8 Best Bank Accounts for College Students - NerdWallet (2024)

Pros:- No foreign transaction fees.- Some debit card purchases earn cash back.

Cons:- No branches.- It can cost up to $5.95 to deposit cash.- Joint accounts are not available; must be at least 18 to open an account.

The Varo Bank Account doesn’t charge a monthly fee or have a minimum balance requirement. If you’re studying or traveling abroad, you can use your Varo debit card without having to pay a foreign transaction fee. Debit card purchases at select brands earn up to 6% cash back, and you can earn up to 15% cash back by making purchases within the well-rated mobile app. Stateside, you have access to tens of thousands of ATMs as part of the Allpoint network, including machines at retailers such as Target and Walgreens.

Varo’s overdraft policy is to decline or return transactions if you don’t have enough money in your account to cover the charge. If your balance does become negative, you won’t be charged an overdraft fee.

Pros:- Numerous tools for budgeting and avoiding overdrafts.- 24-hour grace period for overdrafts.- Free ATM network includes machines at convenience stores such as Wawa and 7-Eleven.- No monthly fees or minimum deposits for the first six years.- Can be as young as 16 to apply for an account (requires a co-applicant who’s at least 18).

Cons:- $36 overdraft fee can be charged daily.- Branches not available in all states.

PNC Virtual Wallet Student is a combined checking and savings account. The account is free for the first six years for active students and you can access all the tools on PNC's highly rated mobile apps.

Its tools can be helpful for developing financially healthy habits. Low Cash Mode helps you avoid overspending and getting hit with overdraft fees. Extra Time gives you at least 24 hours to bring your Spend balance out of the red. Payment Control lets you choose whether to pay or return certain checks and ACH transactions if your Spend balance is negative. Intelligent Alerts let you know when your Spend balance drops below a threshold you choose.

Pros:- Massive ATM network of more than 80,000 fee-free machines.- Up to $20 in monthly rebates for ATM fees.- 0.25% annual percentage yield or APY with no minimum balance requirement.- No overdraft fees.- No monthly fees.

Cons:- Monthly electronic deposit is required to earn interest.

Alliant offers a checking account that makes it easy to get cash from an ATM: In addition to free access to more than 80,000 ATMs, account holders also get up to $20 in ATM fees reimbursed monthly. Plus, the account pays monthly dividends (the credit union equivalent to interest at a bank) as long as you sign up for electronic statements and have at least one electronic deposit (such as external transfers, a direct deposit or ATM deposit, or mobile deposits made using the credit union’s well-rated mobile app) each month.

Alliant’s overdraft policies are some of the best — it doesn’t charge any fees for overdrafts or overdraft protection transfers. You can opt into free overdraft protection to have transfers made from a linked account to cover transactions that would otherwise cause your balance to become negative. Without opting in to overdraft protection, transactions that would overdraw your account will be declined. Either way, you won’t be charged an overdraft fee.

Pros:- No overdraft fees and up to $250 in temporary coverage for overspending.- No fees or minimum balance requirements.- Get reimbursed for up to $10 in ATM fees each statement cycle.- Customer support is available through X (Twitter) and 24/7 by phone.

Cons:- No branches.- No cash deposits are accepted.

Ally’s checking account pays interest on any positive balance. In addition, it features one of the best overdraft coverage policies available: The bank doesn’t charge any overdraft fees and offers up to $250 in temporary coverage if you overspend. You can also set up overdraft transfers from a linked Ally account for free.

The account is free and the bank offers access to ATMs in the expansive Allpoint network (you can use the mobile app to find ATMs near you), plus, it reimburses up to $10 for out-of-network ATM fees each month. These features can make it easier to manage your money and help you maintain a positive balance.

Pros:- High savings APY.- Subaccounts for goal-based saving.- Customer support is available through X (Twitter) and 24/7 by phone.- No age requirement to open an account (must have a parent or legal guardian as the joint account holder).- Sign-up bonus (expires 12/31/2023).

Cons:- No branches.

Alliant’s Ultimate Opportunity account pays 3.10% APY, and you can start earning interest on balances of at least $100. Plus, the account offers a $100 sign-up bonus for accounts opened through 12/31/2023 (our bonuses roundup explains how to qualify.)

If you’re saving up for a significant expense like spring break or summer travel, it’s easy to create supplemental savings accounts that you can name for each specific goal. The account comes with an ATM card that you can use fee-free at more than 80,000 ATMs, including those in the Allpoint and Co-Op networks.

You must opt in to receive electronic statements to avoid the monthly fee, maintain a minimum monthly balance of $5 to keep the account open, and have an average daily balance of at least $100 to earn interest.

Pros:- Competitive interest rate.- Customer support through X (Twitter) and 24/7 by phone and online chat.- Fewer ways to access funds, which may help you stick to a goal.

Cons:- Must be 18 to have an account, even as a joint owner.- No branches.- Cash deposits are not accepted.- No checking account or ATM network.

The Online Savings Account from Marcus by Goldman Sachs is online-only and doesn't offer an ATM card, which means it can be harder to access your cash — that can be a good thing when you're sticking to a budget and trying to build funds toward a goal.

It offers a competitive interest rate and doesn't charge a monthly fee. There's also no minimum deposit requirement.

Customer support is available 24/7 by phone or online chat, so you can get help whenever needed. The bank's highly rated mobile app also offers access to customer support.

It isn't easy to overdraft the account because the bank won't allow withdrawals or transactions if there aren't enough funds to cover them. However, if your account does become overdrawn (if you used the account to pay for a monthly subscription bill online, for example, but there weren't enough funds), you're responsible for the overdrawn amount. Marcus may close your account if your balance remains $0 or lower.

Pros:- Thousands of branches across the country.- Everyday Checking account is free for account holders 17-24 or with a linked Campus ATM or debit card.- Customer support is available on X (Twitter) and 24/7 by phone.

Cons:- If you opt in to overdraft protection, the expensive overdraft fee can be charged up to three times per day.

If you’re unlikely to overdraft and prefer doing bank tasks in person (but also want to bank online), consider Wells Fargo. It offers about 4,400 branches across the country and has a highly rated mobile app. In addition, the bank’s Everyday Checking doesn’t charge a monthly fee for account holders 17-24 years old or with a Wells Fargo Campus ATM or debit card linked to the account.

That said, the bank’s overdraft fee is a steep $35 per transaction over $5 and can be charged up to three times a day (that’s $105 a day). However, overdraft protection transfers are free.

Pros:- Customer support is available through X (Twitter) and 24/7 by phone.- 1% cash back on up to $3,000 in debit card purchases each month (see the Discover® Bank website for details).- No fee for replacement debit cards.- Free overdraft protection transfers.

Cons:- No branches.- Cash deposits are not accepted.

The Discover® Checking Account stands out thanks to its cash-back offering on debit card purchases. On top of that, the account is free and so are overdraft protection transfers. Both features are helpful if you’re starting to manage money.

No minimum deposit is required to open an account, and no minimum balance is required.