10 Best Student Checking Accounts Of 2024
For young individuals starting to manage their funds, student checking accounts are the best option. Although student checking accounts are provided by many banks and credit unions, you should shop around because these accounts frequently have fees and minimum balance requirements.
To assist you or your student start their financial path with confidence, we’ve compiled a list of the top student checking accounts currently available. We’ve focused on accounts with low fees and user-friendly features.
Our recommendations for the best student checking account for November 2023
Best for banking in person: Chase College CheckingSM
For students, Chase College CheckingSM is the best option when it comes to bank branch visits. For as long as you are enrolled in college, there are no monthly fees associated with the account. With more than 15,000 ATMs and a presence in all 48 contiguous states, Chase is the largest bank in the country. After completing ten qualified transactions, new users can receive a $100 incentive.
In general, Chase offers excellent online and mobile banking along with exceptional customer service. As a participant in the Zelle network, users can send and receive money almost instantly to and from other Zelle-enabled accounts. There are fees associated with the account for infrequent activity like overdrafts and using ATMs that are not part of the network. If you don’t complete other activity requirements or keep your $5,000 ending daily balance, there will be a $6 monthly fee after five years.
A better option for younger pupils would be the Chase High School Checking account.
Best for free ATMs nationwide: Axos Rewards Checking
Chime Checking is highly recommended due to its user-friendly features and affordable rates. The account carries almost no fees. This excludes overdraft costs, minimum balance requirements, and monthly service fees. With over 60,000 ATMs, Chime does not impose any fees. You’ll probably only be charged when using an ATM that isn’t part of the network.
Best for study abroad: Charles Schwab Bank Investor Checking
A checking account with no minimum balance requirements or recurring fees is offered by Charles Schwab Bank. The account’s notable advantages for studying abroad include limitless international ATM fee reimbursements and no foreign transaction costs while using the account’s debit card.
You can get a Schwab One brokerage account by creating a Schwab Bank checking account. It’s a wise choice to invest after graduation and begin accumulating cash for the future, even if you don’t do so while still in school. Interest is also paid on deposited amounts in the account. Although it’s not the greatest interest rate, it’s still better than the typical checking account, many of which don’t give account holders any interest at all.
Best for joint account with a parent: Capital One MONEY
Capital One MONEY, marketed as a teen checking account, is a fantastic choice for adolescents between the ages of eight and seventeen. Joint checking accounts for money are held by minors and their parents or legal guardians. There are no minimum balance requirements or recurring monthly fees for this account. It allows for parental controls, allowing the adult to keep some supervision. The adolescent can switch to a Capital One 360 Checking account at the age of 18.
It’s a terrific way to learn about banking without having to worry about large, unexpected expenditures because there are over 70,000 ATMs that are fee-free and there are no fees for regular banking operations. The account offers a low rate of interest on balances. Although you can use the account mostly online and without going to a branch, you can also bank in person if you reside close to a Capital One facility.
Best for military families: USAA Youth Spending Account
The only people who can use USAA’s services are veterans, active duty personnel, and their families. It is renowned for providing excellent customer service together with extremely affordable prices. There are no overdraft or monthly fees associated with the USAA Youth Spending Account. In addition to becoming the joint account holder, parents and guardians can also set up other parental restrictions, such as account notifications.
Only children up to the age of 17 are eligible for USAA Youth Spending Accounts. USAA Classic Checking is also a great option if you’re eighteen or older. However, the tiny 0.01% APY interest rate on both of these accounts makes it more probable that you should utilize a different savings account if you wish to earn on greater sums.
Best for no minimum account balance: Discover Cashback Debit Account
An virtually fee-free checking account is the Discover Cashback Debit Account. Sending external wire transfers is the only fee. When utilizing the account’s debit card for purchases up to $3,000 each month, users can receive 1% back. The online account has an optional overdraft protection feature and is user-friendly.
Although Discover cards are accepted almost everywhere in the US, their acceptance is not as broad as that of Visa or Mastercard. Still, this is the only drawback. One pleasant feature that most current bank accounts don’t offer to college students is the option to earn cash back on everyday expenditures like groceries or textbooks.
Our methodology
Our experts examined dozens of checking accounts, paying particular attention to costs, online banking features, free ATM access, interest rates, and other banking choices in order to select the top student checking accounts. The top overall accounts on our list make it simple for students to manage their money online or through the banks’ mobile applications, and they provide minimal or no fees for regular banking use.
How to pick the right student checking account for you
Think about how you want to use the account while choosing the ideal student checking account for your particular requirements. For example, while some people would rather visit a bank branch, the majority of accounts are only accessible online. When selecting a checking account, these are the primary factors that the majority of students and their families ought to consider.
Monthly fees and minimum balance requirements:
Fees are one of the most crucial aspects of checking accounts to consider. costs for activities you’ll do on a regular basis or recurring costs can quickly mount up. You can preserve as much of your hard-earned money as possible by avoiding fees. Fees may have an even greater influence on a student who is struggling financially.
It can be expensive to pay $2, $5, or more each time you need cash. The majority of banks provide a network of free ATMs. Some even pay back the costs that non-network ATMs charge.
Frequently utilized capabilities include bill payments, check deposits via mobile devices, and online transfers. Make sure your needs are satisfied by thinking about what you require from an account.
Requirements to open a student checking account
For minors under the age of 18, the majority of student checking accounts require a joint account holder. Not all legal adults (18 years of age or older) require a joint account. There can be a minimum deposit needed to start a new account, depending on the bank and account you select. Certain accounts are restricted to citizens of particular states or regions. To join or register as a new user, a fraction of accounts could need military membership or other affiliations.
How many student checking accounts are you allowed?
There are banks that put limits on how many accounts you can open with them. There is no restriction on having numerous accounts at different banks. It can be more difficult to manage and stay on top of your finances if you have more accounts.
What happens to the student checking account once you graduate?
Accounts usually convert to a basic adult checking account offering, albeit this depends on the bank. There may be changes to fees and minimum balance requirements when transferring to a new checking account.
What are the benefits of a student checking account?
Checking accounts for students have a number of benefits. Many have fees that are either waived or reduced from standard checking accounts. In order to help students learn how to handle their bank accounts for future financial success, they might also include tools that allow parents to co-manage the account.
Should you open a student checking account?
It is up to you and your family to choose whether a student checking account is necessary for the majority of pupils. Personal checking accounts would be beneficial for the majority of students who live away from home. Student checking accounts are a popular option for young individuals who want to start managing their finances since they provide useful features and benefits, even for those who live with their families.