Checking accounts for students often come with no extra fees and some perks not available with standard options. Although major banks do offer student-specific accounts, many of the ones on this list are available to everyone who wants to protect and grow their money. Ideally, all college-aged young adults should have both checking and savings. And while managing a bank account is important, so is making a little extra cash on the side. For example, you can compare buyback prices using websites like DirectTextbook to sell your used books for cash, or get creative with these 50 ways to make $50 online—perfect for students looking to boost their budget. This list covers some of the highest rated and most often recommended options available.
Why Get a Checking Account?
Before diving into the recommendations, many young adults wonder why they need a checking account to begin with. There are so many payment processing apps commonly used today. When you earn money online or at a regular job, however, you need something more than a temporary solution. Getting involved with a real bank protects your money, gives you ready access in person, online, and from ATMs, and helps establish your finances for a bright future.
Now, on to the list of top checking account options for students.
Chase College Checking
If you’re more comfortable with a well-known banking brand, Chase has what you need. The student account option does not require any specific minimum deposit or daily balance. However, its security and numerous accessible branches come with some disadvantages. It offers no interest and there is a small monthly fee. This checking account hits the list for its generous $100 sign-on bonus after just 10 transactions. Free money is always welcome when you’re in school.
Wells Fargo Clear Access Checking
Another big-name bank offers easy access to branches and ATMs. This is not specifically targeted to students, but it is certainly easy for young people in college to use. Just deposit $25 to start and you will not have to worry about monthly fees of any kind. The main argument against this one is that you won’t earn any interest on your saved balance.
Bank of America Under 25
As long as you don’t reach the age of 25 when you have this account, they won’t charge you any fees for its use. This makes it a smart option for college students. Deposit just $25 to open an account, earn cashback on qualified debit card purchases, and get access to over 4000 physical branches all across the country. If you need face-to-face interactions to manage your money, this is a very bright choice on the list.
Alliant Digital Checking
Many people prefer credit unions to big name banks, and this option on the list is one example why. Alliant offers tens of thousands of ATMs available all across the country, so accessing your cash is never a problem. Add in a competitive 0.25% APY (at the time of this article’s publication), and you can grow your money without worry. This is an online bank, but most young people have no interest or need to visit a branch anyway.
Consumers Credit Union
Another non-bank account offers protected checking that college students can appreciate. You get a debit card, access to Zelle, and affordable use of thousands of ATMs all across the country. A big benefit of this option is the zero fee structure. You can even get reimbursement for all ATM fees that you might get charged. The interest rate is impressive, too. Begin earning 3% all the way up to 5% with higher balances.
Capital One 360 Checking
One of the earliest online savings accounts also offers checking with a considerably high 0.10% APY. If you combine this with their savings plan, you can earn quite a bit more. It’s well trusted in the banking world and has a high rating from users and financial sites. This is an online only bank, but depositing and withdrawing money is quite easy and quick. Of course, you also have a debit card and access to tons of ATMs everywhere.
Discover Cashback Debit
Another online-only option with high trust ratings comes from the popular credit card company. Their debit-card focused checking account welcomes direct deposit, has zero fees ever, and earns you cashback on most of your purchases every month. Not only does it have a money management app, but you can digitally pay anyone through Zelle for your convenience.
SoFi Checking and Savings
While not specifically a college or student-focused choice, this FDIC insured bank offers a lot. The combination of checking and savings means you earn a high interest rate, currently around 3.8%. There is also no monthly charge to keep this account. However, it does come with some disadvantages. You only get the highest APY with a large balance and you do need to set up direct deposit. This makes it a reasonable choice for someone with a regular paycheck, but not someone who earns through side hustles or from occasional things like selling textbooks.
Chime Checking Account
Although commonly considered for its credit-builder card that helps people with no or low FICO scores improve, Chime also offers a debit card account. There’s no minimum to open it, maintain it, or avoid fees. You do not have to pay any at any time, not even overdraft fees. Although convenient, this one does not offer any check deposit capabilities. They do offer a competitive interest rate on balances of all sizes.
Current Checking for Students
Again, this online-only account is not specifically targeted to students or young people. It does offer a lot of benefits, however. You can open your own with no minimum balance, use the friendly mobile app to manage your money, and earn 4% interest. Not only is this an impressively high APY, but you also get points for purchases with a long list of retailers that can later be turned in for cash or gift cards.
Many college students don’t need brick-and-mortar locations for their banking business these days, so online checking accounts have become much more popular. They also tend to offer higher APYs on all balances, which makes them an amazing option for a bright financial future. Whether you choose a well-known bank, a local credit union, or one of the online options, the checking accounts on this list will serve you well.
