Money Advice

9 Best College Student Checking Accounts in 2021

And because the millions-strong ranks of the underbanked make painfully clear, the American monetary system doesn’t at all times do nicely addressing the wants of these with out a lot disposable earnings. But it’s not too dangerous at catering to the wants of a particular subset of the lower-income public: school college students.

If you’re a pupil (or dad or mum) on the lookout for a spot to park your money with out extreme charges or unrealistic steadiness necessities, try the spectacular array of low-cost, low-balance checking accounts out there to college students.

These are the highest FDIC-insured checking accounts for United States-based college students. Some actively limit membership to youthful people, most frequently these between 17 and 23 or 24 years previous. But others aren’t restricted primarily based on age or pupil standing — that means you may maintain onto them so long as you would like after graduating.

Best Student Checking Accounts for College Students

These are among the many greatest pupil checking accounts for U.S. financial institution and credit score union account holders. Most have low minimal deposit necessities and a powerful array of mobile-friendly capabilities, akin to invoice pay and P2P switch apps.

1. Bank of America Advantage Banking – $100 Bonus Offer

No Monthly Maintenance Fee for Eligible College Students Under Age 24 on Select Accounts

Bank of America Advantage Banking is a checking account with three settings: Advantage ProtectedBalance, Advantage Plus, and Advantage Relationship.

Pick the one which works for you proper now, and in case your life adjustments — say, you graduate from school and land a decent-paying job — you may swap to a different setting that matches the brand new you.

With no month-to-month upkeep charge for eligible school college students underneath age 24, Advantage ProtectedBalance and Advantage Plus are the very best decisions for school college students.

See offer page for more details.

All Bank of America Advantage Banking settings embrace:

  • Easy, Anytime Access. Visit Bank of America at 1000’s of economic facilities and ATMs.
  • 24/7 Security. Total Security Protection® and fraud monitoring. Safer sign-in, card locking options, and extra.
  • Convenient Ways to Pay. Use your debit card or digital pockets.
  • Smart Money Management Tools. Set customized alerts and financial savings objectives. Get cash-back offers and rewards custom-made for you.
  • Unauthorized Transactions. Bank of America’s $0 Liability Guarantee means you’re not answerable for unauthorized transactions made utilizing your shopper debit card, so long as you report them promptly.
  • Debit Card Controls. Lock a lacking card shortly and simply to stop unauthorized use.
  • Custom Alerts. Know now and react quick to essential account adjustments. You can set customized alerts by way of e-mail or textual content for issues like a low steadiness, pending deposit, and upcoming payments.

And you get all these options with an account designed only for college students. Plus, Advantage ProtectedBalance expenses no month-to-month upkeep charge for eligible school college students underneath age 24.

For others, the month-to-month upkeep charge is waived in any assertion cycle throughout which the account holder is enrolled in Bank of America’s Preferred Rewards program.

Bank of America, N.A. member FDIC.

Apply Now


2. TD Convenience Checking

Earn a $150 Account Opening Bonus With Qualifying Activities

TD Convenience Checking td bankis the only option for college students who meet two pretty widespread standards: They need the comfort of strong cell banking and the safety provided by widespread department and ATM entry in a single package deal. Unfortunately, they have to even be primarily based (or attend college) in the Northeastern U.S., the place most TD Bank branches are.

Incidentally, with 1000’s of fee-free ATMs in Canada, TD Convenience Checking is appropriate for U.S. college students finding out overseas there (or shut sufficient to the border to go to often).

  • Account Opening Bonus: Open your account and obtain direct deposits totaling $500 or extra inside 60 days to earn a $150 bonus.
  • Yield: None.
  • Minimum Deposit and Balance Requirements: There’s no minimal deposit requirement and no ongoing steadiness requirement for full-time college students underneath age 24.
  • Rewards and Incentives: Enjoy no ATM charges at 1000’s of ATMs in the U.S. and Canada. Plus, pay no month-to-month upkeep charge on a linked TD Simple Savings account. The month-to-month upkeep charge is waived with a steadiness of $100 or extra. TD Bank has some good annual-fee-free bank card choices too.

Learn More


3. Chase College Checking

Earn a $100 Account Opening Bonus With Qualifying Activities

Chase Bank LogoThe Chase College Checking account is a implausible alternative for college students able to handle their money with out assist from their mother and father. Designed for college students between 17 and 24 years of age, it waives month-to-month upkeep charges (usually $6) for school college students as much as 5 consecutive years.

Convenient value-added options embrace the user-friendly Chase Mobile app, which just about eliminates the necessity to go to a department, and prompt peer-to-peer (P2P) money transfers with Zelle.

And account holders by no means pay upkeep charges on linked Chase Savings accounts.

  • Account Opening Bonus: New Chase clients might qualify for a $100 account opening bonus after opening an account and finishing qualifying actions.
  • Yield: None.
  • Minimum Deposit and Balance Requirements: There’s no minimal deposit or ongoing steadiness requirement. After the five-year fee-free interval ends, a $6 month-to-month upkeep charge applies throughout assertion intervals with out one of many following: a direct deposit made to the account or a median day ending steadiness of $5,000 or extra in the account.
  • Rewards and Incentives: Enjoy entry to greater than 16,000 Chase ATMs all through the U.S.

Learn More


4. BBVA Online Checking

Totally Free Online Checking

BBVA’s online checkingBbva Logo product is a very free checking account out there all through the contiguous U.S.

With no annual charge or month-to-month service cost — ever — and entry to greater than 64,000 in-network ATMs, it’s a implausible possibility for frugal college students, even when it’s not explicitly marketed as a pupil checking account.

If you’re the form of pupil whose most precious property are typically technological, spend $4 per thirty days to enroll in the ClearBenefits program and make the most of helpful providers like id theft restoration and cellphone safety.

Do learn up on charges you may probably face as a BBVA account holder, such because the overdraft charge and out-of-network ATM charges.

  • Account Opening Bonus: None.
  • Yield: None.
  • Minimum Deposit and Balance Requirements: The minimal opening deposit is $25.
  • Rewards and Incentives: Enroll in the Simple Cash Back program for alternatives to earn money again at choose collaborating retailers. Your spending behaviors affect the gives you see, however you at all times have whole management over which you select, and there’s no price to enroll.

Learn More

Member FDIC


5. Chime Deposit Account

Round Up the Change to Save Automatically

ChimeChime Bank Account is a user-friendly money administration app that gives an early payday possibility for eligible deposit account (checking) clients whose employers file with the Federal Reserve to start the direct deposit course of. If you’re a university pupil working part-time to make ends meet whereas in college, that’s likely a welcome perk.

Also to not be missed: an automated financial savings characteristic that immediately rounds up the change on each debit card transaction and units the distinction apart for a wet day.

  • Account Opening Bonus: There’s at present no account opening bonus. Check again for the most recent gives.
  • Yield: See Chime’s web site for the most recent rate data.
  • Minimum Deposit and Balance Requirements: There’s no minimal opening deposit and no minimal each day steadiness.
  • Rewards and Incentives: With regular use, the Chime deposit account is nearly fee-free, although third-party ATM house owners might cost charges past Chime’s management.

Learn More

Chime is a monetary technology company, not a financial institution. Banking providers offered by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.


6. HSBC Choice Checking

Enjoy an Attractive Referral Bonus Offer

Hsbc LogoThe HSBC Choice Checking account has a slew of nice perks for college students of all ages, together with as much as $2,000 in referral bonus alternatives.

Pair your account with a upkeep fee-free HSBC Direct Savings account to maximise your return on deposited funds.

  • Account Opening Bonus: See HSBC’s web site for the most recent account opening bonus data.
  • Yield: None.
  • Minimum Deposit and Balance Requirements: The minimal opening deposit is $25. There’s no ongoing steadiness requirement, however you do must preserve no less than $1,500 in mixed personal deposit account and funding balances or obtain no less than one recurring direct deposit every month to keep away from the upkeep charge.
  • Rewards and Incentives: Take benefit of a suite of money administration instruments and insights from EverFi, an HSBC accomplice. Plus, stand up to $2,000 while you refer buddies who open a qualifying HSBC personal or business account.

Learn More


7. Capital One 360 MONEY

0.10% APY on All Balances

(*9*)Capital One 360’s MONEY account is way and away the only option on this checklist for highschool college students and oldsters trying to train them lifelong money administration habits. As one of many few true teen checking accounts round, it may assist college students begin monetary maturity off on the precise foot.

A good yield on all balances and no month-to-month upkeep charges — ever — additional sweeten the deal.

  • Account Opening Bonus: There’s at present no account opening bonus. Check again for the most recent gives.
  • Yield: 0.10% APY on all balances.
  • Minimum Deposit and Balance Requirements: There’s no minimal deposit or ongoing steadiness requirement.
  • Rewards and Incentives: Use the app’s Spendable and Set Aside classes to make (or encourage) good spending and saving selections.

Learn More


8. Ally Interest Checking

Up to 0.25% APY on Eligible Balances

ally bank logoLike among the different contenders on this checklist, the Ally Bank Interest Checking account isn’t strictly a pupil checking account.

But with no month-to-month upkeep charges, no minimums, 1000’s of in-network ATMs, and a good yield on all balances, it’s a wonderful starter account for college students who don’t anticipate banking in-branch anytime quickly.

  • Account Opening Bonus: There’s at present no account opening bonus. Check again for the most recent updates.
  • Yield: 0.10% APY on balances underneath $15,000 and 0.25% APY on balances of $15,000 or higher.
  • Minimum Deposit and Balance Requirements: There’s no ongoing minimal steadiness requirement or minimal deposit required.
  • Rewards and Incentives: Enjoy cell verify deposits with the cell app and no ATM charges at practically 40,000 machines in Ally’s U.S. ATM community. Transfer money by voice utilizing the Ally ability for Amazon Alexa (or use Zelle, a extra conventional P2P switch possibility). Ally Bank has a low-cost overdraft safety plan as nicely (the Overdraft Transfer service).

Learn More


9. PNC Virtual Wallet Student

3-in-1 Account Package for Short- and Long-Term Financial Needs

PNC Virtual Wallet Student is a student-friendly model of PNC’s fashionable Virtual Wallet package deal. It combines three subaccounts to assist youthful individuals handle short- and long-term monetary wants in one place:

  • Spend, a major checking account for day-to-day money administration wants
  • Reserve, a money set-aside for shorter-term monetary objectives and emergencies
  • Growth, a long-term financial savings account with a variable yield

The PNC Virtual Wallet Student pupil checking account package deal provides some advantages the “adult” PNC Virtual Wallet package deal lacks, together with no month-to-month service cost, one complimentary incoming or outgoing home wire every month, and one courtesy overdraft per thirty days.

Plus, new sign-ups are mechanically enrolled in digital statements and on-line banking.

PNC Virtual Wallet Student upgrades to PNC Virtual Wallet after six years, at which era it’s topic to Virtual Wallet options and costs then in impact.

  • Account Opening Bonus: There’s at present no account opening bonus. Check again for the most recent updates.
  • Yield: Yields on Growth steadiness differ with prevailing charges.
  • Minimum Deposit and Balance Requirements: There’s no ongoing minimal steadiness requirement or minimal deposit required.
  • Rewards and Incentives: Get as much as two month-to-month ATM charge reimbursements at non-PNC ATMs.

Learn More


Final Word

Discounts and offers abound for frugal college students who know the place to search for them. It’s heartening to see so many monetary establishments — massive, small, and in-between — acknowledging that college students want a break on banking charges and steadiness restrictions too.

Now that you just’ve dedicated to investing in your financial future by pursuing a university diploma, maybe it’s time to step out of your mother and father’ monetary shadow and open your first actual checking account. You actually haven’t any scarcity of choices.

Back to top button