Best checking accounts for students of November 2023

Best student checking accounts

Capital One Money Teen Checking Account

Blueprint Rating

APY

0.10%

Minimum balance

$0

What you should know

While “teen” is in the title, this is a good option for parents who want their kiddos nearing college to gain banking experience while limiting the trouble they can get into. After they turn 18, they can switch it to a standard checking account, or keep it as is.

The account itself comes with a bevy of safeguards, including limiting total debit card purchases to less than $500 per day for those under 18 and purchases at establishments not appropriate for children (aka bars). Parents can, however, set spending limits, lock the card and control access to Zelle.

There are no monthly maintenance fees or minimum balance requirements and you can access the account via the mobile app, visiting a branch or using your debit card. You can withdraw your money at over 70,000 in-network ATMs. You’ll also earn a slight interest of 0.10% APY, though you’ll hardly notice it.

To open an account, you must link it to the bank account of a parent or guardian. The linked account doesn’t have to be from Capital One but can be at any other U.S. financial institution. This helps to create a separation, which is furthered by the facts that you each have separate logins and the adult doesn’t get a debit card.

Pros and cons

Pros

• Low fees or minimums.
• Parental controls.
• Limits access to inappropriate businesses.
• 70,000+ ATMs.

Cons

• Low APY.
• Not designed for college student needs.

Chime® Checking Account

Blueprint Rating

Learn More

On Chime's Website

APY

0%

Minimum balance

$0

What you should know

While the Chime Checking Account is open to everyone over the age of 18, it’s particularly beneficial for students. It has no minimum balance, no monthly fees and no foreign transaction fees. You’ll have access to 60,000 fee-free ATMs¹.

College students with a job can likely make use of Chime’s “SpotMe®” feature². To unlock SpotMe, you will need to receive $200 or more in qualifying direct deposits and activate your Chime debit card. (This tool is useful in a pinch, but shouldn’t be used as a crutch.) You can access your paycheck up to two days earlier with direct deposit.³

Pros and cons

Pros

• Over 60,000 fee-free ATMs.¹
• Overdraft fee-free with SpotMe²
• Get your paycheck up to 2 days early with direct deposit.³

Cons

• No physical branches.
• Out-of-network ATM fees.

Alliant Credit Union High-Yield Checking Account

Blueprint Rating

APY

0.25%

Minimum balance

$0

what you should know

Credit unions, which typically charge little in the ways of fees, can be a great resource for young bankers. There’s no monthly service fee and you’ll have access to more than 80,000 ATMs that are fee-free, in addition to $20 per month in ATM fee rebates if you go outside the network. You’ll also avoid overdraft or non-sufficient fund fees, and there’s no minimum balance requirement.

While not exactly robust, you’ll earn 0.25% APY on your balance, which is better than nothing.
To qualify for the rate, you need to sign up for electronic statements and get one monthly direct deposit of any amount.

Credit unions require membership, and you can join Alliant by becoming a member of Foster Care to Success — Alliant will pay the one-time $5 donation for you.

Pros and cons

Pros

• Earns interest.
• 80,000+ fee-free ATMs.
• Free incoming wire transfers.
• Very few fees.

Cons

• Must become a member.
• No physical branches.

Bank of America Advantage SafeBalance Banking®

Blueprint Rating

APY

0%

Minimum balance

$25 opening deposit

What you should know

The SafeBalance account offers a number of advantages for college students, the primary one being no maintenance fees. Anyone under 18, or under 25 and a student, won’t be responsible for the $4.95 monthly fee. Meanwhile there are no overdraft fees, and access to Bank of America ATMs.

Use Bank of America’s virtual assistant, Erica, to help you set custom alerts, including bill payment reminders and notifications when recurring charges increase. The account has an interactive spending and budgeting tool so you can analyze your finances. The account can tie easily into mobile wallets, allowing you to use Zelle and transfer money quickly. However, there’s bad news for anyone who favors old-school payment methods: There are no checks.

Pros and cons

Pros

• No overdraft fees.
• $0 liability guarantee.
• Budgeting tools.

Cons

• Only about 16,000 in-network ATMs.
• $2.50 domestic out-of-network ATM fee ($5 internationally).
• Non-students over 18 must become a Preferred Rewards member to avoid a monthly $4.95 maintenance fee.

USAA Youth Spending Account

Blueprint Rating

APY

0.01% on $1,000+ balance

Minimum balance

$25 opening deposit

What you should know

Not everyone can be a USAA member: You’re eligible to join only if you, your spouse or a parent is a U.S. Military member, veteran or precommissioned officer. (Though, it’s worth pointing out that this includes millions of people — USAA had 13 million members as of the end of 2021.)

If you can join, and you have a kiddo ready to start banking, you should consider this account. There’s no monthly service or overdraft fees, access to more than 100,000 ATMs and a very low minimum of $25 to get started.

The chief benefit, though, are the copious parental controls that allow adult co-owners to increase or decrease daily debit card limits and receive account alerts via text. Once a child turns 13, the adult can allow them to make remote deposits and transfer money. This training wheels account will prepare them to eventually fly on their own, and the account will automatically turn into a standard checking account after they turn 18.

Pros and cons

Pros

• 100,000+ in-network ATMs.
• Parental controls.
• Fee savings tools.
• Very few fees.

Cons

• Available only to parents and their children under 18.
• Strict USAA membership requirements.
• Very low interest.

Compare the best no-fee student checking accounts

National average for student checking accounts

These are national average rates for deposit accounts, according to the Federal Deposit Insurance Corporation (FDIC) as of October 16, 2023.

What is a student checking account?

A student checking account is a safe place that serves as a financial home base for people who are in school. It allows you to make withdrawals and deposits, and pay little in the way of fees. 

Financial institutions typically define “student” as a person who is attending high school, college or a vocational school. Age limits vary though and wiser (older) learners can find some student checking accounts for which they qualify. Students under 18 years of age may need an adult co-owner.

For people under their state’s legal age, a child or teen checking account can often be more suitable than a normal student checking account. As a type of built-in guardrail system, an adult co-owner is typically required and often has the right to review and restrict transactions, such as raising and lowering the debit card limit. The exact powers and limits of the adult co-owner depends on the bank.

If you don’t need a student or youth checking account, check out the best (regular) checking accounts.

How to open a student checking account

Use our list of recommended picks to initiate your search, so that you can make a selection that best suits your particular needs and geography. Here’s a quick breakdown of the process. 

1. Do some research. Check for any age restrictions and make sure that the services you want are offered in the area in which you’ll be attending school. 
2. Pick a bank. Or pick a credit union. Or, possibly, an online company that partners with banks. All else being equal, opt for the account with the fewest fees. There are plenty of free checking accounts available. Parents should also consider accounts that allow them to control, and monitor, spending. 
3. Apply. If you’re 18 or older, you can apply online or go in person to a branch. If you’re under the age of majority, you and an adult co-owner will likely need to go in person.
   • Provide your personal details. You (and any co-owner) will give your name, contact information, Social Security number.
   • Show that you’re a student. Show off your current student ID, acceptance letter, report card or transcript. 
   • Agree to terms and conditions. Review and sign the legal document that sets the relationship between you and the bank.
   • Make any required deposit. Transfer the funds or pony up the cash if the bank has a minimum required deposit or balance.

If approved (checking account applications are almost always approved), your account will be created immediately and you’ll likely receive your debit card and any checks within a week in the mail.

Requirements for opening a student checking account

The main requirements to open a student checking account in the U.S. are:

• Be a student. You can be a traditional college student, but you don’t have to be. You could qualify if you’re a student at a community college, trade school or, potentially, specialty programs that result in an accredited degree. 
• Have an ID number from the U.S. government. You will likely need a Social Security number (SSN), taxpayer ID number (TIN) or driver’s license number. 
• Get a parental co-owner (if needed). In most states, you are legally an adult at age 18, but there are exceptions. For example, you need to be 21 in Mississippi. If you’re under your state’s legal age of majority, you’ll likely need an adult to open the account.  

In some cases, a bank or credit union may ask for you to provide other documents. If you recently moved, you may need a proof of address, which can be a rental agreement, utility bill or bank statement.

Choosing the best student checking account

Here is a checklist of things to look for when choosing the best student checking account.

This is especially true for parents setting up accounts for their kids. Make sure to monitor spending, and utilize tools, so that your kiddo doesn’t go over their skis. 

“If you have a college-age kid, at the very least say, ‘Let me see your statement’ if they want you to keep giving them money,” said Jennifer Belmont Jennings, a senior wealth advisor at St. Louis-based Hightower Wealth Advisors. 

Should you get a student checking account?

Pros

The point of a student-based checking account is to teach young adults how to manage a (digital) checkbook, spend within their means and hopefully save a little for the future. That’s why we rewarded accounts whose features work toward those aims. 

Score low fees and low minimum requirements. As students’ income and balances can bounce up and down, the best student checking accounts can help you avoid maintenance fees, minimum deposits and required balances, plus have fee-free ATMs widely available. Don’t stray from these gratis ATMs, since transaction fees can eat up your balance quickly. 

Build banking history early. Your checking account won’t influence your credit score, but can influence your banking score. ChexSystems is a national reporting agency that operates under the Fair Credit Reporting Act. If you bounce checks all the time, incur banking fees and don’t pay them, or commit similar types of financial sins, your banking history will show it. Use your student account tools, such as alerts and spending limits, so that you develop good habits and are held in good stead. 

Strict limits. As a rule, we generally like withdrawal limits for student accounts. For example, our pick Capital One Money Teen Checking Account has an automatic limit of $500 per day. That may not be your cup of tea, though, especially when Capital One’s traditional checking account limit is at least double that. 

Cons

Here are a few negatives to consider. 

Low yield. Most checking accounts, especially student checking accounts, don’t earn much interest. Consider funding a high-yield savings account with any extra cash in your account. 

Higher service fees. Many student checking accounts don’t charge monthly maintenance fees. To compensate, some charge higher service fees. So if you ever need to do a wire transfer or get a cashier’s check, you may pay a more-than-average fee. For example, the median wire transfer fee is $5 for inbound and $25 for outbound within the country. Wells Fargo Clear Access Banking℠ * The information for the Wells Fargo Clear Access Banking℠ has been collected independently by Blueprint. The product details on this page have not been reviewed or provided by any third party. charges $15 and $30 respectively.

Frequently asked questions (FAQs)

What bank is the best for a college student?

The best bank for a college student is one without fees and with perks. We think the best student checking accounts are at the top of this list. 

What happens to your account when you graduate?

When you graduate, your account typically changes over to become a traditional, non-student checking account, though not always. Depending on the provider, your new account status may come with monthly fees, so it’s important to double check and potentially shop around for a new account once you earn your degree.

What bank account is the best for students under 18?

If you’re a student under 18 years of age, you’ll likely need to bank with an institution that has physical branches. While you can open an account when you’re as young as 13, you typically must go in person to a branch with a government-issued photo ID. If you’re aged 13 to 17, you may be required to have a joint checking account with a parent or guardian to start out before you’re able to become the primary owner of a student account.

How much should I have in my bank account as a student?

You should have at least one to two months of expenses in your student bank account. For example, if you spend about $1,000 a month in rent, groceries and entertainment, you should always have a grand or more in your account. This way, if anything were to happen with your income (or if you’re overcharged for something), you have a “cushion” of one month to figure things out and deal with it before you run into overdraft problems.

^{*Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.}

^{¹Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.}

^{²Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.}

^{³Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.}