Best Student Checking Accounts (June 2024) (2024)

Top Student Checking Account Options

Compared to regular checking accounts, student checking accounts often have lower or zero monthly service fees and transaction fees. Also, if there is a minimum balance requirement, it’s often much lower than the financial institution’s standard checking account option.

After researching 114 banks and credit unions we at the MarketWatch Guides team rated these 9 as our picks for the best student checking accounts.

Best Checking Accounts for College Students

Below are the accounts we believe to be the best checking accounts for college students. Some of them aren’t marketed solely toward college students but are simply quality checking accounts students 18 or older would greatly benefit from.

All of these accounts are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA) up to the legal limit of $250,000.

>> Related: Learn more about FDIC insurance

Discover Bank Cashback Debit Account

Discover Bank’s Cashback Debit Account is a no-fee checking account. This means account holders will not be charged the following fees:

• Monthly service fee
• Insufficient funds
• Bank checks/check reorder

Account holders earn 1% cash back on up to $3,000 worth of debit card purchases each month for a maximum $360 each year. Plus, if you’re signed up for direct deposit, you can get paid up to two business days early.

You don’t have to be a college student to open this account, which is a benefit because you don’t have to scramble to find another bank account once you graduate or reach a certain age.

Mobile app ratings: 4.5 out of 5 stars on Google Play; 4.9 out of 5 stars on the App store.

Ally Bank Spending Account

Ally Bank doesn’t have a minimum deposit requirement or charge monthly service fees. You can also earn interest, with an APY slightly better than the national average on account balances less than $15,000 and even more if your balance is higher.

Ally has also created a feature called “spending buckets” that helps you categorize your spending habits. Ally won’t decline any purchases you make that exceed your budgeted amount, it’s simply a great tool to help you stay on top of your spending.

Another thing we like about Ally is it has a fee-free overdraft protection service. Ally will cover up to $250 in overdrafts before declining your card. You can link your savings to your checking account, however, Ally will move money over in increments of $100 to cover any overdrafts. If you want, you can sign up for both services.

Mobile app ratings: 2.5 out of 5 stars on Google Play; 4.7 out of 5 stars on the App store. The Google Play app has had a recent update that users are finding difficult at times, although Ally has been quick to respond to each customer for assistance and further help.

SoFi Bank High-Interest Checking Account

SoFi doesn’t offer a student bank account, but its High-Interest Checking doesn’t have any account fees and comes with competitive interest rates. Shop at qualifying businesses and you can also earn up to 15% back (with no cap).

SoFi’s ATM network is fairly large with over 55,000 in its Allpoint network.

There are a couple of downsides to SoFi, though. The biggest is the fee for depositing cash. The amount varies on where you make the cash deposit, but you could pay up to $4.95. However, its banking app is strong, so any mobile check deposits you make should be easy and pain-free.

Mobile app ratings: 4 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.

Chase College Checking

Chase College Checking is one of the best student checking accounts. There’s no monthly service fee (before you graduate or with one electronic deposit per month) or minimum deposit requirement. Also, all account holders get zero liability protection, meaning Chase will reimburse you if you report unauthorized debit card purchases.

If you overdraw from your Chase College Checking account, Chase won’t charge any fees if you’re only overdrawn by $50 or less. More than that, though, and you’ll be charged $34.

Mobile app ratings: 4.4 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.

Bank of America Safe Balance

While the Bank of America account has a $25 opening deposit requirement, it doesn’t charge a monthly fee if you’re under 25 years old. It comes with fraud protection, customized alerts, mobile banking and a free budgeting and spending tool to help account holders manage their money.

We also like its mobile bank. Each account holder gets free access to an AI virtual financial assistant (named Erica) who can help you with a variety of banking tasks.

Mobile app ratings: 4.6 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.

Best Checking Accounts for Middle and High School Students

Because digital banking has taken center stage, both middle school and high school students often need checking accounts for debit card transactions. Parents may be looking for joint accounts that offer alerts and overdraft protection, while students most likely want something they can make withdrawals from.

A minor will need a legal guardian to help them open an account, but once set up, the following accounts are a breeze to use for both parents and students alike.

Alliant Credit Union Teen Checking Account

Alliant Credit Union Teen Checking Account is free and doesn’t have any minimum deposit requirements. Account holders can also earn interest when they opt for eStatements and have at least one electronic deposit.

If you’re a parent, this account comes with joint ownership, so you can easily see how well your child is managing their finances.

Alliant Credit Union members also get free access to its large, 80,000 fee-free ATM network, as well as a free Visa debit card.

Mobile app ratings: 4.5 out of 5 stars on Google Play; 4.7 out of 5 stars on the App store.

Axos First Checking

You can find higher APYs with other providers, but Axos has no monthly fees and makes it easy for parents to monitor their teens’ spending. This is an online-only bank, so you’ll need to use its network of more than 91,000 ATMs if you need to make a cash deposit.

This account is limited to those 13 to 17 years old.

Mobile app ratings: 3.8 out of 5 stars on Google Play; 4.7 out of 5 stars on the App store. Many of the recent comments on the Google Play app cite unhappiness with newer updates, however Axos is responsive and provides information for further assistance.

Capital One Money Teen Checking Account

Capital One Money is one of the teen checking accounts on this list that also has physical branches.

The account earns a little interest and has no fees, but unlike a few other options on the market, there are no rewards for spending at select businesses. Once your child turns 18 years old, he or she will need to manually switch their money to a different Capital One checking account.

Mobile app ratings: 4.5 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.

Wells Fargo Clear Access Banking

As with many other student checking accounts, the Wells Fargo Clear Access Banking account is free to use; however, the account holder must be between the ages of 13 and 17. If they are 18 or above, there is a monthly fee of $5.

Mobile app ratings: 4.8 out of 5 stars on Google Play; 4.9 out of 5 stars on the App store.

Tips for Picking the Best Checking Account for College Students

Find the best checking account for your college years by comparing eligibility requirements and account policies.

• Ensure the account holder will be eligible for the amount of time needed
• Check fee structures, including monthly fees and foreign transaction fees
• Read the bank’s policies related to overdrafts and daily transaction limits
• Compare APYs and additional perks, such as sign-on bonuses and cash back

>> Related: Learn about banks with promotions

Pros and Cons of Student Checking Accounts

Like any financial product, student checking accounts have their share of pros and cons, but the benefits are hard to discount. Because of lower fees, student checking accounts can help people with limited incomes get started on their personal finance journeys. Whether they’re still in middle or high school or are about to graduate college, a student checking account can teach younger account holders valuable life lessons.

Another thing to consider is cash is hard to monitor. If you’re the parent of a teen who is just starting to become independent, a student checking account with parental access can help you ensure your child is only spending money on purchases you approve of.

The Bottom Line: Which Student Checking Account Is Right for You?

Student checking can help account holders who are just learning how to manage money or who have limited monthly incomes because of school. While many are similar, it’s important to choose the right student checking account for your needs.

Whether you need one with a higher age limit or one with a higher APY, the right account can help you and your child save for future expenses such as college tuition or a car.

Methodology

Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience.

To find the best student checking account, we examined accounts designed for students ranging from 8 to 25 years old. We also reviewed regular checking accounts available to adults 18 years old and over with features helpful to college students. We then selected the nationally available accounts that received our study’s highest ratings to form this list. Read our full methodology.

• Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
• Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
• Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
• Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.

**Data accurate at time of publication