Top Checking Accounts for College Students

Many college students are managing their money independently for the first time, often with limited income. Fortunately, many banks offer accounts specifically designed to meet the unique needs of college students. When assessing the best bank for college students, banks with little to no fees, no minimum balance requirement, and excellent online access are considered. In addition, the individual needs of different students are also considered. For example, savings may be critical for some, while bonuses and perks are more of a priority for others.

Key Features to Look for in a Student Checking Account

When choosing a checking account, students should prioritize certain features to make their financial lives easier and more affordable. Here are some key features to consider:

No Maintenance Fee: The best student bank accounts waive the monthly maintenance fee while you’re in school, helping you save on expenses when you have little to no income.
No Minimum Balance Requirement: As a college student, you may also struggle to maintain a balance in your account. Look for accounts that don't penalize you for low balances.
Excellent Online Access: As a busy student with a full schedule of classes, being able to manage your money online through a mobile app is crucial.
ATM Fees & Network: This can be an area where banks charge hefty fees, but some offer free withdrawals for out-of-network ATMs for students.
No Direct Deposit Requirement: Some standard bank accounts require regular direct deposits for free checking. Student accounts often waive this requirement.

Featured Checking Accounts for College Students

Here are some of the best checking accounts for college students:

1. Chime

Chime was launched with a mobile-first banking approach, and its mobile banking and zero maintenance fees make it a great option for students, allowing you to enjoy free mobile banking on the go. Their user-friendly mobile banking platform has a range of features that make it easy to manage your money, such as immediate alerts for every transaction. You can also link your Chime Visa® Debit Card to mobile payment apps like Google Pay or Apple Pay.

Important Note: Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A.

2. Chase College Checking

Chase offers a college checking account for college students between 17 and 24 years of age. Customers who open an account during college won’t need to pay any monthly maintenance fees for the first five years after opening the account. Students can also enjoy a $125 sign-up bonus when they open their account, though you will need to make 10 transactions within the first two months to qualify. The bank has over 4,700 branches and 15,000+ ATMs across the country and is a well-known, full-service bank.

Fees: No monthly fees while enrolled in college or a vocational, technical or trade school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old. After graduation, you’ll be subject to a monthly maintenance fee of $12, but that will be waived if you maintain a balance of $1,500.

3. Capital One Money

Capital One Money is an excellent banking account for students under 18, which can take you into your college years. You can open a Capital One Money account from as young as 8 years. For this account, the bank doesn’t charge a maintenance fee or have a minimum balance requirement. You also get a debit card that you can use fee-free at more than 70,000 ATMs nationwide. Parents also love Capital One Money, as they encourage joint accounts where parents can keep track of all their kids’ transactions.

4. Current

Current doesn’t have any brick-and-mortar locations. It operates completely virtually and allows customers to make deposits, process transactions, and manage their accounts with the mobile app, with cool features such as a budget and spending tracker. Current offers reward for using your debit card at their partner retail stores and you can make fee-free cash withdrawals from more than 40,000 ATMs across the USA. You can sign up directly online to open an account and get started. The process only takes a few minutes if you’re ready to fund your account.

5. Bank of America Advantage Banking

Bank of America’s Advantage Banking Program waives college students’ monthly account maintenance fees until they turn 25. You’ll also have access to Bank of America’s large network of 16,000 surcharge-free ATMs across the USA. Another bonus is the bank’s “Keep the Change” feature, which automatically rounds up debit card purchases to the nearest dollar and puts the difference into your savings. You can keep your account after turning 25 and continue to enjoy the benefits of a full-service bank, but maintenance fees will apply.

6. Discover Cashback Debit

Discover Cashback isn’t specially designed for students, but it’s an excellent choice for students over 18 who want to enjoy all the benefits of an account with a debit card. There’s no minimum balance, zero monthly maintenance fees, zero overdraft fees, and no hidden costs. Best of all, you keep these perks when you’re no longer a student, making this the best choice if you don’t want to have to change banks after you graduate. Though Discover has fee-free withdrawals at over 60,000 ATMs across the country, they don’t have any physical branches, so you have to contact customer support via phone or text.

Read also: High School Diploma Jobs

Alternatives to Student-Specific Accounts

As a college student, you don’t necessarily need a student-specific account. However, choosing an account that is designed for college students can represent significant savings over the long term. There are some fantastic alternatives that can also be excellent choices for students, especially online-only bank accounts. You should also consider checking accounts from online banks, as these tend to have no fees, low or no minimum balance requirements and may even earn some interest.

Opening a Student Bank Account

Opening a student bank account is essentially the same as opening a regular bank account, with the one key difference that you’ll need to prove that you’re a student. The exact requirements depend on the bank, but typically you’ll need to show your student ID, college acceptance letter, or academic transcripts. Many banks allow you to start your application online, but you may need to go into a branch, in which case it’s a good idea to make an appointment. When you go to the branch, be sure to take your ID, proof of enrollment, and the minimum deposit amount, if the bank has this requirement, in the form of cash or a check written to you.

Additional Considerations

Age Restrictions: Keep in mind that some accounts have age restrictions. For example, some teen checking accounts, like Wells Fargo's Clear Access Banking, can be opened as an individual account for older teens (17 years old and up) or as a joint account with a parent or guardian for teens ages 13-16.
Overdraft Protection: To avoid overdraft fees, it’s a good idea to decline overdraft services, as long as you have another emergency plan in place, or use overdraft services responsibly. At PNC Bank, the Virtual Wallet Student account gives you one complimentary overdraft or returned item fee refund for your first overdraft occurrence on your Spend Account.
Transitioning After Graduation: Typically, your student account will be converted to a standard account once you graduate or reach a certain age limit. In some cases, you may need to open a new account and transfer your balance across. However, most banks want you to keep doing business with them, so they make this process pretty easy. Before your account converts, shop around to see if another account better suits your post-college needs.

Tips for Managing Your Checking Account

Decline Overdraft Services: To avoid overdraft fees, it’s a good idea to decline overdraft services, as long as you have another emergency plan in place, or use overdraft services responsibly.
Use ATMs Wisely: Though you might not need cash often on campus, when you do, you don’t want to pay to access it. The Free Campus Checking account from Navy Federal Credit Union gives up to $10 in ATM fee reimbursements per monthly statement cycle to members with this account who are full-time students between the ages of 14 and 24.
Be Aware of Potential Overdraft Situations: There are situations where your account may still become overdrawn. For example, gas stations often pre-authorize a set amount before they know the total, which might be less than what you actually spend.

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