Benzinga’s readers look to Chase and Capital One when they need student checking accounts!
Students have unique needs that don’t always fit the traditional financial services offered by banks. High school- and college-age students often have low balances and limited experience with finances, so their money can get quickly eaten away by costly maintenance and overdraft fees. Plus, students frequently need access to cash while away from home.
Many banks recognize these needs and tailor accounts specifically for teenagers and young adults. What are the best banks for college students in 2024?
Quick Look: Best Bank for College Students
- Best Overall: Chase Bank
- Best for Cashback: Discover Bank
- Best for High School Students: Capital One
- Best Fee-Free Account: Bank of America
- Best for ATM Access: Axos Bank
Which Bank Is Best for a Student Checking Account?
Choosing the best bank for students often comes down to personal needs.
1. Best Overall: Chase Bank
- Best For:Best for Checking Account VarietyVIEW PROS & CONS:securely through Chase Bank's website
*With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Chase is a full-service bank with over 4,700 branches and 15,000 ATMs nationwide. The Chase Mobile app makes it easy to manage your finances from anywhere. You can make deposits, send and receive money through Zelle and track your spending from your phone, iPad or computer.
Students aged 17-24 can open a Chase College Checking account. You can apply online and even get a few perks when you become a new Chase customer.
Pros
- No monthly fees until you graduate
- No minimum deposit required to open an account
- Overdraft help
- Branches in 48 states
Cons
- Must be enrolled in college, technical or vocational school
- Five-year maximum period for no monthly fees
- No annual percentage yield APY
2. Best for Cashback: Discover
Discover Financial Services offers online banking services like checking and savings accounts, credit cards and loans. There are no physical locations, but Discover banking representatives are available by phone 24/7.
The Discover Cashback Debit account is available to adults ages 18 and older. While it's not geared solely toward students, you will find many student-friendly benefits, such as no fees and an expansive ATM network. Plus, you won’t have to switch accounts when you get older.
Pros
- Earn 1% cashback on up to $3,000 in debit card purchases
- No monthly maintenance fees
- Network of 60,000+ ATMs
Cons
- No reimbursement for out-of-network ATM fees
- Must be 18 years or older to open an account
3. Best for High School Students: Capital One
Capital One is a full-service bank offering checking and savings accounts, credit cards and loans. While the bank has some physical locations, Capital One is usually considered an online bank.
Teens younger than 18 can open joint accounts using a Capital One MONEY Checking Account with a parent or guardian. Text and email alerts help parents monitor spending. Kids get a free debit card, and parents can link external accounts to transfer money in. Plus, the Capital One app gives parents and teens unique logins.
Pros
- No fees or minimums
- Earn 0.1% APY
- Network of 70,000 free ATMs
Cons
- Must switch accounts when you turn 18
- No reimbursement for ATM fees out-of-network
4. Best Fee-Free Account: Bank of America
Bank of America is a good fit for choosing between mobile, online or in-person banking. The bank has a nationwide presence with over 3,900 branch locations and 16,000 ATMs.
Bank of America tailors its SafeBalance Banking account to students between 16 and 24 years old. Students can get money fast with Zelle. You can even get a fee-free Bank of America Advantage Savings account. The difference is automatically transferred into your savings account when you round your checking account purchases under the Keep the Change program.
Pros
- Pay no monthly fees if you are younger than 25
- No overdraft fees
- Branches in 37 states
Cons
- Minimum deposit required to open an account
- No reimbursement for out-of-network ATM fees
- No APY
5. Best for ATM Access: Axos Bank
Axos Bank is a digital bank offering an array of personal financial services. With no physical locations, Axos keeps its costs low. While its banking services are virtual, customer support is available 24/7.
Axos doesn't have a particular account geared toward college students, but its Essential Checking account easily fits the bill. The account charges no maintenance or overdraft fees. You can easily access cash with its expansive network of 91,000 fee-free ATMs. Perks like Direct Deposit Express and automated bill payment can come in handy when you graduate.
Pros
- Unlimited domestic ATM fee reimbursements
- No age limit
- No minimum deposit
Cons
- No physical bank branches
- No APY
What Is a Student Checking Account?
Student bank accounts are designed for high school and college-aged students. These checking accounts have benefits tailored to student needs, such as no monthly fees or minimum deposit requirements.
Depending on the bank and type of checking account you open, most student accounts have age requirements ranging from 13 to 25 years old. A parent or guardian may need to cosign the account for high-school students and younger.
Pros and Cons of Student Checking Accounts
Student checking accounts come with different perks and drawbacks than what you might find with traditional checking accounts.
Pros
- No fees: Most student checking accounts charge no monthly or overdraft fees.·
- Minimum deposit: Many student accounts require no minimum deposit.
- Age requirements: Students younger than 18 can open some student checking accounts.
Cons
- Co-signer: Students younger than 18 may need a parent or guardian to cosign the account.
- Conversion: Once you graduate or reach a certain age, you may be required to convert your student account to a traditional checking account.
- No or low APY: Student checking accounts often don’t pay interest. For accounts that do, the interest rate may be far less than what you will find with a traditional checking account.
How to Choose the Best Bank for College Students
While most banks offer special student checking accounts, they come with different benefits and drawbacks. Consider these factors when shopping around for college bank accounts:
- Are there monthly fees?
- How much money do I need to open an account?
- Am I required to keep a minimum balance in my checking account?
- Will I be charged overdraft fees?
- Does the account come with a debit or credit card?
- Will I earn interest on my balance?
- How expansive is the bank’s ATM network?
- Will I pay a fee for using an ATM?
- Are there rewards programs?
- Is there a bank branch near me?
- How easy is it to send and receive money?
Choose the Best Student Checking Account to Fit Your Needs
Young adults have different banking needs. Whether you are in high school or college, choosing the best bank for your checking account needs comes down to your personal preferences. Student checking accounts often charge no fees and provide easy access to cash. Plus, student checking accounts make it easy to send and receive money. This feature can give your parents peace of mind, knowing they can easily send money when you need it. You might also want to consider how easy it is to withdraw cash from ATMs. Many banks have also started eliminating overdraft fees. Try to pick a low-fee account, and you can pay college bills without worrying.
Frequently Asked Questions
Is Bank of America or Chase better for college students?
Choosing between a student checking account from Bank of America or Chase depends on your preference. Both banks offer no-fee student checking accounts, easy money management via mobile app and extensive ATM and branch networks throughout the country.
If you prefer banking in person, Chase branches can be found in 48 states compared to 37 for Bank of America. Chase student checking accounts have no minimum deposit requirement to open, whereas Bank of America student checking accounts do.
What happens to my college checking account after I graduate?
What happens to your college account after you graduate depends on your bank. Some banks, like Bank of America or Chase, let you keep your checking account, but you will pay a monthly maintenance fee. Other banks, like Capital One, require you to switch accounts once you graduate.
What's the best bank for a college student?
The best bank for college students depends on their banking needs. Choose a no-fee checking account when you want to keep costs low. If you regularly need access to cash, pick a bank with an expansive ATM network. Or choose a bank with physical locations if you prefer in-person banking.
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