Teens to spend millions of own dollars on back-to-school supplies

Posted at 9:51 AM, Aug 12, 2014

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.

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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.