Best Student Bank Accounts 2024
Having a bank account can help college students regardless of their financial circumstances. Several financial organizations are aware of this and provide bank accounts designed especially for college students and, occasionally, high school students.
Student bank accounts, which often have lesser balances than the institution’s offerings, often share the same fundamental structure. Since students are still learning how to handle their finances and manage money, these institutions might remove minimum balance requirements or maintenance fees, give free ATM withdrawals, or even offer budgeting applications or programs. While some accounts have an age restriction, these accounts are often open to anyone enrolled full-time in school.
For a busy student, banking with the correct institution can make a major difference. We have put up a list of the top student bank accounts based on price, convenience, and flexibility to assist students in finding the best option for their individual financial circumstances.
Best Student Bank Accounts as of December 2023
- Best Overall: Chase Bank College Checking Account
- Best For High School Students: Capital One MONEY Account
- Best For Encouraging Saving: Bank of America Advantage Banking
- Best Fee-Free Account: Discover Cashback Debit Account
- Best For Creating a Budget: PNC Virtual Wallet Student Account
- Best Mobile App: Truist One Checking Account
- Best On-Campus Banking Experience: U.S. Bank Student Checking Account
Chase Bank College Checking Account
All the capabilities a student requires for banking are available with the Chase Bank College Checking Account. The Chase College Checking Account offers no monthly service charge for students between the ages of 17 and 24 until after graduation (up to five years after opening the account). Students who open an account with Chase within 60 days of its opening must complete 10 qualifying transactions (such as direct deposit, debit card purchases, and online bill payments) in order to be eligible for the $100 sign-on bonus.
The vast statewide network of Chase’s more than 4,700 locations and 15,000 ATMs contributes to its allure.
Out-of-state students can make sure to locate a Chase ATM to avoid any costs and may be able to access their student account both on campus and from home with Chase. Nevertheless, despite Chase’s vast presence, neither Alaska nor Hawaii have any branches.
Capital One MONEY Account
For kids under the age of 18, the Capital One MONEY Teen Checking account is a great choice; account holders as early as 8 years old can open an account. Teens also obtain a fee-free debit card in their name, and there are no minimum balance requirements or monthly fees. Teen account holders have access to their money everywhere they go because to the more than 70,000 fee-free Capital One and partner ATMs. The account’s best feature is that it gives all balances 0.10% APY (annual percentage return), allowing high school pupils to understand the value of saving money.
In addition to being able to see transaction history and get text alerts about the account, parents have joint ownership of the account. Additionally, they can transfer a one-time or monthly allowance to the MONEY account by linking their own bank account—even if it isn’t with Capital One.
Although this type of account is ideal for minors under the age of 18, it is not required to be closed or carried over upon the account holder’s 18th birthday. Nonetheless, customers do have the choice to open a Capital One 360 Checking account of their own and move all or part of their balance into it.
Bank of America Advantage Banking
For any student under 25, Bank of America’s Advantage Banking program waives the monthly maintenance cost for general checking accounts (including those enrolled in high school, university, and vocational programs).
The minimum deposit for an Advantage Plus account is $100, and for an Advantage SafeBalance account, it is $25.
Overdraft protection is available on the checkless Advantage SafeBalance account.
Access to BofA’s Keep the Change® program, which rounds debit card purchases to the closest dollar and places the remaining amount in savings, is another benefit of having an Advantage Banking account. Aside from this benefit, this account is particularly helpful for first-time savers due to its interactive Spending and Budgeting feature that lets users track their spending and other financial habits and customize email and SMS alerts.
After they graduate or become 25, account holders are still able to keep their accounts. The account user will, however, be required to pay a somewhat hefty monthly maintenance cost after reaching these milestones: $4.95 for SafeBalance and $12 for Advantage Plus. If you meet the requirements for Preferred Rewards or have an average daily balance of $500 or more, you can avoid paying the SafeBalance cost. The cost of Advantage Plus accounts is eliminated if you meet certain requirements, such as being eligible for Preferred Rewards, having a minimum monthly direct deposit of $250, or keeping a minimum daily balance of $1,500.
Discover Cashback Debit Account
The Discover Cashback Debit Account is a great choice for anyone 18 years of age or older who wants all the benefits of a student account together with a debit card, even if it wasn’t designed with students in mind. Even after graduation, this account offers no monthly fees, no minimum deposit requirements, overdraft protection, or ATM fees. The 1% cash back offered on up to $3,000 in monthly debit card transactions is another attractive feature. This can result in up to $360 in cash back annually.
Free checks, free ACH and online bill payments, and free replacement debit cards are just a few of Discover’s numerous benefits. Additionally, Discover is a partner of the Allpoint ATM network, which offers free access to over 60,000 ATMs around the country.
But since Discover doesn’t have any physical locations, all issues will be resolved over the phone. Online transfers, direct deposits, mobile check deposits, and mail-in deposits are among the deposit methods available to account holders.
PNC Virtual Wallet Student Account
For as long as six years, regularly enrolled students can avoid paying the monthly service charge on the PNC Virtual Wallet Student Account, which has a $0 minimum deposit requirement. Three accounts are also included with the PNC Virtual Wallet: Spend, which is the primary checking account; Reserve, which is an interest-bearing checking account; and Growth, which is a long-term savings account. Students can easily manage their bills, set financial goals, and plan their spending and savings with the help of these accounts, interactive mobile apps, and PNC’s online educational articles.
Along with these special benefits, PNC also provides one free incoming wire transfer each statement, automatic courtesy refunds of overdraft fees on the first overdraft, and up to $5 in ATM fee reimbursement for fees assessed by other banks within a statement period.
Truist One Checking Account
The Truist One Checking Account, which waives fees for students under 25, has several helpful features in general (see below), but the Truist mobile app is what really sets it apart in this category.
Naturally, users of this cutting-edge and user-friendly program can pay their bills online. However, consumers may also choose how often they want to pay, track deadlines, set up email reminders, and examine electronic versions of paper bills. The program interfaces with Quicken and accepts payments through Zelle, making it simple for students to import and arrange their financial data and make an intelligent budget based on their actual spending habits.
There is a $50 minimum initial deposit for the account. The maintenance price is $12 per month, although students are exempt. There are numerous more simple ways to waive the student waiver once it expires. Furthermore, Truist provides free financial education materials to students, a debit card that may be customized, and fee-free transactions at more than 3,000 Truist ATMs.
The account has negative balance protection and no overdraft fees.
Unfortunately, only the District of Columbia and 17 states presently provide Truist financial accounts.
U.S. Bank Student Checking Account
The U.S. Bank Student Checking Account is the best option for students in the West, Midwest, and South. Account holders can utilize their student ID at ATMs and for PIN purchases, as well as link it to their bank account. Through the campus banking service, they can also get financial education to assist them manage their finances.
The U.S. Bank Visa debit card and the account’s monthly maintenance charge waiver for students are only two of its numerous advantages. With more than 2,000 locations, U.S. Bank provides student accounts with the same range of benefits as non-student accounts, such as free transactions at U.S. bank ATMs, mobile check deposit, Zelle payments, and online and mobile banking.
The first four ATM transactions made by non-US banks during a statement period are free of ATM fees.
Pros and Cons of Student Bank Accounts
- Fewer fees and restrictions
- May offer special discounts
- May offer more convenient access
- Stricter eligibility requirements
- May offer less interest and fewer features
- Eventually transitions to a less-friendly account
Pros Explained
Fewer fees and restrictions:
For student bank accounts, most banks either waive or significantly lower the fees. Additionally, they might lift some limitations, such as the minimum deposit required to start an account.
May offer special discounts:
Certain student bank accounts, particularly those issued by neighborhood banks and credit unions, might provide you with savings on purchases made from well-known companies on and around campus.
May offer more convenient access:
There are also a few nearby credit unions and banks with branches on campuses. In order to make it easier for you to access your money, banks occasionally also waive ATM fees for student bank accounts.
Cons Explained
Stricter eligibility requirements:
Most student bank accounts are only available to under-24-year-olds attending high school and colleges. Upon opening an account, you could also be required to provide documentation of your enrollment.
May offer less interest and fewer features:
Bank accounts for students typically have lower interest rates than those available to the broader population. Additionally, the majority forbid overdrafting on accounts.
Eventually transitions to a less-friendly account:
Most banks will immediately switch you to a regular bank account—often one with exorbitant fees that you may not be used to dealing with—once you hit the account’s age restriction.
Alternatives to Student Bank Accounts
Although they have many benefits, the best student bank accounts are not your only option for managing your finances while you’re in school. In addition to or instead of a student bank account, you might want to think about the following alternatives:
Joint bank account with parent or guardian:
Everyone may view all transactions and simply contribute additional money when your parent or guardian is registered as a joint account holder on a regular account (or even a student bank account, if your bank permits it).
Reloadable prepaid debit cards:
Prepaid debit cards are another easy way to add additional money, but they don’t allow you to save money and may have expensive fees. Instead, they keep you from overdrawing your account.
High-yield checking and savings:
These accounts, which are frequently only accessible online, can be a better option overall than student checking accounts because there’s no need to worry about switching accounts when you get older. To learn more about your options, check out the top high-yield checking and savings accounts.
If you’ve had trouble managing previous bank accounts, it may be difficult for you to be eligible for a student bank account. Although second-chance bank accounts are more costly, they provide a means of gradually becoming eligible for a better checking account.
If you don’t mind conducting all of your banking remotely and are aware of the drawbacks, such tech difficulties, these internet app-based banks frequently offer fantastic interest rates and fascinating features for the general public.
Many credit unions provide the same privileges for student bank accounts as commercial banks, although not being considered “banks” in the traditional sense. Nonetheless, credit unions are nonprofit financial organizations with advantages and disadvantages.
Methodology
Examining banks that provide accounts specifically targeted at students or accounts that offer perks comparable to those targeted at students is part of the research for this article. Based on costs, minimum deposits, and accessibility, the banks were contrasted. Not only do the seven “best of” accounts satisfy all of our criteria for being deemed essential for a student, but they also happen to be widely accessible, reasonably priced, and offered by reputable financial institutions.
What Is a Student Bank Account?
Students in college and high school who are under a specific age, typically 24, can apply for a student bank account, which is a sort of checking account with unique features and price. Banks provide student checking accounts in an effort to foster customer loyalty and teach young people how to handle money with a low-cost, simpler account.
What Is the Best Student Bank Account?
What you require determines which bank account is best for students. Depending on the features you want in a bank account and the possibilities accessible in your location, the best student bank account for you may differ significantly from that of a student on the other side of the nation. Generally speaking, you should search for a low-cost account that allows you to deposit and withdraw funds as needed; extras like interest-bearing accounts and debit card incentives are also fantastic, provided you can obtain them.
What Is the Best Bank for Students?
It just depends on what you can get locally and what you want in a student bank account. There isn’t one great bank for all students. Good options that are accessible across the country are banks like Capital One, Discover, and Chase.
Can I Open a Standard Bank Account as a Student?
Yes, provided that you fulfill the prerequisites for opening a standard bank account. Standard bank accounts come with varying fees and features, and they could have a minimum opening deposit requirement.
What Are the Benefits of a Student Bank Account?
Student bank accounts come with a number of significant advantages. First of all, they are simpler to open and maintain because they have lower minimum deposit requirements. Furthermore, most student accounts do not charge monthly maintenance costs; many also pardon overdrafts and do not charge ATM fees. These benefits enable young people to learn money management techniques without being hindered by little mistakes. Lastly, a lot of banks go above and beyond in providing student account holders with budgeting tools, applications, and instructional content to aid in the development of their money management abilities.
Should You Open a Student Bank Account?
Opening a student bank account is not required for all students. It’s not necessary for any student to have a checking account if they already have strong financial practices established and maintain regular deposits. But for those who qualify, student bank accounts are an appealing alternative due to their low fees and other benefits. Whether or not a student requires the financial security that a student bank account offers, it is undoubtedly advantageous to take advantage of rewards and fees that are eliminated.
What Happens to a Student Bank Account Upon Graduation?
When a student account reaches a certain milestone—like graduation or a specific age for the account—banks typically convert it automatically into a normal account. To keep the student’s bank account open, the bank could need documentation of the student’s continuous enrollment if the course takes longer than four years to complete.