank Rewards Checking Account: No monthly fees, no overdraft fees, no NSF fees and more
-- American Airlines Federal Credit Union Priority Checking: Free ATM withdrawals worldwide, best for students traveling abroad
-- First Merchants Bank National Association Student Checking Account: One point for every $3 spent in signature transactions, which is good for students who seek rewards
Check out Wallet Hub’s other student checking account recommendations here.