Student checking accounts are a great way for young adults to kickstart their financial journey. However, finding an account with low fees and easy-to-use features can be a challenge. That’s why we’ve compiled a list of the best student checking accounts available in January 2024. These accounts will empower you or your student to confidently manage their money and achieve financial success.
Best Student Checking Accounts Compared 2024
| Bank | Fees | ATM Access |
|---|---|---|
| Chase College CheckingSM | No monthly service fee while in school | No ATM fees |
| Axos Rewards Checking | No overdraft fees | Reimbursements for fees charged by other ATMs nationwide |
| Chime Checking | Virtually no fees | No ATM fees |
| Charles Schwab Bank Investor Checking | No recurring fees or minimum balance requirements | Unlimited ATM fee reimbursements worldwide |
| Capital One MONEY | No recurring fees or minimum balance requirements | No ATM fees |
| USAA Youth Spending Account | No monthly or overdraft fees | No fees for typical banking activities |
| Discover Cashback Debit Account | Almost no fees | Earn 1% back on up to $3,000 in monthly purchases |
Our Recommendations for the Best Student Checking Accounts
Best for Banking in Person: Chase College CheckingSM
If you prefer to visit a bank branch, Chase College CheckingSM is the perfect choice. This account has no monthly fees while you’re enrolled in college and offers a $100 bonus for new users. With a presence in all 48 contiguous states and over 15,000 ATMs, Chase makes banking convenient. They also provide excellent customer service and quality online and mobile banking options.
Best for Free ATMs Nationwide: Axos Rewards Checking
Axos Rewards Checking is an online account that allows you to use any ATM in the United States for free. They even reimburse fees charged by other ATMs nationwide. Plus, there are no overdraft fees or minimum balance requirements. You can also earn interest if you meet certain activity requirements. Whether you’re studying near home or out of state, this account ensures easy access to your money.
Best for Low Fees: Chime Checking
Chime Checking stands out for its low fees and user-friendly features. There are no monthly service fees, minimum balance requirements, or overdraft fees. Chime also offers a network of over 60,000 fee-free ATMs. The account can be managed primarily through the Chime app, making banking quick and convenient. Plus, Chime will cover up to $200 in overdrafts for qualified users with no added fees.
Best for Study Abroad: Charles Schwab Bank Investor Checking
If you’re considering studying abroad, Charles Schwab Bank Investor Checking is a fantastic option. This account has no foreign transaction fees and unlimited ATM fee reimbursements worldwide. Additionally, you’ll receive a Schwab One brokerage account, making it a great choice for future investing. The account also pays interest on deposited balances, ensuring your money works for you.
Best for Joint Account with a Parent: Capital One MONEY
Capital One MONEY is an excellent option for students aged eight to 17. It’s a joint account with a parent or legal guardian, offering no recurring monthly fees or minimum balance requirements. The account provides parental controls, allowing adults to oversee and guide their child’s banking experience. At age 18, the account can be converted to a Capital One 360 Checking account.
Best for Military Families: USAA Youth Spending Account
USAA Youth Spending Account is exclusively available to military members, veterans, and their families. This account has no monthly or overdraft fees and offers parental controls for joint account holders. While the interest rate is modest, this account provides exceptional customer service and competitive rates and fees. USAA Classic Checking is also an excellent choice for those aged 18 or older.
Best for No Minimum Account Balance: Discover Cashback Debit Account
Discover Cashback Debit Account is a fee-friendly checking account that allows you to earn 1% back on up to $3,000 in monthly purchases. The account is easy to use and includes optional overdraft protection. While Discover cards may not be as widely accepted as Visa or Mastercard, the ability to earn cash back on everyday purchases makes this account a valuable choice for college students.
How to Pick the Right Student Checking Account for You
To choose the best student checking account for your needs, consider how you plan to use the account. Review the following criteria:
- Monthly fees and minimum balance requirements: Avoid accounts with recurring fees or fees for frequent activities to maximize your savings.
- Fee-free ATMs: Look for accounts that offer a network of ATMs without surcharges or reimburse fees charged by out-of-network ATMs.
- Online banking features: Ensure the account provides the online banking features you need, such as online transfers, bill payments, and mobile check deposits.
Requirements to Open a Student Checking Account
Most student checking accounts require a joint account holder for minors under 18. Legal adults usually don’t need a joint account. Some banks may have minimum deposit requirements or specific residency restrictions. Military affiliation may also be required for certain accounts.
Frequently Asked Questions (FAQs)
Here are answers to some commonly asked questions about student checking accounts:
How many student checking accounts are you allowed?
While some banks may set limits, there’s no rule preventing you from having multiple accounts at different institutions. However, managing multiple accounts can be challenging, so choose wisely.
What happens to the student checking account once you graduate?
When you graduate, most accounts convert to standard adult checking accounts with potential changes to fees and minimum balance requirements.
What are the benefits of a student checking account?
Student checking accounts offer lower or no fees compared to traditional accounts. They also provide features that help parents co-manage the account, teaching students important financial skills.
Should you open a student checking account?
For most students, having their own checking account is beneficial. Even if you live with your family, a student checking account offers valuable features and benefits to help you learn financial responsibility.
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