Best Student Checking Accounts of 2024

As you’re heading off to college, one of the most important steps to take in your financial life is to find the best student bank account for your needs. You can use your checking account to keep your money safe, but easily accessible through a debit card.

However, many checking accounts expect that you have a regular source of income. Without direct deposits, they’ll make you pay fees. To avoid this, you can consider special student checking accounts that cater to the needs of college students.

Best Student Checking Accounts Of 2024

What Is a Student Checking Account?

A student checking account is much the same as any other checking account. You can put money in the account to keep it safe and easily access it with a debit card at a store or ATM. You can also use its other services, like online transfers.

What sets a student checking account apart from the competition is that it focuses its fees and features on the specific needs of students. For example, many checking accounts charge fees if you don’t have a certain balance or receive direct deposits regularly. Student checking accounts usually have no monthly fees.

They may also focus on things like ATM access rather than other services like bill payments.

Most student checking accounts are only available to younger people or college students. Many will force you to change to a traditional bank account upon graduating or turning a certain age.

Benefits of Students Checking Accounts

There are many benefits to student checking accounts.

• Low fees. Most student checking accounts have no monthly fees. Some also waive other fees, like overdraft fees.
• Low minimum deposits. Many student checking accounts let you open an account with no minimum deposit or a very modest one.
• Mobile focus. Students are usually well-versed in using technology, so many banks make their student checking accounts mobile-focused, adding tools like peer-to-peer transfers.
• ATM Access. Student checking accounts often have wide ATM networks or offer ATM fee reimbursements.

Is It Necessary to Have a Separate Checking Account for Students?

It isn’t strictly necessary to have a separate checking account for students. Many students find a normal bank that just happens to also have good checking accounts for students.

For example, many online banks have low fees and minimums on all their accounts, not just specialized student checking accounts.

Some students have jobs that pay via direct deposit, or sufficient money to maintain the required balance to avoid fees with traditional bank accounts.

It’s all about your specific situation and your needs. Look at the features and fee structures of typical bank accounts and the best student checking accounts, then select the one that best fits your situation.

How To Open a Student Checking Account?

Opening a student checking account isn’t all that complicated. You should be able to get the process finished in just a few minutes. If you’re working with a bank that has a good online presence, you won’t even have to leave your home.

1. Consider your needs. Think about what you’re looking for out of a bank account. Do you need easy ATM access? Is an easy-to-use app a priority? Use your needs to guide your choice of bank.
2. Compare banks and choose. Look at a few account options, then select the best bank for your needs.
3. Gather necessary documents. You’ll need some paperwork, such as an ID and proof of address, as well as a way to make your initial deposit.
4. Apply for an account. Fill out and submit the application. The bank should approve it relatively quickly.

What Do You Need to Open a Student Bank Account?

You need to have a few things to open a student bank account, such as:

• A photo ID. Your bank will want you to prove your identity. Even if you’re applying online, you’ll have to provide your driver’s license number or similar, or a scan of the document.
• Proof of address. Your bank might ask for proof of address, like a copy of your lease, a utility bill, or similar.
• An initial deposit. You’ll need some money to make your opening deposit. If you’re opening the account in person, some cash should work. Otherwise, you’ll need a way to make an electronic funds transfer into your new account.

How To Choose a Student Checking Account?

When choosing a student checking account, there are a few factors to consider.

• Fees. Most student checking accounts have no monthly fees, but some offer perks like no overdraft or insufficient funds fees. Look for the accounts with the fewest, or lowest, fees.
• Minimum deposit. Make sure that you have enough cash to meet any minimum deposit requirements.
• ATM network. If you use cash a lot, you’ll probably be visiting ATMs regularly. Consider both the overall size of the bank’s ATM network as well as the proximity of ATMs to places you frequent, such as your home and your school’s campus.
• Features. Consider other features, such as the bank’s app, or perks such as the option to automate savings or get cash back on purchases. These can sweeten the deal if more than one account looks like a good fit.

Bottom Line

Choosing the right student checking account is an important milestone on your path toward financial independence from your parents. Consider your financial needs and try to select an account with no fees and features that help you meet those needs.

Frequently Asked Questions

1. Can I have multiple student bank accounts?

Yes, you can have multiple student bank accounts, but in general, there’s not much reason you’d need more than one.

One scenario where it might make sense is when you want to open accounts with both a brick-and-mortar and an online bank.

2. Which bank is best for student banking?

There’s no one bank that is best for student banking. You need to compare the offerings from multiple banks to see which fits your situation best.

3. Which bank gives more benefits to students?

Many banks have great perks for students. For example, Discover’s student account offers cash back on purchases while Chime lets you overdraft up to $200 for free.

4. What is the minimum balance for a student checking account?

Every bank sets a different minimum balance for student checking accounts, but minimums of $0 or $25 are among the most common.