We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. A student bank account is a checking, savings, or other financial account that typically offers low fees and convenience features geared toward students. Banks, credit unions, and other financial institutions offer these student-specific accounts to both high school and college students. Some accounts are available to younger students, as well. Student bank accounts should provide student-friendly features like no fees, online and mobile banking options, ample ATM access, and more. Some may also offer student financial education, access to financial coaches, or online webinars. Generally, the best student bank accounts make it easy to sign up, deposit funds, and manage your account from anywhere. Read on for our selections of the best banks for students. Best Banks for Students Best Banks for Students Final Verdict Compare Providers How To Choose Frequently Asked Questions Methodology Why We Chose It Chase is our pick for best overall bank for students because it offers a wide range of bank account options for high school and college students, with no fees while in school, no minimum balance requirement, and access to nationwide ATMs. Pros & Cons Pros High school- and college-specific accounts No fees or minimum balance (while a student) Access to nationwide ATMs User-friendly mobile app Cons Minimal interest rates on savings accounts Overdraft protection not available for high school student accounts Overview Chase is one of the largest banks in the U.S., with branches and ATMs available nationwide. It offers no-fee checking and savings accounts to high school and college students, ages 13 to 24 years old. The Chase College Checking Account offers up to five years of fee-free service while students are enrolled in college classes, as well as the option to attach a no-fee savings account. For high school students ages 13 to 17, the Chase High School Checking account has no fees or minimum balance requirement and gives high school students access to a debit card. A co-owner is necessary (usually a parent). Chase has a network of 16,000 ATMs and over 4,700 in-person branches for personalized service. The Chase mobile app is user-friendly. Students can use it to fully manage their accounts online. Chase accounts also offer Zelle, which allows users to send and receive money online. Why We Chose It We chose CapitalOne as the best bank for high school students because its CapitalOne MONEY Teen Checking account is specifically geared toward students under age 18. The account offers fee-free checking, a debit card, and online access via the CapitalOne mobile app. Pros & Cons Pros No fees or minimum balance required Access to nationwide ATMs User-friendly mobile app Parental account controls available Higher interest rates than traditional checking accounts Cons Very few CapitalOne branches available No checks available Overview CapitalOne offers competitive interest rates on its savings and checking accounts. The CapitalOne MONEY Teen Checking account is available for those ages 8 to 18. It gives students access to a checking account with a debit card and pays 0.1% interest on deposited funds. This account requires a parent or guardian co-owner. Parents can set up account alerts and lock the debit card if they deem it necessary. CapitalOne doesn’t have many traditional branches. But it offers “CapitalOne Cafes” that welcome in-person banking and function as co-working spaces. There are also financial coaching sessions available for financial education, perfect for teens just learning to manage their money. CapitalOne has over 70,000 ATMs available nationwide, most of them through partners Allpoint and MoneyPass. The CapitalOne mobile app is well designed and allows both parents and students to fully manage the MONEY Teen account. After students turn 18, they have the option of converting their existing MONEY Teen accounts into regular CapitalOne accounts. Why We Chose It U.S. Bank is our pick for best bank for college students for its fee-free checking account with a Visa debit card, plus features such as Zelle and on-campus banking services at dozens of schools around the U.S. Pros & Cons Pros No account fees First checkbook free On-campus college student banking program available Cons $25 initial deposit required Hefty overdraft fees ($36 per incident over $5) On-campus banking only available at select schools Overview U.S. Bank is a large national bank with over 2,000 branches throughout the U.S. The U.S. Bank Student Checking Account is available to students ages 18 and older as a standard solo account. It offers no-fee checking with a debit card, as well as the first checkbook for free. Students ages 13 to 17 can open the account jointly with a parent. U.S. Bank has a unique on-campus program available at schools in 16 states. It allows students to link their student ID to their checking account and make purchases on campus, as well as use ATMs with their student ID. The program also offers access to financial education. Whether or not a student attends one of these schools, the U.S. Bank Student Checking Account is still available to them and offers the aforementioned features plus mobile deposits, a simple-to-use mobile app, and money transfers with Zelle. ATM transactions at U.S. Bank ATMs are free and fees are waived for non-U.S. Bank ATMs (up to four transactions per statement period). Why We Chose It Ally offers no-fee checking and savings accounts, pays industry-leading interest rates, and provides a suite of online money management tools. That's why it's our top choice for best online bank. Pros & Cons Pros No fees or minimum balance for accounts User-friendly mobile app with budgeting features High interest rates on savings accounts ATM fee refunds Cons No physical locations Overview Ally is an online-only bank. It offers no-fee checking and savings accounts to students who are ages 18 and older. Account features include mobile deposits, bill pay, and money management tools. Ally is great for students who want a completely digital banking experience. Its mobile app is very well designed and allows users to deposit checks, transfer money (via Zelle), and create separate "savings buckets" for different goals. Ally partners with Allpoint to provide access to over 55,000 ATMs worldwide. If accountholders use a non-Allpoint ATM, Ally will reimburse up to $10 per statement period. Why We Chose It Bank of America wins as best bank for saving. Its Advantage SafeBalance account includes no-fee checking for students under the age of 25 and its Keep the Change saving program rounds up a student's debit card purchases to the nearest dollar and deposits the difference into a savings account. Pros & Cons Pros Change round-up feature for automatic savings Overdraft protection Built-in budgeting features Cons $4.95 maintenance fee after graduation Overview Bank of America is one of the oldest and largest banks in the U.S., with over 3,900 financial centers and about 15,000 ATMs nationwide. In addition to no fee, its Advantage SafeBalance checking account comes with overdraft protection—the debit card is simply declined if the required amount of money is not available in the account. Students avoid an overdraft and a sizable fee. Bank of America encourages saving with its Keep the Change program. This helps users get into the habit of saving money with minimal effort. The Bank of America Advantage SafeBalance account also comes with tech-savvy features, such as a mobile app, mobile deposit, and the ability to transfer money with Zelle. There are also basic, built-in budgeting features within the Bank of America mobile app that help students track and manage their money. Enrolled students up to age 25 are eligible for the free account. After graduation, accountholders pay a $4.95 monthly maintenance fee. Why We Chose It PNC Bank offers students a bundle of accounts with a $0 minimum deposit if opened online, and no fees for up to six years for students who are actively enrolled in classes. That's why it's our choice for best bank for multiple accounts. Pros & Cons Pros Fee-free checking and savings accounts for students ATM fees reimbursed (up to $5 per statement period) Savings account earns interest Cons $36 overdraft charge fee Physical locations not available in all states Service fees kick in after graduation Overview PNC Bank's Virtual Wallet Student is a single account with a checking account, an account for emergencies and short term savings than earns a bit of interest, and a high-interest savings account for long-term savings goals. The accounts are nicknamed Spend, Reserve, and Growth, respectively. PNC’s mobile app integrates these three accounts to help students learn to manage money, save for bills, and set financial goals. The account is marketed to college students and offers student benefits for six years. It provides a $5-per-statement reimbursem*nt for ATM fees charged for use of ATMs outside of its network. After six years, the Virtual Wallet Student account is converted to a standard Virtual Wallet account, which charges a $7 monthly maintenance fee if deposit or balance requirements are not met. PNC has over 2,500 physical branches in 28 states and about 9,000 ATMs in more than those 28 states. Why We Chose It Discover offers a fee-free checking account with a cash-back debit card* along with no minimum balance requirements and fee-free overdraft protection. It also offers no-fee cash-back credit cards. It earned top marks for our best bank for rewards. *Currently, Discover isn't accepting applications for its CashBack Debit account. Sign up at Discover so that it can notify you when a new CashBack Debit account becomes available. Pros & Cons Pros Cash-back debit card earns 1% on purchases No-annual-fee rewards credit card for students Huge selection of nationwide ATMs through Allpoint and MoneyPass Cons No physical locations Does not reimburse ATM fees Overview Discover is an online bank (and credit card issuer) that offers a fee-free checking account with a cash-back debit card that pays 1% cash back on the first $3,000 in purchases each month.* This can add up to $360 in rewards per year.Discover also offers two cash-back credit cards that can help students build their credit history as they earn rewards. Discover doesn’t have physical branches. All banking needs are handled online or through its easy-to-use mobile app. Mobile deposits, bill pay, and money transfers via Zelle are all available through the mobile app and website. Discover partners with the Allpoint and MoneyPass ATM networks to give users access to over 60,000 ATMs nationwide without any fees. Discover does not reimburse fees charged for use of non-partner ATMs. The bank provides fee-free overdraft protection so you never incur overdraft fees. There are also no minimum deposit or balance requirements and no monthly fees, making this a great low-cost bank account option. *Currently, Discover isn't accepting applications for its CashBack Debit account. Sign up at Discover so that it can notify you when a new CashBack Debit account becomes available. There are plenty of reputable banks that offer great banking options for students. However, Chase, our choice for best overall, offers the widest range of account options for both high school and college students. And, with its well-designed mobile app and nationwide availability, it offers the best of online and in-person banking for all students. PNC, CapitalOne, and Ally all offer fee-free checking and savings accounts to help students manage their daily expenses and savings goals. Bank of America and Discover offer accounts that help students boost savings and earn rewards. Although it might feel uncomfortable opening a bank account for your child or to hand them a debit card with no restrictions, doing so is one of the best ways to teach them the basics of personal finance. The sooner a student takes on the responsibility of managing their money, the better off they will be as they get older and become more independent. Consider the factors below when you begin looking for the best bank for students: Overall, consider the ways that your student should manage their money before selecting a student bank account. Try to get all of the features you require, with no fees. It’s a good idea for students to learn how banking works, how to balance a checkbook, and how to monitor a financial account in preparation for using credit cards. The way students handle their early credit responsibilities will help determine their credit scores, which is a vital building block for a healthy financial future. Students under 18 years of age may need a parent or guardian to register as an account co-owner. Most banks allow parents to open an account for their students online. If you prefer an in-person experience, make sure that the bank you're considering has a local branch near you. To open a student bank account, students will typically need to provide a photo ID such as a passport or driver’s license and their Social Security number. For some accounts, students may also need to present their school ID as proof of enrollment as a student. While some banks don’t require a deposit to open an account, others require a minimum deposit amount. Deposits can be made by online transfer, by check, or with cash (in person at a branch). Once the account is opened, students can create an online username and password for online access via the web or a mobile app. Students are encouraged to download the bank’s mobile app, as features like mobile deposit may only be available via the app. Debit cards typically are mailed to the student. They will need to be activated once received. Choosing a student-friendly bank account is all about looking for perks and benefits that appeal to young account holders. For college students, especially for those of you living out of state during the school year, a good lineup of online and mobile account features can make banking more convenient. So can fee-free ATM options. In addition, any time you consider a bank account, it’s a good idea to look at any fees that you might be charged, such as monthly maintenance fees. Also check to see what amount of money, if any, is required to open the account. Furthermore, you may be required to keep a minimum balance in your account to avoid service fees. An account with no service fee is always preferable, especially if you won't carry a high balance. Finally, it’s always nice if you can earn interest or rewards when you have a bank account. So ask about those when looking for a bank account with the best perks. Be sure to sign up for e-statements. Some banks may charge a fee for paper statements. Pros Helps establish good financial habits early Acquaints you with banking practices Provides access to funds when you need them Cons Requires attention and account maintenance Need to become mindful about protecting your data and financial information Opening your own bank account while you’re a student can be a great first step toward the financial maturity and independence that you should develop before you graduate. A bank account provides you with a way to save money, pay bills in your own name, and establish a relationship with a banking institution. This is especially useful if you have a part-time job and need a way to deposit your earnings or if you pay for some of your own expenses, such as a cell phone or car insurance. Eventually, you may be responsible for paying your own way completely. That could involve student loans for advanced education and other expenses related to moving out of your family home, getting your own vehicle, and more. Having your own bank account can help prepare you for all of that. While most student bank accounts come with no fees, there may be a minimum deposit amount required to open the account. Some accounts may have overdraft fees, which can be $30 or more. If you want to write checks from a student bank account, checks may be an additional fee. ATM fees may apply for using an ATM outside of the bank’s network, though some accounts will reimburse these fees. Student bank account minimum age requirements vary by bank, with some allowing students as young as eight years old to apply. Some also have maximum age requirements, when the account no longer qualifies as a student account and must be converted to a standard bank account to be kept. While learning to use a bank account is a form of financial education itself, some banks go above and beyond and offer financial education for students. U.S. Bank and CapitalOne Cafes, for example, offer free financial coaching. Some student-focused banks offer online webinars and robust user education sections on the web, giving students the opportunity to learn about topics such as budgeting, borrowing, debt payoff, and investing. To evaluate the best banks for students, we looked for key features like convenience, mobile/online features including mobile check deposits, lack of fees, ATM access, and strong customer service. We reviewed approximately two dozen different banks with accounts for students or similar student-friendly features and analyzed each one’s account specifics to arrive at our top picks. Article Sources Chase. "Chase High School Checking." Chase. "Chase College Checking." Chase. "Find a Chase ATM or Branch Near You." CapitalOne. "Money Teen Checking Account." CapitalOne. "Bank on the Go With Fee-Free ATMs." U.S. Bank. "Checking Account for Students." U.S. Bank. "Fact Sheet." U.S. Bank. "Campus Banking." U.S. Bank. "Consumer Pricing Information Addendum." Ally. "Interest Checking Account." Allpoint. "Where Is Allpoint?" Bank of America. "Personal Schedule of Fees," Page 3. Bank of America. "Company Overview." PNC. "Consumer Schedule of Service Charges and Fees Checking, Savings and Money Market Accounts," Page 2. PNC. "PNC Virtual Wallet Student Features and Fees," Page 2. PNC. "PNC Corporate Profile." PNC. "Browse Branches by State." Discover. "4 Considerations for Opening Your Child’s First Checking Account." Discover. "Discover Online Banking."Best Banks for Students of 2024
Best Overall : Chase
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Best for High School Students : CapitalOne
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Best for College Students : U.S. Bank
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Best Online Bank : Ally
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Best for Savings : Bank of America
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Best for Multiple Accounts : PNC Bank
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Best for Rewards : Discover
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Final Verdict
Compare the Best Banks for Students
Company Age Requirement Fees Minimum Deposit ATMs Nationwide (y/n) Best Overall Chase 13 to 24 None ($6/month after graduation) $0 Y Best for High School Students CapitalOne 8 to 18 None $0 Y Best for College Students U.S. Bank 18+for solo account, 13 to 17 jointly with parent None $25 Y Best Online Bank Ally 18+ None $0 Y Best for Savings Bank of America 18 to 25 None ($4.95/month after graduation) $25 Y Best for Multiple Accounts PNC Bank Not specified None ($7/month after 6 years) $0 Y Best for Rewards Discover 18+ None $0 Y Guide to Choosing the Best Banks for Students
For Parents
Should You Get a Student Bank Account for Your Child?
Comparing Banks for Students
Opening a Bank Account for Your Student
For Students
How to Choose the Best Bank Account
Pros and Cons of Opening Your Own Bank Account
Bank Account Benefits Explained
Frequently Asked Questions
What Are the Costs Involved With Banks for Students?
What Is the Minimum Age Requirement for Banks for Students?
Can Banks for Students Help With Financial Education?
Methodology
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FAQs
What bank is best for a student account? ›
Best student checking accounts compared 2024
| Checking account | Best for | Minimum deposit for new accounts |
|---|---|---|
| Chase College CheckingSM | Banking in person | $0 |
| Axos Rewards Checking | Free ATMs nationwide | $0 |
| Chime®Checking | Low fees | $0 |
| Discover® Cash Back Debit Account | No minimum account balance | $0 |
Unlike big banks, credit unions are not-for-profit organizations, meaning members benefit from profits in the form of reduced fees, better rates on loans, and higher savings yields! This can be a game-changer for college students on a tight budget, and can even help grow their money faster.
What is the best bank for 20 year olds? ›Compare the Best Banks for Students
| Company | Age Requirement | Minimum Deposit |
|---|---|---|
| Best Overall Chase | 13 to 24 | $0 |
| Best for High School Students CapitalOne | 8 to 18 | $0 |
| Best for College Students U.S. Bank | 18+ for solo account, 13 to 17 jointly with parent | $25 |
| Best Online Bank Ally | 18+ | $0 |
Sep 1, 2023
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
Is Chase good for college students? ›Chase will pay you $100 after you make 10 qualifying transactions, like debit card purchases or direct deposits, within 60 days of coupon enrollment (offer ends 7/24/2024). This account also allows you to save money on fees: While you're enrolled in college, Chase will waive the $6 monthly fee, up to five years.
What are the disadvantages of a student bank account? ›There aren't many disadvantages to student bank accounts. But if you misuse the interest-free overdraft, it can lead to extra debt which could harm your credit rating. It's crucial to use this feature responsibly to avoid financial difficulties down the line.
What are cons for credit union banks? ›Before you officially make the switch, it's a good idea to consider what you could lose by deciding to bank with a credit union.
- Mobile Banking Might Be Limited or Unavailable. ...
- Fees Might Not Be as Low as You Think. ...
- Credit Card Rewards Might Be Limited. ...
- ATMs and Branches Might Not Be Convenient.
Mar 21, 2023
Wells Fargo Clear Access Banking℠
There are very few fees attached to the Wells Fargo Clear Access Banking account. The monthly fee is waived for customers ages 13 to 24. There are also no overdraft or non-sufficient funds fees. It's also fairly easy to open—the minimum deposit requirement is a low $25.
Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass. May offer fewer products and services.
Is $20000 in the bank good? ›Is $20,000 a Good Amount of Savings? Having $20,000 in a savings account is a good starting point if you want to create a sizable emergency fund. When the occasional rainy day comes along, you'll be financially prepared for it. Of course, $20,000 may only go so far if you find yourself in an extreme situation.
What bank do most millionaires use? ›
The Most Popular Banks for Millionaires
- JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
- Bank of America Private Bank. ...
- Citi Private Bank. ...
- Chase Private Client.
Jan 29, 2024
5 Best Student Debit Cards for 2024
- Axis BankYouth Debit Card.
- ICICI Bank@Campus.
- HDFC Bank DigiSave Youth Account.
- Union Bank SBZER Classic card.
- IDBI Bank Being Me Debit Card.
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
Why is Chase Bank so popular? ›JPMorgan Chase is the largest bank in the country and offers a robust menu of services and products. It provides mortgages, auto loans and one of the broadest selections of credit cards in the industry. And its website experience can compete with that of online-only banks.
Is Capital One or Chase better? ›So, if you prefer higher savings rates and lower fees on your banking accounts, then Capital One might be your choice. However, if you want to keep all your money in one place, and like the option of in-person banking you might want to consider Chase.
Is it a good idea to get a student bank account? ›Before you go to uni, it's a good idea to get a student bank account. These are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft.
Which bank has best credit card for students? ›- Best in Student Credit Cards. Discover it® Student Cash Back. 4.2. ...
- Discover it® Student Chrome. 4.0. U.S. News Rating. ...
- Capital One Quicksilver Student Cash Rewards Credit Card. 3.6. U.S. News Rating. ...
- Capital One SavorOne Student Cash Rewards Credit Card. 3.6. ...
- Bank of America® Travel Rewards Credit Card for Students. 3.4.
- Our Top Picks.
- Axos Bank First Checking.
- Capital One MONEY.
- Alliant Credit Union Free Teen Checking.
- Copper.
- Chase First Banking.
- USAA Youth Spending.
- See More (3)
When should I apply for a student bank account? You don't need to wait until you start your course to apply for a student bank account. You can apply for one as soon as you receive your UCAS confirmation letter. You can also apply for a student bank account once your course has begun.