Students usually don’t work full-time but they often need their own bank accounts. Opening a student checking account is a great way to establish some financial independence. Many banks might charge a maintenance fee that can cost around $15 a month if you don’t meet certain requirements. However, student bank accounts reflect the fact that the students have a relatively small income and are generally learning about money management. So the student accounts may waive this fee or minimum balances.
College kids benefit from being account holders, especially if they are planning to get student loans. Recognizing these needs, many financial institutions are geared towards the students.
Student accounts are mostly available to anyone who is enrolled in school or college full-time, although some accounts are age-limited as well.
Deciding where to bank can make a big difference since the right account will provide the students with flexibility, affordability, and many other factors. So how do you find the right bank account for your needs?
To solve this issue, we have curated a list of the best student bank accounts that will help you to choose the perfect bank account.
| Bank | Reason for choosing | Monthly Fees |
| Chase | Best offers overall | None, while in college, for up to 5 years. |
| Bank of America | Best for savings | None while under the age of 24 |
| Capital One | Best for high schoolers | None while under the age of 18 |
| Discover | Best for rewards | None, but must be 18 or older |
| US Bank | Best for no fees | None, but must be 18 or older |
1. Chase Bank
Chase stands out as the best bank for the students overall especially for college students aged 17-24. The bank provides enticing offers to students as long as they are in college (for up to 5 years). You won’t be charged any kind of monthly fees. In addition to this, Chase often runs promotions that will excite you to invest with them. For example, in May 2020, Chase offered a $100 bonus for opening a new Chase College Checking Account, (the offer was valid till July 9, 2020).
Along with this, if you have a student that is in high school, you can be a co-owner on their Chase High School Checking Account too. Students aged 13-17 can take benefits from this account, which has no additional charges.
Chase has a strong appeal with its network of 5,100 branches and 16,000 ATMs nationwide. The students that might go out of state to study can easily access their student accounts and the busy college students can use the fast mobile banking app that allows them to make deposits, send and receive money, and manage their accounts.
| Pros | Cons |
| $100 sign up bonus that is valid until 4/8/2021 | Monthly service fees (after Graduation) |
| Eligibility up to the age of 24 | $34 overdraft fee |
| No minimum deposit to open an account | There is no annual percentage yield (APY) |
| Top-Rated Mobile app | $2.50 for non- Chase ATM transactions |
2. Bank Of America
To save more with your debit card purchases, you can open an account with Bank of America Advantage SafeBalance Banking Account and enroll in Keep the Change.
This savings program rounds up your debit card transactions to the nearest dollar and transfers the difference from your checking account to your savings account. Along with this perk, the account is customizable for email and text alerts. And their interactive Spending and Budgeting tool will allow you to easily track your financial habits and create a budget. This account is very beneficial for beginning savers.
The account has no monthly maintenance fees if you are under 24 and are enrolled in high school, college, or university. Depending on the choice of your accounts, there are 2 types - the Advantage SafeBalance and the Advantage Plus version which have a minimum deposit of $25 or $100 respectively to open the account.
The Advantage SafeBalance is checkless but it is also set up so that it cannot overdraft. You can even utilize this account after you graduate or turn 24. However, you have to pay a monthly fee, and these fees are $4.95 per month for SafeBalance and $12 per month for Advantage Plus.
| Pros | Cons |
| The account continues after graduation | High maintenance fees after graduating or reaching the age of 24 |
| Interactive tools for spending and budgeting | Requires a minimum deposit of $100 |
| Automatic protection for overdraft |
3. Capital One
The Capital One 360 Money account is for students under 18 (in fact they can be as young as 8 years old). There are no monthly fees or minimum balance requirements. And you earn 0.10% APY on all balances.
Along with this, the teens also receive a debit card in their name that is free of charge as well. Parents are joint owners of this account and can set up text alerts and email notifications for card transactions and account activity so that they can monitor their kid’s spending.
This account is great for teens under 18. The accounts don’t have to be closed when the account holder turns 18. However, they can switch to a Capital One 360 checking account and can transfer some or all their balances into it.
The Money Accounts are paper-free, so there are no checks available.
If you want to learn more about Capital One accounts you can head over to BankQuality and check CapitalOne Reviews.
| Pros | Cons |
| Account-holders can be as young as 8 | Paper free; no checks available |
| 0.10% APY on all accounts | No return of out of network ATM fees |
| Parents can set up alerts for account activity |
4. Discover
Discover Cashback debit Account is not specifically dedicated to students. It is an excellent option for someone who 18 years or older and wants the benefits of student accounts along with the debit card.
This account offers a great opportunity to earn rewards on debit card purchases. And it is beneficial for students that are 18 or older who usually have to pay most of their expenses. Using a Discover debit card will give them 1% cashback if they make purchases up to $3,000 each month.
The cashback rate is much higher compared to other student checking accounts offering interest. The account comes with no monthly fee and minimum deposit. You can also enjoy other benefits like no overdraft fee, or ATM fee.
Discover is an online bank and there are no physical branches available for this bank. However, it provides 100% U.S.-based customer service and access to over 60,000 fee-free Allpoint and MoneyPass ATMs.
| Pros | Cons |
| No minimum deposit required to open an account | Not dedicated specifically to students |
| 1% cash back on debit card purchases each month | No physical branches are available |
| No maintenance, overdraft, or ATM fees |
5. U.S Bank
U.S. Bank is a great bank for students who require a physical branch along with student-focused features and a digital banking experience. This bank is the fifth-largest bank in the nation as well.
It’s another appealing offer is that Student Checking account holders have to pay nothing for their first four non-U.S. Bank ATM transactions per statement. This account also offers you to make mobile check-deposits and you can easily send and receive money via Zelle and you receive your personal set of checks for free.
| Pros | Cons |
| First-order checks are free | $36 overdraft fee, which can be charged up to 4 times a day |
| On-campus banking program turns student ID into a debit card | The on-campus program is only available in 16 states |
| Non-U.S. bank ATM fees are waived up to four transactions per month |
Conclusion
These are some of the banks that provide the best services and offer to students. However, it is always a smart move to learn about the banks before you invest in them.
Some banks might not provide you the services that are promised before opening an account.
So you can always read reviews and ratings about the banks and other financial institutions at BankQuality and get to know the best services so that your investment is worth it.