These bank accounts for students can assist either you or your kid in getting started.
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The student account can be described as a checking or savings financial account with lower costs and features specifically designed for students. Credit unions, banks, and other banks provide accounts specifically designed for students, available to college and high school students, with some accounts for younger students.
Student bank accounts should include student-friendly features such as no fees as well as mobile and online banking options, plenty of ATM connectivity, and much more. Some funds may even provide financial education, like access to financial experts or webinars online. All in all, the best student banks make it simple to join for a deposit, fund, and manage the account in any location.
Best Banks for Students of 2023
- Best Overall: Chase
- Best for High School Students: CapitalOne
- Best for College Students: U.S. Bank
- Best Online Bank: Ally
- Best for Savings: Bank of America
- Best for Multiple Accounts: PNC Bank
- Best for Rewards: Discover
Best Banks for Students
BEST OVERALLChase
- Ages (range): 13-24 years old
- Monthly charges: None ($6/month after the time of graduation)
- Minimum balance needed: $0
Why We Chose It
Chase offers a variety of options for bank accounts for high school students, with no charges for students in the school and no minimum balance requirement, and access to ATMs throughout the nation.
Pros & Cons
Pros
- Particularly for high schools and colleges. accounts for college and high school
- No minimum balance or fees (while an undergraduate student)
- Access to ATMs across the country
- User-friendly mobile application
- Credit card with cash-back for students
Cons
- Low-interest rates on savings accounts
- Protection against overdrafts is not available to accounts of high school students.
Overview
Chase is among the largest banks in the U.S., with branches and ATMs accessible across the country. They offer no-cost savings and checking accounts to students in high school and college between the ages of 13 and 24. Its Chase College Checking Account offers up to five years of cost-free service when students are in college courses and the ability to join a savings account.
For high school students aged 13 to 17, There is The Chase High School Checking account which also comes with no charges or minimum balance required to keep. This account needs a co-owner (usually an adult); however, it gives the students in high schools access to an ATM card.
Chase offers a vast network of ATMs as well as in-person branches. There are more than 4,700 branches that offer individual services. The Chase mobile application is user-friendly and lets students control their accounts online. Chase accounts are also integrated with Zelle, which allows users to send and receive funds online.
In addition to checking and savings accounts available to student accounts, Chase offers the Chase Freedom Student Card that gives cash back on purchases and a signup bonus.
BEST FOR HIGH SCHOOL STUDENTSCapitalOne
- Ages (range): 8-18 years old
- Monthly charges: None
- Minimum balance needed: $0
Why We Chose It
CapitalOne MONEY is a CapitalOne MONEY account targeted at students younger than 18. It offers no-cost checking, a debit card, and access through the CapitalOne mobile application.
Pros & Cons
Pros
- No minimum balance or fees are necessary.
- Access to ATMs across the country
- User-friendly mobile application
- Parental account controls available
- More interest rates than traditional checking accounts.
Cons
- Very only a few CapitalOne physical branches are available
- There are no physical checks available
Overview
CapitalOne is a central U.S. bank without many physical locations, yet it provides competitive interest rates on its checking and savings accounts. The CapitalOne MONEY Teen Checking Account is open to those aged 8 to 18. It gives students access to an account for checking with debit cards and paying 0.1 percent interest on the deposited money. 1
The account is required to have the co-ownership of a parent or guardian, and students can manage their accounts using the CapitalOne mobile application. Parents can set up account alerts and have the option of locking their debit cards, giving them complete control over this joint bank account.
CapitalOne does not have many traditional branches, but it does offer “CapitalOne Cafes,” where clients can bank in person and also make use of it as a co-working space. Additionally, there are financial coaching sessions to help with financial education, which is ideal for those who are still learning how to manage their finances.
CapitalOne has a vast network of ATMs, including more than 70,000 ATMs in the country, most of them via the partners Allpoint and MoneyPass. The CapitalOne mobile application is well-designed and allows parents and students to manage their money Teen account.
When students reach the age of 18, They have the option to convert the account they have in the MONEY Teen account into an ordinary CapitalOne account.
BEST FOR COLLEGE STUDENTSU.S. Bank
- Ages (range): 14 to 17 in conjunction with the parent for a couple, 18+ for individuals
- Monthly charges: None
- A minimum amount of balance is required. $25
Why We Chose It
U.S. Bank provides the option of a free checking account and the Visa debit card to students in college and includes Zelle payments, as well as on-campus banking at more than 40 universities across the U.S.
Pros & Cons
Pros
- No fees for accounts
- The first checkbook is free.
- On-campus college student banking program available
Cons
- A $25 initial deposit required
- Overdraft fees for hefty accounts ($36 per transaction over $5)
- Banking on campus is only available at selected schools
Overview
U.S. Bank U.S. Bank is a central national bank with more than 2,000 branches in the U.S. This U.S. Bank Student Checking Account is accessible to students aged 18 and over as a primary single account that allows students to access an unassisted checking account, which comes that includes a debit card and also the first free checkbook. Students between 14 and 17 can open the report as a joint one with their parents.
U.S. Bank offers a unique on-campus service at more than 40 colleges in 16 states. The program lets students connect their student IDs to their checking accounts and purchase items on campus, and also make use of ATMs with their student identification. Additionally, they can access financial education via the campus banking program.
If you do not attend any schools listed above, The U.S. Bank Student Checking Account has no-cost checking mobile deposits, an easy-to-use mobile application, and transfer of funds using Zelle. Transactions at ATMs in U.S. Bank ATMs are free, and no fee is charged for non-U.S. ATMs of banks (up to 4 trades in an account statement).
BEST ONLINE BANKAlly
- Ages (range): 18+ years old
- Monthly charges: None
- Minimum balance needed: $0
Why We Chose It
Ally provides a no-cost account for savings and checks. These include the highest interest rates in the industry and a variety of money management tools online.
Pros & Cons
Pros
- There are no charges or minimum balances for accounts.
- A user-friendly mobile app that has features for budgeting
- The high-interest rates on savings accounts
- Refunds for ATM fees
Cons
- There are no physical sites
Overview
Ally is an online bank with no physical locations. However, it offers a variety of tools for managing money and free accounts. Ally offers savings and checking accounts for students over 18 that include bill pay via mobile and mobile deposit, as well as unique tools for managing money, such as the “savings buckets” feature.
Ally is an excellent option for students seeking a complete online banking experience. The mobile application is well-designed. It allows users to transfer checks, deposit checks, and funds (via Zelle), and create savings buckets for various objectives.
Ally is also a partner with Allpoint to provide access to more than 55,000 ATMs worldwide. If users utilize a non-Allpoint ATM, Ally can reimburse $10 for each period of the statement.
BEST FOR SAVINGSBank of America
- Ages (range): 18-25 years old
- Monthly charges: None ($4.95 after graduation)
- The minimum balance needed is $25
Why We Chose It
Bank of America offers its Advantage SafeBalance account, which includes no-cost checking for students below 25, and its Keep the Change program, which will round up your purchases in one-dollar increments to create savings accounts.
Pros & Cons
Pros
- Use the round-up feature to make automatic savings
- Overdraft protection
- Built-in budgeting features
Cons
- $4.95 maintenance fee after graduation
Overview
Bank of America is one of the largest and oldest banks in the U.S., with over four hundred financial centers and 16,000 ATMs in the United States. Bank of America offers its Advantage SafeBalance checking account for free which includes overdraft protection for college students. Instead of initiating an overdraft on your budget and incurring a high cost, your debit card will be denied if the funds are not in the statement.
Bank of America encourages saving through the Keep the Change program, which automatically rounds debit card transactions up to the nearest dollar and deposits the money into a savings account linked to the. This allows users to get in the habit of saving with minimal effort.
This Bank of America Advantage SafeBalance account is also equipped with technologically advanced features such as the mobile option for depositing money, the mobile application, and the ability to transfer funds using Zelle. There are also some essential budgeting tools built into the Bank of America mobile app to help students track and monitor the places where their money goes.
Students enrolled until age 25 can apply to use the account for free. However, it is a costly account. Advantage SafeBalance account charges a $4.95 per month maintenance fee following the time of graduation.
BEST FOR MULTIPLE ACCOUNTSPNC Bank
- Ages (range): Not Available. Six years of benefits from a student account
- Monthly charges: None ($7/month after 6 years)
- Minimum balance needed: $0 when opening online
Why We Chose It
PNC Bank offers a bundle of student accounts with no minimum deposit of $0 if you open the account online. There are no charges of up to 6 years for students actively enrolled in their classes.
Pros & Cons
Pros
- Free checking and savings accounts for students
- ATM fees are reimbursed (up to $5 for each statement)
- The portion of the savings account that earns interest earns interest
Cons
- $36 overdraft charge fee
- Physical locations are not accessible in all states.
- Service fees kick in after graduation
Overview
PNC Bank offers a bundle of student accounts in their Virtual Wallet Student. It includes a charge for checking, one for emergencies, short-term savings accounts that earn an interest rate of a few percent, and a high-interest savings account to save for the long term. The accounts are Spend, Reserve, and Growth and Growth, respectively. PNC’s mobile application incorporates three versions to teach students how to manage their finances, save for their bills, and establish financial goals. The account appears to be targeted toward college students. It also offers benefits for six years.
PNC provides access to more than 2,600 physical branches across 28 states and around 19,000 ATMs accessible in states other than the 28 branches that are part of it. In addition, the account offers a $5-per-statement refund for ATM fees that are not within its network.
After six years, it will be converted to a standard Virtual Wallet Student account will be converted into a regular Virtual Wallet account, which will be charged a monthly $7 maintenance fee if deposit or balance requirements aren’t satisfied.
BEST FOR REWARDSDiscover
- Ages (range): 18+ years old
- Monthly charges: None
- Minimum balance needed: $0
Why We Chose It
Discover provides a no-cost checking account with a cash-back debit card, zero minimum balance requirement, or no-cost overdraft protection.
Pros & Cons
Pros
- Cash-back debit card that earns 1 cent on purchases
- Also, there is a rewards credit card for students.
- A massive selection of ATMs across the country via Allpoint and MoneyPass
Cons
- There are no physical places
- It does not pay ATM fees
Overview
Discover Bank is an internet-based bank (and credit card provider) that provides a cost-free checking account with a cash-back debit credit card, which pays interest at 1% upon the first $3000 worth of monthly purchases. This could amount to 360 dollars in annual rewards.
Although Discover does not provide physical branches, All banking transactions can be completed via its website or the easy-to-use mobile application. Paying bills, mobile deposit payments, and money transfers via Zelle can all be made through its mobile app and the website.
Discover does not have its ATMs but partners with its Allpoint and MoneyPass ATM network. This gives customers access to more than 60,000 ATMs across the country without cost. Discover cannot refund ATM fees for ATMs not affiliated with the network.
Discover offers no-cost protection against overdrafts, and you’ll never be charged charges for overdrafts with this account. There are no minimum balance or deposit conditions, and Discover doesn’t charge any monthly fees, making them the perfect low-cost banking choice.
Final Verdict
Many reputable banks provide excellent choices for students in banking. Finding the right bank for your needs depends on what you’re seeking. Suppose you are looking for flexible, low-cost accounts. In that case, PNC, CapitalOne, and Ally all have no-cost checking and savings accounts that aid students in managing their expenses daily and saving towards goals. To increase savings and earn rewards, Bank of America and Discover provide accounts that allow users to earn rewards and increase their savings accounts of theirs.
Chase is our pick for the most comprehensive and can still provide the widest variety of options for accounts for both college and high school students. In addition, with its national access and well-designed mobile apps, It offers all students the highest quality of in-person and online banking options.
Compare the Best Banks for Students
| COMPANY | AGE REQUIREMENT | FEES | MINIMUM DEPOSIT | ATMS NATIONWIDE (Y/N) |
|---|---|---|---|---|
| ChaseBest Overall | 13 to 24 | No ($6/month upon graduation) | $0 | Y |
| CapitalOne Best for High School Students | 8 to 18 | None | $0 | Y |
| U.S. BankBest for College Students | 18+ account for the solo account, 14-17 with parent | None | $25 | Y |
| Ally Best Online Bank | 18+ | None | $0 | Y |
| Bank of America Best for Savings | 18 to 25 | No ($4.95/month following graduation) | $25 | Y |
| PNC Bank Best for No or Low Fees | Not stated, six years of benefits for students and benefits and | No ($7.00/month for the first six years) | $0 | Y |
| Discover Best for Rewards | 18+ | None | $0 | Y |
Guide for Choosing the Best Banks for Students
Should You Get a Student Bank Account for Your Child?
While it can be uncomfortable to create a bank account for your child or give them a debit account with no limitations, opening a student’s bank account can be one the best ways to students learn the basics of personal finances.
- They will learn to manage their finances. From learning to deposit paychecks to creating bills, a bank account can educate a child about the importance of managing their money.
- Student bank accounts provide security. From protection against overdrafts to parental supervision and supervision, most student bank accounts allow students to control their finances by putting safeguards in place. This will enable them to make mistakes with minimal financial consequences.
- Students will learn how ways to make money. It is an important habit, and the earlier an individual knows this, the better the practice will become a habit. Many student bank accounts provide the option of a linked savings account, which helps students develop the habit of saving money in the statement.
The earlier students begin to take on the management of their finances, the more successful they will be when they reach a certain age and start to become more self-sufficient.
Comparing Banks for Students
In comparing bank accounts options, there are a few aspects that students should be aware of before signing up:
- Minimum age. Some banks permit students as young as eight or older to apply (with the help of a parent or guardian). However, some banks don’t allow applicants until the age of 18. Being aware of which banks offer accounts for the age range you’re in is essential before applying.
- Fees. While many student banks offer fee-free checking and savings accounts, this might not be the scenario. Be sure to learn about the costs (and the requirements) before opening any bank account.
- ATM Access. Cash withdrawals without paying an additional fee are essential, and knowing which ATMs are in your bank’s network could save you lots of cash.
- Controls for parents. When you’ve got a child who needs access to their account, it’s essential to understand what parental controls are offered.
- Mobile application. Mobile banking is growing in popularity, and many good student bank accounts have a fully featured mobile app. The ability to digitally deposit checks or transfer money and pay bills should be part of the mobile app for your bank.
It’s crucial to think about the way you’ll plan for managing your money prior to choosing a bank account for students. Be sure that all the features you want are in place (with no charges) prior to you sign up.
Opening a Bank Account for Your Student
For opening a student bank account, many banks permit customers to sign-up online. If you prefer a personal experience, be sure that the bank you wish to establish one has a branch close to you.
For opening a student bank account, students typically be required to present a picture ID , such as a driver’s license, along with your social Security number. In some accounts for students it is also possible to provide the school ID as proof of your status as an undergraduate. For those who are under 18 years old the parent or guardian must sign up as co-owner.
Although some banks do not require a deposit, other banks require a minimum amount of deposit for opening the account. This could mean connecting to an online bank account and then transferring the funds to an account for students. In-person banking could be done by providing cash or an e-check.
After opening the account and the account is opened, students can sign up for an online account and a password to gain access through the web or via a mobile app. Students are advised to download the mobile app of the bank for features such as mobile deposit might only be accessible through the application. Debit cards are typically sent to the student that will have to be activated upon receipt.
What Are the Costs Involved With Banks for Students?
Although the majority of student banks don’t have any charges however, there could be a minimum deposit needed to open the account. Certain student bank accounts include overdraft fees which could be as high as $30 if the account has been overdrawn. If you are able to write checks with the bank account of a student there could be also subject to an additional charge.
ATM fees could apply for making use of the ATM out of the banking network however, some accounts pay these fees. For transactions that aren’t as common like cashier’s checks and wire transfers every bank has its own fee structure and we suggest examining the fees for each account prior to joining.
What Is the Minimum Age Requirement for Banks for Students?
Minimum age requirements for bank accounts for student requirements vary from bank to bank, with some banks allowing children as young as 8 an age to sign up. There are also age maximum requirements when the account is no longer considered as an “student” account and may be converted to a normal bank account.
Always consult your bank regarding the minimum age requirement prior to applying for a students bank accounts.
Can Banks for Students Help With Financial Education?
Although learning how to use an account at a bank is a type of financial education on its own however, certain banks go beyond and provide financial education to students. U.S. Bank, for instance, offers an on-campus banking program that offers free financial counseling. CapitalOne Cafes offer no-cost financial sessions.
Certain student-oriented bank accounts provide webinars online along with extensive user education pages on the internet, giving students the opportunity to know more about subjects like budgeting, debt payment and investing.
How Do You Open a Bank Account as a Student?
To open a bank account, you’ll generally require a identification with a photo (such such as driver’s licence or passport) along with you will need your Social Security number. Some banks permit you to create accounts online, but it is also possible to do this in the branch.
Another prerequisite could be an initial deposit of a minimum amount to establish the account, which is possible via cash or transferred from another bank. If you have a student-specific account it is possible that you will need prove that you’re an undergraduate.
For accounts for younger teens or students the parent or guardian typically has to create and be the co-owner of the account. In some cases, this is completed online, however, for certain banks or types, you will be required to go at the bank branch.
Pros and Cons of Opening Your Own Bank Account
Pros
- Start establishing good financial habits at an early age.
- Be familiar with the bank practices
- Be able to access funds whenever you require these funds
Cons
- It requires attention and account maintenance
- Be more vigilant about safeguarding your financial and personal information
Pros and Cons Explained
Setting up your bank account when you’re an undergraduate student is an excellent first step towards financial independence, which you’ll achieve before graduating. It allows you to save money, pay your bills on your own, and establish a partnership with a bank. This is particularly useful when you work an unpaid job and require an account to deposit your earnings or are paying for your expenses, like cell phones or car insurance.
At some point, you’ll have to pay yourself, which includes student loans and any other expenses associated with moving out of your parents’ home, purchasing your car, and so on. A bank account of your own will help you with all of those.
It’s recommended to become familiar with how banks work, including balancing a checkbook and keeping track of the financial account in case you are able, to begin with credit cards. How you manage your initial obligations with credit will affect your credit score, which is an essential element to the future of your finances.
How Should You Choose the Best Bank Account?
Selecting a student bank account is all about searching for rewards and benefits appealing to younger account holders. Students in college, specifically those who live outside of the states during the school year, having an account that is mobile and online with strong features will make banking easier. In the same vein, ATMs could with no fees.
Additionally, whenever you are considering opening the possibility of opening a bank account, it is recommended to consider any fees you may be charged, for instance, maintenance fees that are charged monthly. Also, you should determine whether there’s a minimum amount of funds you have to deposit in the account or an amount that you must maintain to avoid service fees. A free service fee is always a good thing, particularly for those just starting in banking and do not typically have high sums of money.
Make sure to sign-up for electronic statements. Some banks might charge an extra fee on paper-based invoices.
Also, it’s always great to earn rewards or interest if you have a banking account. This is why many of the top student banks have these benefits for their customers’ accounts.