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Student checking accounts provide easy access to checking for high school or college students.
This guide to student checking accounts covers:
You won’t pay fees for monthly maintenance, overdrafts or non-sufficient funds, and you don’t have to carry a minimum balance to get these benefits. Your account comes with an ATM debit card, and you get unlimited ATM fee reimbursements. This means you can use your card at ATMs without it costing more than a branch-based card.
When you make this account your go-to for direct deposits, you may also get access to those deposits up to two days earlier than you might with more traditional accounts. Students who aren’t old enough for an Axos Bank Essential Checking account may want to consider an Axos First Checking account, designed for ages 13 to 17.
Axos Bank® Essential Checking: An overview
| For Ages | APY | Min Balance Required | Fees |
|---|---|---|---|
| 18 and up | n/a | $0 | No monthly maintenance, overdraft or NSF fees; ATM fees are reimbursed |
Axos Bank® Essential Checking: Pros and cons
| Pros | Cons |
|---|---|
| ✅ No monthly maintenance fees ✅ No overdraft and NSF fees ✅ Unlimited ATM fee reimbursements |
❌ Account does not earn interest ❌ No in-person branch service |
This Chase checking account is designed specifically for college students and offers a $100 sign-up bonus. To earn that bonus, you need to complete 10 qualifying transactions, including purchases, with your account within the first 60 days.
You won’t pay monthly fees for up to five years or until your graduation date, whichever comes first. Chase offers options for managing your money in the app. You can avoid overdraft fees if you don’t overdraft more than $50 or you bring your overdraft current by the next day.
Chase College Checking℠: An overview
| For Ages | APY | Min Balance Required | Fees |
|---|---|---|---|
| 17-24 | n/a | $0 | No monthly maintenance fees, and you can avoid overdraft fees by bringing your account current the next day |
Chase College Checking℠: Pros and cons
| Pros | Cons |
|---|---|
| ✅ Chase has local branches and ATMs across the country ✅ No minimum balance requirement ✅ Option to earn a sign-up bonus ✅ No monthly maintenance fee |
❌ If you’re 17, you can only open an account at a local branch (and not online) ❌ Account does not earn interest ❌ Some spending and withdrawal limits apply |
With this account, you can earn 1% cash back on up to $3,000 in purchases each month. The account doesn’t come with any fees, so the cash back you earn is really like money in your pocket.
Set up direct deposits with this account from your work or financial assistance program, and get access to funds up to two days faster than with traditional accounts. You can deposit cash using your debit card at Walmart customer service counters. Send money with Zelle or add your Discover debit card to a digital wallet like Google Pay or Apple Pay for convenience.
Discover® Cashback Debit Checking: An overview
| For Ages | APY | Min Balance Required | Fees |
|---|---|---|---|
| 18+ | n/a | $0 | None |
Discover® Cashback Debit Checking: Pros and cons
| Pros | Cons |
|---|---|
| ✅ 1% cash back on up to $3,000 in purchases each month ✅ No-fee ATM access ✅ No monthly maintenance, overdraft, or NSF fees ✅ Ability to deposit cash |
❌ No physical branch locations for in-person service ❌ Account does not earn interest |
Chime’s free checking account may be a good option for those who have never had an account and are still learning good banking practices. It doesn’t have monthly, overdraft or NSF fees, and you get overdraft protection up to $200 if you qualify for SpotMe.
You can access direct deposits up to two days early with this second chance checking account, and Chime offers easy tools for managing our account via its app. Your credit score doesn’t impact your ability to open a Chime checking account.
Chime® Checking Account: An overview
| For Ages | APY | Min Balance Required | Fees |
|---|---|---|---|
| 18+ | n/a | $0 | None |
Chime® Checking Account: Pros and cons
| Pros | Cons |
|---|---|
| ✅ No fees ✅ Potential for up to $200 in overdraft coverage ✅ Access to your account at 60,000+ ATMs without fees ✅ Customized notifications and account management tools |
❌ No branch locations for in-person service ❌ Account doesn’t earn interest ❌ You may not be able to use mobile check deposit if you don’t also use direct deposit |
This all-in-one checking and savings account from SoFi is designed to make it easy for students to save and manage money. You can get a $30 cash bonus when you fund your new account, and you can also get $75 for referring friends who sign up. You need a valid .edu email address to sign up for this account.
SoFi offers 15% cash back on certain local establishments, and you won’t pay monthly maintenance or overdraft fees. You can also avoid ATM fees when you use one of the 55,000+ ATMs in the network. SoFi’s Vaults offer a unique way to save for specific expenses. You can also earn 4.60% APY on savings balances in vaults and 0.50% APY on checking balances, though you do need direct deposit to earn these rates.
SoFi Student Checking and Savings: An overview
| For Ages | APY | Min Balance Required | Fees |
|---|---|---|---|
| 18+ | 0.50% to 4.60% | $0 | None |
SoFi Student Checking and Savings: Pros and cons
| Pros | Cons |
|---|---|
| ✅ No monthly maintenance or overdraft fees ✅ No minimum deposit requirement ✅ Options for earning cash back, a sign-up bonus, and referral bonuses ✅ Accounts earn interest |
❌ No local branches for in-person service ❌ You must have active direct deposits to enjoy some of the perks that make this account stand out |
Student checking accounts are designed for students who are in high school, college or vocational school. Banks may require students to demonstrate enrollment with a student ID or other document, though many simply ensure individuals are in the age range for the account.
Student checking accounts are different from teen or youth checking accounts, which are designed to help a parent introduce banking to their child. In these cases, the adult needs to be a joint account holder.
Not every account summarized above is specifically a student checking account. These accounts for students were picked for their ease of access, low-to-no fee structure and potential perks for students. However, accounts specifically designed for students tend to offer perks that regular checking accounts don’t, such as cashback on college-related purchases and minimal fees.
The best student checking accounts meet the account holders’ financial and money management needs.
To figure out if a student checking account might be right for you, consider these factors:
To open a free student checking account with most banks, you will need to meet eligibility requirements.
These requirements include:
Once you have all this information, you can apply online in many cases for a student checking account. In some cases, such as if you are a younger student or don’t have a Social Security number, you may need to apply at a branch location.
You can open more than one student checking account, though not typically with the same bank.
You need to be at least 17 years old — and many accounts require you to be 18 years old — to open a student checking account.
Otherwise, some indications it might be time to open a student checking account include:
The best checking account for college students only works well for you if you manage it correctly.
Here are some tips for getting the most out of your account:
If you’re not ready to manage a checking account or want other options to back your spending, you might consider these alternatives:
You or someone else transfers money onto this card, and you can use it like a regular debit card. Once the money is gone, you can’t use the card until more money is transferred to it.
You can open a joint bank account with a parent or guardian who can help you manage your account. This is a popular option for many who go away to college because it makes it easy for parents to transfer money to students.
If you want your money to work harder for you, you can get a high-yield account that earns 4.5% or higher APY.
Getting a student checking account is worth it if you want a safe, secure way to hold and use your money.
There is not one best checking account for students. What’s best for you depends on your preferences and money management needs.
Most college checking accounts require you to be enrolled in a qualifying school. Some limit account holders to traditional college ages, such as 17-24.
Most student checking accounts don’t have minimum deposits. You may be able to open one with only $10, for example.
Some of the best student checking account options offer sign-up bonuses. You need to read the fine print on these offers, which may require you to fund your account, hold a certain amount in your account for a few months or make a certain number of transactions.
A student’s checking account might transfer to a standard account when they graduate. Talk to your bank to find out what the process is.
Most banks transfer student accounts to standard accounts upon graduation. You may need to provide your estimated graduation date when you open an account for this purpose.
Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.
Over the past 12 years, Sarah has contributed to numerous publications in the personal and small business finance sector, including content on budgeting, bankruptcy, small business accounting, and financial tech. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful, relevant resources for readers.
