5 Best Student Bank Accounts of 2023 – Money

As a student, you’re taking your first steps toward financial independence. But the fees and requirements that come with some bank accounts can make them difficult for college, postgraduate and international students to access. Traditional and online banks with student accounts offer flexible, low-fee banking specifically for young adults.

This guide looks into five of the most popular student bank accounts of 2023. While each of these accounts has its own pros and cons, they’re all good options for a student on a budget. Plus, read on for a quick guide on how to pick the best checking account for your college years.

Our Top Picks for Best Student Bank Accounts

Best Student Bank Accounts Reviews

Why we chose it: Chase Bank’s College Checking Account is designed for students aged 17-24. It offers a $100 signup bonus, online banking and fee waivers for college students.

Chase Bank offers a low-cost, accessible checking account for students just starting out on their own. Anyone between the ages of 17 and 24 with proof of student status can sign up for this bank account. If you’re over 18, you can sign up online, but 17-year-olds are required to visit a Chase branch with a parent or guardian.

Chase offers a $100 signup bonus for anyone who opens a student account. To get the bonus, you’ll have to complete 10 qualifying transactions within the first 60 days of opening your account. Qualifying transactions include debit card purchases, ACH or Zelle transfers and online payments.

Aside from that bonus, Chase is one of the best banks for students because it doesn’t require an opening deposit or minimum balance. It also waives the monthly maintenance fee for college students for up to five years, or until age 24. There is a $3 withdrawal fee for out-of-network ATMs — however, Chase has over 16,000 ATMs and 4,700 branches nationwide, so it shouldn’t be hard to find an in-network ATM in your college town. Chase also offers online banking with Zelle compatibility to track your finances and send money from the mobile app.

The biggest drawback of this account is its overdraft fees. Chase charges $34 per overdraft, with a cap of $102 per day. You can avoid that fee if you keep your overdraft under $50 or if you bring it to less than $50 within one business day. Chase also offers low balance alerts through the app to help you avoid an overdraft. Still, those fees can add up for a student on a budget. The other downside is that the maintenance fee waiver expires after five years of college — you’ll be charged $6 monthly after five years, even if you haven’t graduated yet.

Why we chose it: PNC Bank offers guidance and translation services to help international students open an account. With a Virtual Wallet Student Account, you’ll get one free wire transfer per statement period, so you can receive money from overseas with no additional charge.

PNC Virtual Wallet offers a unique approach to personal banking by combining three accounts in one. When you open a Virtual Wallet account, you’ll get:

• Spend: your primary checking account
• Reserve: a checking account with interest
• Growth: your long-term savings account

PNC Virtual Wallet is available to anyone 16 or older. If you’re a student, you can open a Virtual Wallet Student Account for up to six years. The student account has a $0 opening deposit (if you open your account online), no monthly service fee and no minimum balance requirement. It also allows one incoming wire transfer per statement period with no fees. That free transfer is helpful for international students who receive funds from their home countries.

PNC Bank caters to international students by offering translation services in over 240 languages. PNC provides pamphlets and step-by-step guidance to help international students open their first U.S.-based bank account on its website.

Because international students have to visit a PNC branch in person to open their account, the $0 opening deposit benefit doesn’t apply. Non-residents will have to make an opening deposit of at least $25. PNC Bank also has a steep overdraft fee of $36 per overdraft. Your first overdraft fee is automatically refunded.

Interest rates for PNC’s Growth and Reserve accounts range between 0.01% – 0.03%. While that isn’t as high as some of the best high-yield savings accounts, the option to earn interest is a unique feature of PNC Virtual Wallet and a good way to start planning for your financial future. After six years of school, or if you’re no longer an active student, your student account will be converted to a normal PNC Virtual Wallet account.

Why we chose it: Chime’s online checking account isn’t specifically designed for students, but it offers the fee-free banking and accessibility of some of the best student bank accounts. This account is a good option for postgraduate students who want to save for their future but need convenient, affordable banking.

Chime is an online-only bank that offers both checking and savings accounts. Like some of the best online checking accounts, it has no maintenance or overdraft fees. Although it doesn’t have in-person branches, Chime is FDIC-insured and offers 24/7 live support to answer any security or banking questions.

Chime’s checking account stands out for postgrad students because of its convenience. You can manage your money, make payments and deposit checks from the app. It’s also affordable, with no monthly maintenance fee, overdraft fees, minimum balance requirement or foreign transaction fees. Chime does charge a $2.50 withdrawal fee for out-of-network ATMs but has over 60,000 ATMs in its network for free withdrawals.

A lot of the student accounts reviewed on this list are also fee-free — the main difference is that most student accounts come with an age or active student requirement, while Chime doesn’t. You won’t lose your account or be subjected to fees after graduation. Chime allows overdrafts up to $200 with no fee. Another advantage for a postgrad on a budget is Chime’s early direct deposit feature. When you enroll in direct deposit, you can access your paycheck up to two days early.

You might not be interested in a Chime checking account if you prefer in-person banking or if you want an online checking account that earns interest. However, you can open a high-yield savings account with Chime and earn up to 2% APY.

Why we chose it: U.S. Bank’s Student Checking Account has no monthly maintenance fees, no overdraft fees under $50, four free out-of-network withdrawals per month and plenty of educational resources to help students manage their finances.

U.S. Bank is a traditional bank that offers online banking, mobile check deposits, checking and savings accounts, investment assistance and more. This bank has branches in 28 U.S. states but its products are available nationwide.

The Student Checking Account is available to youths (ages 13-17) and young adults (ages 18-24). Like other student accounts, it has no minimum balance requirement and $0 monthly maintenance fees. While other banks charge $3 to $5 for out-of-network ATM withdrawals, U.S. Bank only charges $2.50 — and it waives that fee four times per statement period. So, if you live in an area with limited U.S Bank ATMs, you can still make up to four withdrawals per month with no fees.

U.S. Bank doesn’t charge a fee for overdrafts under $50. For overdrafts greater than $50.01, you can have the $36 fee waived as long as you repay the overdraft by the end of the next business day.

Along with its lack of fees, U.S. Bank’s Student Checking account offers convenient, student-friendly features like on-campus banking (available on select campuses), which combines your student ID and debit card into one campus card. The campus banking program also offers educational resources for financial planning and on-campus branches.

Even if your school doesn’t have on-campus banking with U.S. Bank, you can still take advantage of its fee-free banking, online payments and free withdrawals. The biggest drawback of this student checking account is the $25 opening deposit, which applies regardless of where you open your account.

Why we chose it: Bank of America’s Advantage program offers advanced saving and money management tools, including spare change deposits. This account has student advantages but continues after graduation, so you can continue to grow your savings.

Bank of America Advantage is a checking account with three options:

• SafeBalance: This account has no maintenance fee for students under 25. It doesn’t offer checks but comes with overdraft protection.

• Advantage Plus: This account has a $12 monthly maintenance fee but comes with more advanced features, like checks.

• Advantage Relationship: This is a shared checking account with a $20 monthly maintenance fee, ideal for high balances.

While there isn’t a Bank of America student account, the bank recommends the SafeBalance account for students, as it comes with overdraft protection and doesn’t charge a monthly maintenance fee. A $25 opening deposit is required whether you open your account online or in person. Bank of America charges $2.50 per withdrawal at out-of-network ATMs and has a network of 16,000+ ATMs in the U.S. — broad, but not as far-reaching as some of the other banks on this list.

This account helps you save by preventing overdrafts. It also comes with a range of budgeting and money management tools. You’ll be able to see detailed overviews of your monthly spending in the mobile app, track how much you’re saving and automatically round up purchases to deposit the change in your savings account. Advantage checking accounts don’t earn interest, but you can open an Advantage savings account that earns 0.01%. Bank of America also offers investment accounts through its umbrella company, Merrill.

After you graduate or turn 25, your SafeBalance account will be subject to a $4.95 monthly maintenance fee unless you enroll in Preferred Rewards, Bank of America’s rewards program. However, overdraft protection applies for as long as you own your account. You’ll also have the option to upgrade to Advantage Plus or Advantage Relationship if you want more advanced banking features.

Other student bank accounts we considered

If you’re on a budget and looking for the best free checking account, a student bank account might be the way to go. But accounts that are designed for students aren’t your only options — there are plenty of online and traditional banks that offer free checking and convenient budgeting features. Here are a few more options that didn’t make our list of the best student bank accounts.

Axos Essentials Checking Account

Axos is an online-only bank that offers checking and savings accounts, as well as CDs. One of the best features of the Essentials Checking Account is that it offers reimbursements for all domestic ATM withdrawals. However, it doesn’t offer any advantages for students and has lower interest rates than other online-only banks.

Truist Student Checking Account

Truist Student Checking charges no overdraft fees and waives its maintenance fee for students under 25. After graduation, that monthly maintenance fee goes up to $12 — fairly steep for a basic checking account.

Key Smart Checking

KeyBank offers free checking accounts with no monthly maintenance fees and no overdraft fees. The mobile app is helpful and well-reviewed, and you can deposit cash at most KeyBank ATMs. The biggest downside to this checking account is that KeyBank is only available in 15 states, and you have to live in a supported state to open your account.

Student Bank Accounts Guide

The best student bank accounts have a few features in common: no monthly fees or waived monthly fees, overdraft protection, convenient online banking and a low/no minimum balance requirement. In short, a student bank account should be affordable and accessible.

Whether you just need an account to pay your bills or want to link with one of the best savings accounts to grow your long-term savings, finding a bank you’re comfortable with will make all the difference. Here’s a quick guide to help you pick the best student bank account for your lifestyle.

Main things to know before choosing a student bank account

Unlike the best business checking accounts, student checking accounts have limited features and low fees. The main purpose of a student bank account is for a young adult to learn financial independence while saving money.

So, if you have complex banking needs, a student bank account might not be the right choice. Many student bank accounts don’t offer:

• Check writing
• High-yield savings or checking
• Unlimited daily transfers or deposits
• Joint accounts

On the other hand, a student bank account is ideal if you want to keep things simple. The perks of some student checking accounts include:

• Waived maintenance fees
• Money management tools
• Overdraft protection
• A user-friendly mobile app

It’s important to understand that some of the best student bank accounts come with age and/or enrollment requirements. To qualify for the low fees, you’ll have to prove that you’re enrolled in school and within the target age group. Many accounts are also designed to be temporary. After a certain number of years — generally five or six — you’ll no longer qualify for the benefits of a student account, regardless of whether you’ve graduated.

What are the best types of bank accounts for students?

If you’re looking for the best student debit cards linked to safe, fee-free accounts, you have a few options.

• Traditional banks: Many traditional banks offer student accounts. With this type of account, you can enjoy waived fees while you’re in school, then upgrade to another account at the same bank after graduation.

• Online banks: Although online banks don’t offer in-person services, they often have high-yield savings accounts and 24/7 customer service. Many online banks waive their maintenance and overdraft fees for students.

• Free checking account: Student bank accounts aren’t your only options for low fees. Some of the best free checking accounts also come with no monthly maintenance fees — and their benefits don’t expire after you graduate.

The best type of bank account for you depends on your needs. For example, if you want to easily transfer money to and from your family members’ accounts, you might want to open a student account with their bank. If you plan on moving frequently or traveling in your college years, you should look for an account with low international ATM fees.

What documents do you need to open a student bank account?

The exact requirements to open a student bank account vary depending on the bank or institution you choose. For a complete list of what you need, check the institution’s website. You should be prepared to provide:

• Two forms of government-issued ID: Acceptable forms of ID include a driver’s license, state ID card, passport, birth certificate or U.S. military card.

• Proof of school enrollment: If you’re opening an account with student benefits, you’ll need proof of your enrollment. This can be a student ID card, acceptance letter or proof of tuition payment.

• Social Security Number or Taxpayer Identification Number: If you don’t know your SSN or TIN, you’ll want to find it before you start the application process.

How to open a student bank account

Opening a student bank account usually takes less than a day. Depending on the bank you choose, you may be able to apply online or in person at your local branch. Make sure you have all the required documents on hand before you get started.

If you’re an international student, you will have to visit your bank in person to open an account. You may be asked to provide:

• Proof of your U.S. address
• Proof of your foreign address
• Your TIN (if applicable)
• Your passport
• Proof of school enrollment
• Proof of income or a bank statement showing your current funds

If you’re under 18, you will need a parent or guardian to open a joint account in your name. Some student bank accounts are available to youth under 18 who are enrolled in higher education. If you’re interested in opening a bank account to save up for college, you might want to consider one of the best savings accounts for kids or the best investment accounts for kids.

How We Found the Best Student Bank Accounts

This review looked into a few of the most popular student bank accounts of 2023. To narrow down these options, we compared their critical features, including:

• No fees: The main benefit of a student bank account is a lack of fees, so we looked for accounts that have no maintenance fee or waive the maintenance fee for students.

• Convenience: The best student bank accounts come with online banking and mobile apps to fit a student’s busy schedule.

• Customer service: Responsive customer service can be a huge help for a student learning how to manage their own finances.

• ATM availability: Most banks charge a small fee for out-of-network ATM withdrawals, so we looked for banks with a broad ATM network to reduce fees wherever possible.

• Low overdraft fees: We looked for banks that have overdraft protection or minimal overdraft fees to help students save.

• Low/no opening deposit: The best bank for college students shouldn’t require a high opening deposit to get started.

• Low/no minimum balance requirement: To help students on a budget, we looked for bank accounts that don’t have a minimum balance requirement.

Summary of the Best Student Bank Accounts of 2023