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A student checking account is a great way to begin building your personal finance foundation. Save up and pay for grown-up expenses like your rent, the gym membership, or a nice date.
Below is our review of the 10 best student checking accounts currently.
Bank pages you may like:
What To Consider When Choosing A Student Checking Account
Checking Account Features:
- Debit Card: AKA your new best friend. It’s used in lieu of cash when making purchases.
- Electronic Deposits: Deposit your salary, tax refund and student loan instantly, instead of waiting for a check in the mail and going to the bank to deposit it.
- Online & Mobile Banking: Pay bills, track your purchases, transfer money, send or receive money and deposit checks without having to step foot in a bank.
Checking Account Fees:
There are many different kinds of fees associated with checking accounts. For students, you’ll want to pay particular attention to:
- Monthly maintenance fee
- Non-bank ATM fee
- Overdraft/non-sufficient funds (NSF) fee
- Overdraft transfer fee
- Continuous overdraft fee
- Paper statement fee
Overdraft Protection:
Overdraft protection is when the bank covers for you in instances when there’s not enough money in your bank account. However, the convenience of overdraft protection can rear its ugly head by compounding quickly into hundreds of dollars in fees.
Make sure you know your bank’s overdraft fees and link up to a savings account or credit card. Overdraft transfer fees are generally much less expensive than overdraft protection fees.
Opening A Checking Account:
So you’ve done your research and you know which bank account to open. Here’s what you will need:
- Basic Information: Including your social security number, mailing address, phone number, and email address.
- Two Forms of ID: Your driver’s license and student ID will suffice.
- Proof of Address: Any piece of mail with your name and home address.
- Initial Deposit: This varies from bank to bank and ranges from $0 to $100.
- Beneficiary: Kind of morbid, but the bank will want to know who would receive your money should you pass away.
Other Factors:
- Coverage: Unless you plan on solely banking online, make sure there are plenty of bank branches and ATMs near your home, school or work.
- Monthly Maintenance Fees: Most banks waive their monthly maintenance fee if you’re a student. Others, if you maintain a certain balance or have a steady direct deposit.
- Overdraft Fees: When you spend more money than you have available in your bank account, your balance becomes negative and banks will charge you for it. These overdraft fees vary from bank to bank. Read more about it in the overdraft section below.
- Perks: Account extras and benefits. These range from sign-up bonuses to fee waivers and cash back deals.
- Linked Savings Account: Some banks offer a free, linked savings account with your student checking. Build up an emergency fund, easily transfer between accounts, and lessen the load of potential overdraft fees.
Best Overall: Chase College CheckingSM
It’s a wonderful blend of low fees and accessibility.
Chase College Checking℠ $100 Bonus
- What you’ll get: $100 bonus
- Where it’s available: Available nationwide
- How to earn it:
- Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
- When it expires: 1/25/2023
Unique Features:
- Monthly maintenance fee ($6) is waived for students for up to 5 years if you’re a student between the ages of 17-24 at account opening with proof of student status.
- Fee-free access to 16,000 ATMs. Second highest number of bank branches in United States.
Enrollment Requirements:
- Student aged 17 to 24
- Parent co-owner if younger than 18
- $0 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
Best Fee-Free ATM Coverage: U.S. Bank Student Checking
Not only do you have access to over 3,000 branches and over 5,300 U.S. Bank ATMs, transaction made within the network of 24,000 MoneyPass ATMs nationwide are free of charge.
Unique Features:
- No minimum balance required.
- Wide fee-free ATM coverage.
- Up to 4 non-US Bank ATM transaction fees waived per monthly statement cycle.
- First order of checks free.
Enrollment Requirements
- Proof of active student enrollment
- Parent co-owner if younger than 18
- $25 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
Best For Savings: Bank Of America Student Checking
With BofA’s “Keep the Change” savings program and cash back deals, you’ll be steadily growing that nest egg of yours.
Unique Features
- “Keep the Change” savings program. BofA rounds up your purchases to the nearest dollar and deposits the difference into your BofA savings account.
- BankAmeriDeals. Earn cash back rewards with your BofA debit or credit card.
- Bank of America student credit cards with no annual fee. Get points on everyday purchases and trade them in for some great perks.
Enrollment Requirements
- Students age 23 or younger
- $25 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
Best Interest Rate: Capital One 360 Money
Most student checking accounts offer zero interest, but this one does a wee bit better offering 0.25% APY with no balance minimum.
Unique Features
- No minimum balance required.
- Fee-free access to 39,000 Capital One and Allpoint ATMs.
- Flexible overdraft options including:
- Auto declining charges when you don’t have enough funds to cover the transaction,
- Linking to a Capital One 360 Savings account to cover the charges,
- Using the one business day grace period to add sufficient funds, or
- Using Capital One’s Overdraft Line of Credit. The bank will cover the overdrawn amount. You’ll have to pay back with interest.
- 0.25% APY compounded daily.
- Free first set of checks.
Enrollment Requirements
- Parent co-owner with an active Capital One 360 deposit account
- No minimum opening deposit
- Must agree to accept electronic delivery of all communications
*See promotions and offers for non-student consumer accounts here.
Best Customer Support: TD Bank Student Checking
With everything automated these days, it’s refreshing to have the option to talk to a live person 24/7.
Unique Features
- No minimum balance required.
- 24/7 live customer support.
- Fee-free TD Bank Simple Savings account.
Enrollment Requirements
- Students up to age 24
- Parent co-owner if younger than 18
- $0 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
Best For Teens: Wells Fargo Teen Checking
A great account for teens to learn about budgeting and saving, with a very forgiving overdraft fee structure.
Unique Features
- Low overdraft fee of $15 per transaction with a max of 2 paid or returned transactions per business day.
Enrollment Requirements
- Teens aged 13 to 17 (max 18 in Alabama) with adult co-owner
- $25 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
Best For International Students: Santander Student Value Checking
With fee-free incoming international transfers, this account is perfect for international students who regularly receive money from mom and pops back home.
[Expired] Limited Time Bonus Offer
- $50 bonus offer expires 12/31/2020
- Get $50 when you open a new Student Value Checking account with minimum opening deposit of $10. You must make 10 debit card purchases that post to your account within 60 days of account opening.
Unique Features
- No minimum balance required.
- Fee-free incoming international transfers.
- Fee-free Santander Savings and Santander Money Market Savings accounts.
Enrollment Requirements
- Students age 14 to 25
- Parent co-owner if younger than 18
- $10 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
3 Accounts In 1: PNC Bank Virtual Wallet Student
This virtual wallet helps you learn how to manage your Spend, Reserve and Growth accounts and take advantage of each account’s different features.
Unique Features
- No minimum balance required.
- Get 3 accounts in 1. Checking, short-term savings and long-term savings.
- Up to 2 non-PNC Bank ATM transaction fees waived per monthly statement cycle.
- PNC Bank will refund your first overdraft or NSF fee in the first 12 months after account opening.
- Free overdraft protection.
- One free incoming wire transfer (domestic or international) per monthly statement cycle.
Enrollment Requirements
- Actively enrolled student
- Parent co-owner if younger than 18
- $25 minimum opening deposit ($0 if you open online)
*See promotions and offers for non-student consumer accounts here.
Relationship Rewards: KeyBank Student Checking
Earn points when you use your debit card, pay bills online and even just for signing up! Redeem your points later for gift cards, cash, travel and more.
Unique Features
- No minimum balance required.
- Up to $6 in non-KeyBank ATM transaction fees waived per monthly statement cycle.
- KeyBank Relationship Rewards. Earn points when you do everyday banking activities.
Enrollment Requirements
- Students age 16 to 24
- Parent co-owner if younger than 18
- $50 minimum opening deposit
*See promotions and offers for non-student consumer accounts here.
READ MORE: See The Best Bank Promotions Here And The Best Investing Promotions Here
Hi all. If you’re an international student, try signing up for North Loop (https://nolobank.com/). North Loop is a US digital bank account that international students can sign up for and transfer money to for free even before arriving in the US. The sign-up process was simple and took me only 5 minutes on my smartphone. I didn’t need to provide a US social security number (SSN) or individual tax identification number (ITIN) to sign up. By the time I arrived in the US, a Visa debit card for my account was already waiting for me in the mail at my US residential address. I now use my North Loop debit card to pay for most of my purchases here in the US and to withdraw or deposit cash at ATMs whenever needed.