Best Student Bank Accounts

Opening a bank account is something that all college students, regardless of their current financial standing, may benefit from doing. As a result of this, several banks and other financial organizations have started offering student bank accounts that are tailored exclusively to the needs of high school and college students.

Student bank accounts normally have the same fundamental structure as the institution’s regular offerings, with concessions made for the typically smaller sums that students carry in their accounts. Because students are still learning how to handle money and navigate their financial lives, these institutions may waive maintenance fees or minimum balances, offer free ATM withdrawals, or even provide budgeting apps or programs. This is because students are still learning how to handle money and navigate their financial lives. In most cases, anybody who is enrolled in school full-time is eligible for one of these accounts; however, some of these accounts have age restrictions as well.

Working with the appropriate financial institution might make a significant impact on a student who is always on the go. We have developed a list of the top student bank accounts, based on flexibility, convenience, and cost, in order to assist students in finding the greatest match for their individual financial circumstances. This list can be seen here.

The Best Checking and Savings Accounts for Students as of September 2022

College Checking Account offered by Chase Bank

The Chase Bank College Checking Account provides all of the capabilities that are necessary for a student to conduct financial transactions. The Chase College Checking Account does not charge a monthly maintenance fee to college students between the ages of 17 and 24 until after they have completed their education (up to five years after opening the account). The following are eligible for the Chase sign-on incentive of $100: In order to be eligible, students must perform 10 qualifying transactions (including direct deposits, debit card purchases, and online bill payments) within the first 60 days after creating their account. Additionally, students must enroll in paperless statements.

The fact that Chase has over 4,700 locations and 16,000 ATMs around the country contributes to the bank’s overall allure. Students who will be attending schools in other states should feel sure that they will be able to access their Chase student account both on campus and from home, and they should also feel confident that they will be able to locate a Chase ATM to avoid any penalties. Nevertheless, despite the vastness of its presence, Chase does not have any locations in the states of Alaska or Hawaii.


  • $100 sign-up bonus
  • Eligibility up to age 24

  • Monthly service fee (after graduation)
  • Overdraft fees

Other important information:

  • Minimum deposit: $0
  • Interest: None


  • Fees:

Monthly Fees: There is no monthly charge assessed while a student is enrolled in college, but there is a $6 monthly service fee assessed after graduation (this price is eliminated with a $5,000 average daily amount or with a direct deposit).
The overdraft price is $34 per individual overdraft, up to a daily maximum of $102 in overdraft penalties. Items with a charge of $5 or less, as well as withdrawals from ATMs, will not be subject to the cost. If a student’s account balance at the conclusion of the business day is overdrawn by less than $5, the insufficient fund fee will not be assessed to the student’s account.
Transactions at non-Chase ATMs are subject to a fee of $3.


More than 4,700 different locations.

16,000 ATMs

Capital One MONEY Account

An ideal choice for kids under the age of 18, the Capital One MONEY Teen Checking account is available to customers beginning at the tender age of eight years old. Teens get a debit card in their name that is likewise free of charge and there are no minimum balances or monthly fees associated with the account. Teen account users can access their cash almost everywhere because of the more than 70,000 fee-free ATMs offered by Capital One and its partners. The best part of the account is that it gives 0.10% APY (annual percentage yield) on all balances, which means that high school kids may learn about the advantages of saving money.

The parents are co-owners of the account, which means they have access to transaction history and may get account-related warnings through text messages. They may also connect their own bank account (even if it isn’t with Capital One) to the MONEY account in order to send either a regular allowance or a one-time sum of money.

Even though this is an excellent account for teenagers under the age of 18, there is no need that the account to be closed or rolled over when the account user reaches 18. Account holders do, however, have the option of starting their very own Capital One 360 Checking account and moving part or all of their existing amount onto that account.


  • Takes account holders as young as 8
  • Earns interest
  • Account holders can keep their accounts after they turn 18

  • Checking comes with some fees

Other important information:

  • Minimum deposit: $0
  • Interest: 0.10% APY
  • Fees:
  • Monthly Fees: $0
  • Overdraft Fee: $0 with Auto-Decline or Free Savings Transfer (with linked savings account).
  • ATM Fee: $0
  • Accessibility:
  • More than 70,000 ATMs nationwide

Bank of America Advantage Banking

The Advantage Banking program offered by Bank of America is a standard checking account that exempts students who are under the age of 25 from paying the standard monthly maintenance cost (including those enrolled in high school, university, and vocational programs). When opening an Advantage SafeBalance or Advantage Plus account, a minimum deposit of either $25 or $100 is required, accordingly.

The Advantage SafeBalance account does not need checks, but it does provide protection against overdrafts.

Keep the Change® is a service offered by Bank of America that automatically rounds up the number of transactions made with debit cards to the next dollar and saves the difference. Advantage Banking customers have access to this service. In addition to this perk, this account is particularly useful for beginning savers due to its customizable account alerts for email and text messages and its interactive Spending and Budgeting tool, which enables account holders to create a budget and track their spending as well as other financial habits.

Account holders may continue to use the account after reaching either the age of 25 or graduation. However, once these benchmarks are reached, the account user will be required to pay a somewhat expensive monthly maintenance cost, which is $4.95 for SafeBalance and $12 for Advantage Plus.


  • Interactive spending and budgeting tools, including roundup and deposit of debit-card purchases “spare change”
  • The account continues after graduation
  • Overdraft protection

  • Required minimum deposit of as much as $100
  • High maintenance fees upon graduating or reaching the age of 25

Other important information:

  • Minimum deposit: $25 for Advantage SafeBalance and $100 for Advantage Plus
  • Interest: None34
  • Fees:
  • Monthly Fees: waived for students under age 25 (normally $4.95 per month for Advantage SafeBalance and $12 per month for Advantage Plus)
  • Overdraft Fee: $0 for Advantage SafeBalance, $35 for each overdraft over $1 with Advantage Plus
  • ATM Fee: $2.50 for Non-Bank of America ATM transactions, $5.00 outside the U.S.
  • Accessibility:
  • 4,100 branches
  • 16,000 ATMs

Discover Cashback Debit Account

Despite the fact that the Discover Cashback Debit Account was not designed with students in mind, it is a fantastic choice for anybody aged 18 or older who wants all of the benefits associated with a student account in addition to a debit card. The advantages of this account remain even after graduation, since it does not need a minimum deposit, has no monthly cost, does not charge an overdraft fee, and does not charge an ATM fee. One further significant benefit is the opportunity to earn 1% cash back on up to $3,000 in monthly debit card transactions; this may result in up to $360 in cash back over the course of a year.

Free checks, free online bill pay and ACH payments, and free replacement debit cards are just some of the many benefits offered by Discover. Discover is also affiliated with the Allpoint ATM network, which gives cardholders free access to over 60,000 ATMs around the country. However, Discover does not have any physical locations that customers may visit, thus customer service for any issues must be conducted over the phone. Account-holders deposit choices include online transfer, direct deposit, mobile check deposit, or mail-in deposit.


  • Free checks, replacement debit cards
  • No maintenance, overdraft, or ATM fees
  • 1% cash back on debit card purchases

  • Not specifically geared to students
  • No physical branches

Other important information:

  • Minimum deposit: $0
  • Interest: None, cash back only
  • Fees:
  • Monthly Fees: $0 monthly fee
  • Overdraft Fee: $0—no charge for overdrafts or insufficient funds. Account-holders may sign up for their free overdraft protection if they have another deposit account with Discover. This protection will cover the insufficient funds in the cashback debit account and prevent the transaction from being declined.
  • ATM Fee: $0
  • Accessibility:
  • No physical branches
  • 60,000 ATMs nationwide

PNC Virtual Wallet Student Account

When the PNC Virtual Wallet Student Account is started online, there is no need for a minimum deposit of any kind, and the monthly service cost is waived for as long as a student is actively enrolled in school (up to a maximum of six years). In addition, the PNC Virtual Wallet provides its users with three accounts: Spend, which is the main checking account, Reserve, which is a checking account that earns interest, and Growth, which is savings account for the long term. A student will have an easier time managing their expenses, developing their financial goals, and planning their spending and saving with the help of these accounts, their interactive mobile capabilities, and the online instructional materials provided by PNC.

PNC also provides its customers with a number of one-of-a-kind benefits, such as an automatic refund as a courtesy of an overdraft fee on the first overdraft, one free incoming wire transfer per statement, and ATM fee reimbursement for any fees levied by other banks per statement period, up to $5. In addition, PNC offers a number of competitive interest rates on personal and business checking accounts.


  • Automatic courtesy refund of your first overdraft fee
  • Earn interest (Reserve and Growth accounts)

  • $36 overdraft fee, which can be charged 1 time per day
  • Low-interest rates

Other important information:

  • Minimum deposit: $0 if opened online, otherwise the Spend account has a $25 minimum
  • Interest: Varies
  • Fees:
  • Monthly Fees: $0 for six years of active enrollment in school
  • The fee for going over your overdraft limit is $36 per overdraft, with a daily cap of $36. The first time you go over your limit, you won’t be charged an overdraft fee. Account holders have the option to join up for free overdraft protection, which connects the Spend account to the Reserve and/or Growth account. This provides continuous coverage for account users
  • Accessibility:
  • 2,600 branches
  • 19,000 ATMs

Truist Student Checking Account

The Truist Student Checking Account is designed for students who are less than 23 years old and comes with a number of handy features in general (see the list that follows), but the Truist mobile app is what really sets it apart in this regard.

Of course, customers are able to pay their bills online using this software, which is both cutting-edge and simple to use. In addition to this, users are able to browse electronic copies of paper invoices, monitor dates on which payments are due, create email reminders, and choose the frequency of their payments. Students may simply collect and organize their financial information and establish a smart budget based on real spending habits with this software since it interacts with Quicken and enables payments to be made using Zelle.

Because there is no demand for a minimum deposit, there is no necessity for a monthly fee, and there is no requirement for a direct deposit, maintaining money in this account comes at a low cost. In addition, Truist provides students with free materials for financial education, a debit card that may be personalized, and the ability to make fee-free transactions at more than 3,500 ATMs around the country. However, overdraft costs are often rather significant, unless the customer chooses to opt-out of overdraft protection in order to avoid these fees.

Regrettably, at this time, banking accounts with Truist are only offered in the District of Columbia and 17 states.


  • No direct deposit requirements
  • Non-Truist ATM fees waived twice per month

  • Confusing overdraft protection options
  • $36 overdraft fee, which can be charged three times per day
  • Only available in 17 states and the District of Columbia

Other important information:

  • Minimum deposit: $0
  • Interest: None
  • Fees:
  • Monthly Fees: $0
  • Overdraft Fee: $36 per overdraft, for a maximum of $108 per day. Students may also sign up for Overdraft Protection, which requires a link to an account to cover overdrafts.
  • ATM Fee: $5.00 for non-Truist international ATM transactions. This fee is waived twice per statement cycle.
  • Accessibility:
  • About 3,000 ATMs nationwide

What are the Advantages of Having a Bank Account for Students?

Students who have their own bank accounts enjoy a number of significant perks. To begin, the minimum deposit requirements are lower, which makes it much simpler to create and continue to keep these accounts. The majority of student checking accounts do not charge monthly maintenance costs, and many of these accounts also do not charge ATM fees or penalize students for overdrafts. Because of incentives like these, young people are able to learn how to handle their money without the risk of having even little errors put them back. Last but not least, in order to assist students in developing their abilities in managing their finances, many financial institutions go to great lengths to provide budgeting tools, instructional applications, and educational material to account holders who are students.

How Do You Open a Bank Account If You Are a Student?

The process of obtaining a student account is quite similar to the process of opening a standard bank account; the only difference is that opening a student account takes a little bit of additional identification, namely verification that the individual is enrolled in an educational institution. Expect to supply any or all of the following information, regardless of whether you apply in person or online:

a current and valid student ID that includes a picture
Transcript of the school’s work Letter of admittance to the college

In addition, just as with any other account, you will need a government-issued ID (such as a driver’s license or passport) in addition to your Social Security number.

Should You Get a Bank Account for Your Student Status?

A student checking account is not required of every single student. It is not always necessary to have a student checking account, particularly for students who already have solid financial habits and a normal checking account. However, the cheap cost of student bank accounts, in addition to their other advantages, makes them an appealing choice for everyone who is eligible for them. It is undoubtedly to a student’s benefit to take advantage of eliminated costs and given perks when opening a student bank account, regardless of whether or not the student needs the financial guardrails that a student bank account provides.

When a student completes their education, what happens to their student bank account?

When a student reaches a certain milestone in life, such as graduating from college or reaching a certain age, their student checking account will often be automatically upgraded to a conventional checking account by the bank. This might be the case. However, if it takes the student longer than four years to graduate, the bank may request evidence that the student is still enrolled in order to keep the student’s bank account open.


As part of the research for this post, I looked at financial institutions that provide student checking and savings accounts, as well as accounts that provide advantages that are comparable to those offered by student accounts. The banks were evaluated and ranked based on their costs, required deposits, and ease of access. The seven bank accounts that we have determined to be worthy of the title “best of” satisfy all of the criteria that we consider to be essential for a student, but in particular, they are easily accessible, inexpensive, and offered by reputable financial institutions. In addition, we have determined that they are worthy of the title “best of.”

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