Best Student Bank Accounts of October 2024
Written by
Taylor Milam-Samuel
Edited by
Elizabeth Constantineau
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Although students don’t always have much spare cash during their school days, having a bank account is essential. However, many standard accounts tack on fees that could eat away at the balance. This roundup of the best student bank accounts helps you find one that’s student-friendly and right for you.
Best Student Bank Accounts of October 2024
The following banks are ideal for students because they are simple to open and maintain. The best banks for students have no opening balance requirements and feature low or no fees. Note that in many cases, students under 18 must open an account in person with a parent or legal guardian.
- USAA Youth Spending
- Chase College CheckingSM
- Capital One Money Teen Checking
- PNC Virtual Wallet Student®
- Citizens Student Checking
- Bank of America Advantage SafeBalance Banking®
- SoFi® Checking and Savings
- TD Essential Banking
- Wells Fargo Clear Access Banking
1. USAA Youth Spending
Best student bank account for checkless checking
Children and young adults can get started saving for school and grow with USAA by using $25 to open an account. Once the account holder turns 18, the account is automatically converted into a Classic Checking account. There are no monthly fees to bank with USAA. Plus, the bank offers access to a network of over 100,000 ATMs nationwide.
- Age restriction: Available to students under age 18
- Annual percentage yield: on daily ledger balance of $1,000 or more
- Minimum opening deposit: $25
Why we like it: The USAA Youth Spending account is a free student checking account that offers plenty of parental controls like the ability to temporarily set withdrawal limits and create alerts. Plus, parents have the ability to transfer funds directly into the child’s account.
What to watch out for: Banking with USAA requires affiliation with the military to qualify.
2. Chase College CheckingSM
Best account for college students
Chase offers branches and ATMs nationwide, a variety of credit cards and plenty of loan and account options. College students in particular will find Chase College Checking to be a good deal. Designed for students between the ages of 17 and 24, there are no monthly maintenance fees1 as long as you’re in college.
Even if you graduate early or take a break, you can avoid the $12 monthly fee by making at least one monthly electronic deposit totaling at least $500 or maintaining an average daily balance of $1,500.
- Age restriction: Available to students ages 17 to 24
- APY: N/A
- Minimum opening deposit: $0
Why we like it: The Chase College Checking account has features college students need, like peer-to-peer payments, no minimum deposit for opening an account and Overdraft Assist* to avoid the pricey overdraft fee.
What to watch out for: The account has a high $34 overdraft fee for accounts overdrawn by more than $50.
3. Capital One Money Teen Checking
Best student bank account for high schoolers
The Money account, Capital One’s checking account for teens, tweens and kids as young as 8, has no fees or balance/deposit minimums to worry about.
The account is entirely online. A debit card is included, but almost everything happens through the app. Parents can have access to the app to monitor a teen’s spending, deposit funds, and have more control until the student is ready to manage their own finances.
- Age restriction: Available to students ages 8 and up
- APY: **
- Minimum opening deposit: $0
Why we like it: Unlike most banks, Capital One keeps teen accounts open if the teen doesn’t transfer funds to a regular account when they turn 18. Plus, the account has a free debit card that they can use fee-free at over 70,000 ATMs.
What to watch out for: Money Teen Checking has no automated savings tool for teens who also have a Capital One Kids Savings account.
4. PNC Virtual Wallet Student®
Best student bank account for advanced budgeting features
PNC’s Virtual Wallet Student is three accounts in one:
- A Spend account for everyday expenses
- A Reserve account for short-term planning
- A Growth account for long-term savings
Account holders can enjoy student benefits — like a courtesy overdraft refund and one free wire transfer per statement period — for a maximum of six years before converting the Virtual Wallet Student account to a standard Virtual Wallet® account.
All Virtual Wallet accounts offer outstanding budgeting tools, savings goals and low-cash warnings.
- Age restriction: Available to students ages 14 and older
- APY: N/A for Spend; APY for Reserve and up to APY for Growth
- Minimum opening deposit: $0
Why we like it: Outstanding budgeting and saving tools do an excellent job of helping students learn to manage their money.
What to watch out for: The three-accounts-in-one model might be too complicated for younger students.
5. Citizens Student Checking
Best student bank account for students who work
Citizens Student Checking is a full-featured account for kids as young as 14 and powerful enough for high school and college students with more advanced banking needs. Account holders can use any ATM with no fee from Citizens, and while it’s possible to link a savings account to cover non-sufficient funds, there’s no overdraft fee.
- Age restriction: Available to students ages 14 to 24
- APY: N/A
- Minimum opening deposit: $0
Why we like it: Students can get paid up to two days early, making it one of the best banks for college students who need to pay bills. In addition, account holders can request a Citizens Checkup — an appointment with a Citizens banker who can help set financial priorities and goals.
What to watch out for: Citizens does not offer 24-hour support by phone.
Alternatives to Student Bank Accounts
Several banks offer accounts that are well-suited for students even though they’re not strictly student accounts. Here are some of the best checking accounts, plus a student savings account that earns a competitive APY.
6. Bank of America Advantage SafeBalance Banking®
Best student bank account alternative with widespread ATMs
Bank of America, Member FDIC, is one of the largest banks in the country and offers thousands of ATMs. Bank of America Advantage SafeBalance Banking is a checking account where you can waive the monthly fee if you are under the age of 25.
It’s one of the best banks for college students since it also offers help with budgeting, spending and financial literacy. The account’s Keep the Change feature encourages students to save by rounding up purchases to the nearest dollar and moving the money to a savings account.
- Age restriction: Must be at least 16 to open an account and under 25 to avoid the maintenance fee
- APY: N/A
- Minimum opening deposit: $25
Why we like it: Bank of America’s Advantage SafeBalance checking account generally doesn’t allow accounts to be overdrawn, but in the rare instance that it happens, there’s no overdraft fee.
What to watch out for: This account does not offer the ability to write paper checks.
7. SoFi Checking and Savings
Best student bank account alternative for high APY
While technically not a student account, SoFi Checking and Savings, Member FDIC, offers a bonus of up to $300 for signing up and setting up direct deposit2. The student savings account is packed with benefits, including early direct-deposited paychecks3 and additional bonuses for referring friends. It also offers savings vaults to help you save for specific goals plus cash back on certain local purchases. New savings balances earn up to APY4, which rivals some of the top CD rates. There are no minimum deposit or balance requirements and no monthly fees.
- Age restriction: Available to students ages 18 and up
- APY: on checking and up to on savings with eligible direct deposits of at least $5,000 every 30 days
- Minimum opening deposit: $0
Why we like it: SoFi’s Checking and Savings offers outstanding benefits to help adult students prepare for a successful financial future.
What to watch out for: You must be 18 or older to have a SoFi account and you have to utilize direct deposit to earn the highest APY.
8. TD Essential Banking
Best student bank account alternative for younger teens
Essential Banking from TD Bank is a basic checking account that offers some nice perks, including a contactless debit card that can be replaced at a branch and no overdraft fees. In fact, the account may return or decline transactions that would overdraw your account, which helps students learn to spend within their means.
- Age restriction: Ages 13 and up with a legal guardian (13 to 17 to have fees waived)
- APY: N/A
- Minimum opening deposit: $0
Why we like it: This is a joint account teens must open with a parent or legal guardian, which makes it easy for parents and guardians to supervise their younger teen’s spending.
What to watch out for: This account incurs a $4.95 monthly fee after the account holder turns 18.
9. Wells Fargo Clear Access Banking
Best student bank account alternative for no-frills banking
Clear Access Banking from Wells Fargo is a basic checking account that can take your kids from middle school through college. Designed for account holders who’ll maintain low balances, the account has a low opening deposit requirement of $25, no monthly fees for account holders under age 25 and no overdraft fees. Seventeen-year-olds can open an account independently — kids under 17 need an adult co-owner.
- Age restriction: Available to ages 13 and up (ages 13 to 24 have the monthly fee waived)
- APY: N/A
- Minimum opening deposit: $25
Why we like it: Wells Fargo Clear Access Banking is one of the best student checking accounts Its no-frills features that allows kids to learn about managing money, without the distractions of bells and whistles they won’t use.
What to watch out for: $3 fee for each withdrawal, balance inquiry or funds transfer at non-Wells Fargo ATM.
Methodology
GOBankingRates researched student accounts and accounts suitable for students and selected the best accounts based on the following factors: mobile banking, online banking, monthly fee, minimum to open, debit card availability and ease of applying for an account.
Final Take
Setting up a student account before you head off to college is a good idea. You’ll learn about money management, budgeting and more while hopefully building up a balance. Most banks offer some type of student or youth bank account. However, they’re not all created equal, and there is no one best bank for students. This roundup of the best student checking accounts and savings accounts gives you a good starting place to help you decide which bank may best suit your needs.
FAQ
- Which type of bank account is best for students?
- Students should look for a student checking account with no fees. They typically come with a debit card and a mobile app to manage transactions and make mobile check deposits.
- Is it worth getting a student bank account?
- A student bank account is definitely worth it. You'll start building a financial track record. Plus, it's easier to manage your funds held in a bank account with a linked debit card than handling cash.
- What are the disadvantages of a student bank account?
- Depending on the age of the student, an adult may need to sign on as a joint account holder. Plus, student bank accounts are typically limited to an age range. Once you're no longer a student or you surpass the age limit, you'll likely need to open a different account.
- What is the best bank account for students?
- Student bank accounts from USAA, Chase, Capital One, Bank of America, PNC, TD Bank, Wells Fargo, Citizens Bank and SoFi are among the best for a variety of reasons. The best for each student depends on their age and banking needs.
- Is Chase or Bank of America better for students?
- Chase and Bank of America are comparable banks, and they're both among GOBankingRates' picks for the Best Banks of 2024. Chase could be better for college students, but Bank of America stands out for its large network of ATMs.
- Which bank account is best for high school students?
- The Capital One Money Teen Checking account ranks among the top accounts for high school students.
Cynthia Bowman and Daria Uhlig contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 14, 2024.
The information related to Chase College Checking was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.
1$0 Monthly Service Fee for students 17 to 24 years old at account opening, enrolled in college or a vocational, technical or trade school, up to the graduation date provided at account opening (five years maximum) or $12 Monthly Service Fee.
*With Chase Overdraft AssistSM, Chase won’t charge an insufficient funds 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 p.m. ET, or 8 p.m. PT, to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
**Capital One interest rates accurate as of Oct. 14, 2024. See website for all current rates.
2New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
4SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
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