Best Student Checking Accounts
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A checking account is essential for our day-to-day lives. Nobody likes to walk around the city with wads of cash in their pocket. This is where paperless money makes life so much easier. A debit card tied to your checking account can be a good way to handle daily purchases. You can transfer money online and write checks to pay the monthly bills. A student checking account will help build financial independence and generate money management skills while in college.
Many banks offer free checking accounts, while many have little fees for their services. Best banks have high-interest rates, mobile banking, fee-free ATMs, and low fees. As a student, you always look for low-fee or zero-fee checking accounts. But you also want to do more than just save your money in fees. Banks also offer accounts that pay interest, have cash-back rewards, offer overdraft protection, and are easy and convenient to use.
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What is a student checking account?
A student checking account is a checking account that is specially designed for students. Every bank will have its own age restriction for a student, and it could be high school students for some or college students for others. The best student checking accounts offer a sign-up bonus, no maintenance fees, no ATM fees, no minimum deposit requirement, online banking features, and free fraud protection. Here are the best student checking accounts for you. They are beneficial to college students who are always on the move.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Overview of the best student checking accounts
Bank | Best for |
Capital One 360 | Customer service |
Chase College Checking | Several branches |
Bank of America | All-in-one account |
Chime | Automatic savings |
PNC | For spending and saving |
Discover Cashback Debit | 1% Cashback |
U.S. Bank | Free trades with their brokerage |
Axos Bank | Unlimited ATM fee reimbursement |
Ally | Money management tool |
Wells Fargo | Customer service |
Charles Schwab Bank | Unlimited ATMs |
Best Student Checking Accounts
Capital One
If you are a student under 18, you can open the Capital One 360 Checking account as a joint account with a legal guardian or your parents. Anyone between the age of 8 years to 18 years can open the account. You do not have to worry about a minimum balance since there is no minimum to open the account, and you get to earn 0.10% APY on the balance. However, you will have to switch the account at 18.
A great feature of the account is that parents can set up email notifications or text alerts for account activity and card transactions so that they are aware of their spending. It also has no foreign transaction fees or monthly maintenance fees.
With more than 450 branches and 70,000+ fee-free ATMs, Capital One offers one of the best student checking accounts. No paper checks are in the account, but you can still deposit the checks you receive. There are no overdraft fees for consumer banking customers, and it offers high convenience and great customer service.
Chase College Checking account
Chase College Checking account is a great choice for students aged between 17 years to 24 years in age. You need proof of student status at the time of account opening and you will enjoy zero monthly service fees for the first five years. After that, the monthly fee is $12, and if you make a direct deposit of $500 or more in the account or have an average daily balance of at least $1,500, this fee is waived for you.
New customers earn $100 after completing 10 transactions 60 days after coupon enrollment. Chase has no monthly maintenance fee or deposit required to open an account. With more than 16,000 ATMs and 4,700 branches across the U.S. Chase College's checking account can be a great choice for you. It also offers a mobile check deposit service and does not charge an overdraft fee if you are overdrawn by $50 or less at the end of a business day.
Bank of America
Bank of America offers a student checking account with three options: Advantage Plus, Advantage Relationship, and Advantage SafeBalance. You can start with one based on your current lifestyle, and if anything changes say, you get a job, you can move to another account that works for you. They have any time, easy access to all ATMs and offer total security protection as well as fraud monitoring.
It has a $0 liability guarantee which means you will not be liable for any unauthorized transactions made using your card if you report promptly. The national bank has no maintenance fee for students under 25 and can show enrolment in an educational program. The financial institution offers many budgeting tools and custom alerts where you know of any changes to your account.
Chime
Chime is an online-only company that works with banks for savings and checking accounts, and the FDIC insures them. It has many interesting features which make it worth your consideration. If you are a working student, Chime is a great choice. It comes with a money management app with an automatic savings feature that rounds up the change on each debit card transaction and will set aside the difference.
You do not have to pay monthly fees, enjoy an APY on all eligible balances and use more than 60,000 fee-free ATMs. Eligible users also get overdraft protection of up to $200. What sets Chime apart is its direct deposit feature. It allows you to access the paycheck two days before the scheduled payment date.
PNC
PNC is known for its virtual wallet service, which combines three types of accounts to help manage short-term and long-term financial needs. It has a basic checking account that you can use to spend, you can set aside money for rainy days and enjoy a variable yield on the savings account. This PNC Virtual wallet student checking account offers all the services in one place. There is zero service charge, and you enjoy a monthly courtesy overdraft.
Discover Cashback Debit
Discover Bank Cashback Debit is an ideal account for students looking for cashback. It has 1% cash back to a maximum of $3000 in eligible monthly purchases. That said, there is zero monthly maintenance fee or insufficient fund fee. Hence, you can keep more of the cashback.
It gives access to over 60,000 fee-free ATMs, and you get to enroll in the Discover Students Deposit program, which offers special perks. The combination of no fees and no minimum make it an ideal choice for young students. You can enjoy convenient online banking and unlimited fee reimbursements on all domestic ATM transactions.
U.S. Bank
If you want a U.S. Bank student checking logo on your checks, you can get one from the U.S. Bank. You can open an account if you are aged between 13 to 24. It is important to have an adult in the joint account for students aged between 13 to 17. The account has zero monthly maintenance fees and no ATM transaction fees. It waives the ATM fee on the first four non-U.S. Bank ATM transactions but the ATM might charge a fee. There is no overdraft fee when overdrawn, $50 or lower. With the U.S. Bank checking account, you can also enjoy 100 free trades in the calendar year if you have an account with their self-directed brokerage.
Axos Bank
Axos Bank is widely known for its checking account with no minimum deposit and no monthly fees. It offers nationwide free checking and easy access to ATMs, there is no requirement to maintain a balance. It does not have any overdraft fees and offers unlimited ATM fee reimbursement. It is not just a great student checking account but a great checking account option for all.
Ally Financial
Ally is an online-only bank with some great features. It has no minimum deposit requirement, no monthly maintenance fees, and all standard checks remain fee-free. While it does not have a separate student account, the checking account is an easy and accessible choice for students. The account balance will also earn interest, and you can use Ally’s app as a money management tool, making it easier to deposit checking, use online bill pay and save. It has no overdraft fee or monthly service fee.
Wells Fargo
Wells Fargo has an Everyday Checking account for students aged between 17 years to 24 years and enrolled in a college course. There are no monthly fees, and you get the online and mobile app with the account. If you are over 24, you will have to pay $10 a month unless you meet their other qualifying requirements, like receiving a minimum of $500 each month in direct debits or maintaining $500 or more daily balance in the account.
With this account, you can also make free domestic payments through Zelle and conveniently set up alerts to keep track of the money. ATM withdrawals are free, but there are overdraft charges of $35 for a transaction, capped at three charges per day.
Charles Schwab Bank
Charles Schwab checking account is another great option for students. There is no foreign transaction fee for debit card purchases, and it has a 0.45% APY on the balances. That said, it also reimburses the surcharges on ATMs nationwide. The account is linked with the Schwab brokerage account making it easier for you to start investing. Once you open the checking account, you will automatically open a brokerage account, and you can easily transfer funds between them for free. It has no monthly fee or minimum balance requirement.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Best student checking accounts summary
Bank | Monthly fee | ATMs | Key feature |
Capital One 360 | $ 0 | 70,000 | Mobile app |
Chase College Checking | $ 0 | 16,000 | 4,700 branches |
Bank of America | $ 0 | 16,000 | Budgeting tools |
Chime | $ 0 | 38,000 | Early direct deposit |
PNC | $ 0 | 60,000 | ATM network |
Discover Cashback Debit | $ 0 | 60,000 | Cashback |
U.S. Bank | $ 0 | 4,700 | 100 Free trades |
Axos Bank | $ 0 | 91,000 | ATM network |
Ally | $ 0 | 43,000 | Mobile App |
Wells Fargo | $ 0 | 12,000 | Customer service |
Charles Schwab Bank | $ 0 | Unlimited | Brokerage account |
FAQs
What is the age limit on a student checking account?
The age limit for a teen checking account will vary from bank to bank. Many have an eligibility of 17 to 24 years, while others are very lenient and are open to adults as long as they are enrolled in a recognized certificate program or degree.
Can I open a student checking account for a minor?
Some banks allow a 13-year-old to open a student interest checking account, but it has to be a joint account with an adult. Otherwise, banks only allow 18 years old and above to open an account.
Is it possible to open more than one student account?
Yes, you can open multiple student bank accounts.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
The bottom line
There is no particular student checking account that is ideal for you. It depends on your lifestyle and needs. Consider the student checking accounts listed here and understand their terms before you apply for one. Having a checking account as a student is a good way to start saving, growing, and investing your money. It will bring financial discipline into your life and prepare you for the future.
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Writer
Vandita Jadeja is a financial writer and editorial assistant at Joywallet. She loves to read and write about money and brings 7 years of experience from the financial industry. She loves coffee, mountains and sunsets.
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