8 Best Student Checking Accounts for 2024

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If you’re a student, chances are that finances are tight. That’s why it pays to choose a checking account that caters to students. If you’re looking to save money anywhere you can, your checking account is a good place to start.

Take a closer look at the best student checking accounts below.

Top 8 Student Checking Accounts

Here are the best five student checking accounts for 2024:

Capital One Money Teen Checking

Why it stands out: With no fees or minimums — and that means no balance requirements, minimum deposits or pesky monthly fees — the Money Teen Checking account is perfect for students because they'll even earn interest on their balances. The account also has a top-rated mobile app that enables parents to transfer money to their kids with ease. Your student can get an account at 8 years old, but don't worry — you'll have control over it because students and parents have individual mobile app logins, which enables you to see how your student is managing their money. The account comes with a free debit card that your student can use to access their cash for free at more than 70,000 ATMs across the country. Plus, you'll get alerts and the ability to lock and unlock the card. Out of 5 stars, the app received 4.8 on Apple's App Store and 4.5 on Google Play.

Pros:

• No fees or minimum balance requirements
• Earns interest
• Parents not required to have a Capital One account to open a Money account

Cons:

• No educational tools in app
• Can only deposit cash at Capital One branches or ATMs

Who it's best for: Teens and kids learning the ropes of money management with guidance from their parents. What to look for: Keep in mind that you'll need to visit a Capital One branch or ATM any time you want to deposit cash in the account. Also, you won't receive any paper checks, which might provide a teaching moment for students who don't know how to write them. Lastly, you won't have access to any investment services, which could also be a great learning experience for a student. CAPITAL ONE BANK REVIEW

Discover Cashback Debit

Why it stands out: The Discover Cashback Debit account enables students to earn cash back rewards — without any fees at all. That means no monthly fees, no balance or activity requirements and no fees for expediting a replacement card, outbound ACH transfers, official bank checks or check reorders. You'll also get 1% cash back on up to $3,000 worth of purchases per month. Plus, you'll have access to more than 60,000 free ATMs nationwide and no-fee overdraft protection. If you have a job, you can also get paid up to two days early when you sign up for direct deposit. Out of 5 stars, the app received 4.9 on Apple's App Store and 4.5 on Google Play.

Pros:

• No fees
• 1% cash-back rewards
• Direct deposit early pay option

Cons:

• No interest paid on balances
• No physical branches

Who it's best for: Students who prefer to spend with a debit card and want to maximize their rewards. What to look for: If you occasionally like to stop in at your bank, keep in mind that Discover has no physical locations. Also, remember that although you will earn rewards, there is a cap of $3,000 in rewards-eligible purchases. In addition, if earning interest on your checking account balance is a must for you, you won't find it here. DISCOVER BANK REVIEW

Wells Fargo Clear Access Banking℠

Why it stands out: You can open a Wells Fargo Clear Access Banking account with just $25, and it's a good option if you need help managing your money. You'll never pay overdraft fees, but there is usually a $5 monthly service fee — if you're between 13 and 24 years old, however, it's waived. The account enables users to send money via Zelle, make mobile deposits, turn debit cards on and off and add them to mobile devices to tap and pay. You'll also get 24/7 fraud monitoring and zero liability protection. Out of 5 stars, the app received 4.9 on Apple's App Store and 4.8 on Google Play as of Jan. 5.

Pros:

• No overdraft fees
• 24/7 fraud monitoring and zero liability protection
• Zelle-enabled

Cons:

• Does not earn interest

Who it's best for: Students who want access to brick-and-mortar branches. What to look for: If you are between the ages of 13 and 17, you'll need to open your account in an actual branch, and if you are between the ages of 13 and 16, you'll need an adult account co-owner. WELLS FARGO BANK REVIEW

Chase College Checking℠

Why it stands out: Open a new account with 10 qualifying transactions within 60 days of enrollment and you can receive a $100 bonus from Chase. This offer expires July 24, 2024. What student wouldn't appreciate that? And if you're a student between 17 and 24 years old, you'll qualify for no monthly service fees for five years. You'll have access to more than 4,700 Chase branch locations and 15,000 ATMs, and you'll be able to send or receive money via Zelle. Out of 5 stars, the app received 4.8 on Apple's App Store and 4.4 on Google Play as of writing.

Pros:

• Bonus offer
• No monthly service fee for five years
• Plenty of branches

Cons:

• No locations in some states
• No ATM fee reimbursements
• No interest

Who it's best for: Students who want access to physical branch locations and want to pursue a sign-up bonus. What to look for: Students who are 17 must open the account in a branch. Keep in mind that after your no-monthly-fee five years are up, you will have to pay a fee of $12 unless you make a monthly direct deposit or maintain an average ending day balance of at least $5,000. CHASE BANK REVIEW

Chime® Checking Account

Why it stands out: Open a Chime* checking account and you'll pay no monthly service¹ or foreign transaction fees — and you won't have to keep a minimum balance. Eligible members get fee-free overdrafts on up to $200², and you'll have access to more than 60,000 free ATMs³. You'll also get 24/7 live customer service, and if you have direct deposit, you can get paid up to two days early⁴. The free debit card⁵ enables you to make purchases anywhere Visa is accepted. You can also turn on instant transaction alerts and block your card with a simple tap. Out of 5 stars, the app received 4.8 on Apple's App Store and 4.6 on Google Play.

Pros:

• No monthly or overdraft fees
• Early access to paychecks
• 60,000-plus free ATMs

Cons:

• $2.50 fee per transaction at out-of-network ATMs
• Can only deposit cash at partner locations, such as Walmart and 7-Eleven⁶

Who it's best for: Students who rarely have cash to deposit and prefer an entirely online banking experience. What to look for: You can deposit cash at Walgreens for free, but some retailers might charge a fee of up to $4.95. You can make mobile check deposits via the app, but to access this feature, you must have one qualifying direct deposit of $1 or more. If you're looking for a joint account, you won't find one at Chime. CHIME REVIEW

Ally Bank Spending Account

Why it stands out: Ally bank is part of the fintech wave, offering extensive, user-friendly budgeting and spending tools while paying a high interest rate in no-fee wrapper. You won't face a monthly fee or overdraft fees. But you will earn 0.10% APY on balances of less than $15,000 and 0.25% APY on balances of more than $15,000. Since most checking accounts don't offer any interest-bearing features, this account can help you make the most of your funds. Out of 5 stars, the mobile app earned 4.7 on the Apple App Store and 2.4 in the Google Play Store. Pros:

• High APY
• No fees or account minimums
• User-friendly banking and budgeting features
• No overdraft fee

Cons:

• Low score in Google Play Store

Who it's best for: Students who never have cash to deposit and want to tap into an interest-bearing checking account option. What to look for: Ally Bank doesn't offer a way to deposit cash. Also, the mobile app has poor reviews in the Google Play Store. Most reviewers seem to blame a recent update, so hopefully the issues are fixed soon. READ OUR FULL REVIEW

How To Choose a Student Checking Account

There are quite a few student checking accounts on the market, so it might seem daunting to choose one. Here are some things you should consider before signing on the dotted line:

• Fees: The best checking accounts for students are those with no fees, period. Make sure you know exactly what — if any — fees you might be charged for an account.
• Mobile app: If you want a mobile app to go with your checking account, check the bank’s website to see if it offers one; if it does, check the app’s rating on the App Store and Google Play.
• ATM availability: If you typically use ATMs, make sure the account you choose gives you access to free ones near you — or reimburses you for charges at out-of-network ATMs.
• Paper check-writing capability: Few people still write checks these days, but if you need to, make sure the account you sign up for actually has them.

How To Open A Student Checking Account

If you want to open a student checking account, start be researching your options. Once you find a checking account that suits your needs, you can move forward with opening an account. Depending on the bank, you might need to open the account in-person. But most offer a way to open your account online. Either way, be prepared to provide your Social Security number, physical address, email address, and other personal details to finalize your account.

Tips

As you look for a student checking account, keep these following tips in mind:

• Free: If possible, find a free student checking account to make your finances easier as you get started.
• APY matters: You don’t necessarily have to get a student checking account that offers interest. But if you skip an interest-bearing checking account, make sure to pair it with a high-yield savings account.
• Look on campus: If you want a physical branch option, look on campus before landing on an account. Many colleges have at least one banking option on campus or nearby.

Methodology

To find the best student checking accounts for 2024, GOBankingRates ranked the following based on these factors:

• Checking account fees
• Products and services offered
• Average mobile app rating

Final Take

Students can find checking accounts that cater to them and offer special deals that can really help them financially. It might take some searching, but by knowing exactly what to look for, you might find choosing the best account for your needs is much easier. Just make sure you know what your top wants are and go from there.

If you want to look beyond student checking account options, explore the top checking accounts available today.

Compare Checking Accounts

• Best Free Checking Accounts With No Minimum Balance
• Best Rewards Checking Accounts
• Best Free Checking Accounts With No Minimum Deposit
• Types of Checking Accounts
• Best Checking Accounts for Seniors
• Best Debit Cards for Kids and Teens

Best of Checking Accounts

• Best Checking Accounts
• Free Checking Accounts With No Minimum Deposit
• Best Free Checking Accounts With No Minimum Balance
• Best Online Checking Accounts
• Best Rewards Checking Accounts
• Best Checking Accounts for Seniors

Sarah Sharkey and Cynthia Measom 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 May 10, 2024.

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*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A., Members FDIC.

¹There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

²SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

³Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

⁴Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

⁵The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.

⁶Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.

⁷Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

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