What is the best student checking accounts? There are a lot of student checking accounts out there, and it can be hard to know which one is best for you. To help make your decision easier, we’ve compiled this list of the top student checking accounts on the market today. We hope that after reading this article, you’ll have a better idea about what student checking account would work best for you!
What Are The Benefits Of A Student Checking Account?
One of the many benefits student checking accounts is that they are very student-friendly. For example, student checking account providers usually offer free online banking and bill pay services to students without monthly fees or minimum balance requirements. Plus, most student checking accounts also include a debit card so you can make purchases at any store with ease!
Types of Student Checking Accounts
Why should students get a checking account and what types of checking accounts are best. A student’s needs changes as they grow up, so it is important to find an account that works for them now and will work well in their future life. Here we discuss some of the top options available on the market today for student checking accounts.
–Basic checking: Basic student checking comes with perks like free online banking and mobile app access for your balance information on the go. With no monthly fees, you’ll be able to keep more of what you’ve earned over time.
–Joint account with student and parent or guardian: Joint student checking accounts may be right if a student is under the age of 18. If your child has a joint student checking account, you’ll have access to their balance information and bank statements through online banking.
–No fee student checking accounts: No fee student checking offers added peace of mind. You’ll never have to worry about bank fees because your student checking account is free!
–Student credit card: Get a student checking account with a student credit card and you’ll be able to build up good spending habits without worrying about debt. Compare different student cards to find the one that fits all of your needs before applying for one.
–Student debit card: With student checking accounts, you may also qualify for student debit cards. Student debit cards are not connected to your bank account and can be used at the checkout counter or online when shopping.
Other types of student banking products include savings, credit cards, and investing. If you’re looking to save money on the things that matter most, like gas and student loans, a student checking account is a right choice.
Related: The Best Credit Cards For Kids
The 5 Best Student Checking Accounts
1. Chime – Best Online Checking Account
The Chime Spending Account and Visa Debit Card have no monthly fees or maintenance fees or minimum balance requirements like most other checking accounts. This checking account is great for students as Chime has online banking, and you can save money with every swipe that automatically goes into a savings account and access to over 60,000 ATMs. Chime is not a bank but a financial technology company that offers affordable financial products for everyone.
Pros
- Fee-Free Overdraft up to $200.
- Can get paid up to 2 days early with direct deposit.
- Build credit history with no interest or annual fee with the Credit Builder Secured Credit Card
- No monthly fees
- No minimum balance
- Over 60,000 fee free ATMs at stores you shop at like CVS, 7-Eleven and Walgreens.
- Highly rated mobile app
Cons
- Spending account doesn’t pay interest
- Customer service may not be available 24/7
- No signup bonus
2. Current – Best Fee-Free Checking Account
Similar to Chime, Current is an online-only bank that offers modern checking accounts. Current is completely free. They have no hidden fees, no deposit, no monthly fees, no overdraft fees, and no bank transfer fees. If your student is under 18 they have to check accounts for teens where they can learn to manage their money, save, invest and earn cashback with their debit cards.
Pros
- No minimum balance fees
- No overdraft fees (Allows you to overdraft up to $100 with no fees as long as you have a qualifying direct deposit)
- No bank transfer fees
- No hidden fees
- Earn up 15x points every time you use your debit card at over 14,000 participating merchants to earn cash back
- Fee-free ATMs at over 40,000 ATMs
- Teen Accounts for kids under 18 ($36 a year)
- Savings Pods allows you to round up your change to the nearest dollar and automatically saves this money in your savings account.
Cons
- Has a daily spending limit of $2,000
- Has a daily ATM cash limit of $500
- Can only send or request money from friends and family members that have a Current Pay account.
3. Axos Bank Rewards Checking – Best Rewards High Interest Checking Account
Axos Bank Rewards Checking is the bank account that allows you to earn up to 1.25% APY on balances up to $150,000. They also offer low fees and over 91,000 ATMs nationwide.
Pros
- Unlimited reimbursements from any domestic ATM
- No monthly maintenance fees
- No overdraft fees
- Competitive APY
Cons
- No physical locations
- Requires $50 deposit
4. Discover Bank Cashback Debit Checking – Best Cash Back
The Discover Bank Cashback Debit Checking Account is one of the few big bank checking accounts that offer cashback just for using your debit card each month. This is a great opportunity for students to get cashback just from buying everyday items with their debit cards.
Pros
- No monthly fee
- No fee for insufficient funds
- 1% cash back on up to $3,000 in debit card purchases each month.
- Over 60,000 no-fee ATMs
- Send and receive money with Zelle.
- Freeze your debit card if it’s lost or missing.
Cons
- Cashback has a cap each month if you spend more than $3,000 a month.
- Doesn’t pay interest
- No signup bonus
5. Chase Student Checking Account – Best Signup Bonus Checking Account
When you signup for Chase Student Checking Account you can get $100 just by making 10 qualifying transactions within 60 days of your open account. That’s a great way for a 17 to 24-year-old college student to make $100. There is no monthly service fee for up to 5 years while you are in college.
Pros
- $100 signup bonus
- No monthly service fee for up to 5 years in college
- Easy to use mobile app
- Send and receive money easily with Zelle
Cons
- Requires proof of student status to open an account
- After the 5 years you might be charged a monthly fee of $6 if you do not have a minimum daily balance of $5,000 or do not receive payments from payroll providers or government benefit providers.
- Not as many ATMs as other banks
What Banks Have Free Student Checking Accounts?
Each bank on our list of the 5 best student checking accounts offers free student checking accounts. Some banks of requirements and time limits offer free checking accounts such as The Chase Student Checking Account where your account is free for 5 years while in college. Other bank accounts are just free to use all the time such as Chime, Current Basic Checking, and Discover.
Related: Free Checking Account No Credit Check No Deposit
Which Is The Best Bank For College Students?
There is no bank that is better than all others. The bank you choose as a college student is based on your preferences. If you are a college student who prefers a free checking account then Chime or Current might be the bank for you. If you prefer a major bank that your Parents might use you might prefer to bank with Discover or Chase. The choice is up to you and what you are looking to get out of your bank account.
What Are The Benefits Of Student Checking Accounts?
There are many perks to opening up a student checking account while you are attending school. Here are a few of the benefits:
- Less Fees – many student accounts charge less fees or penalties to students as they are just starting out and saving as much as possible is a great benefit. Checking accounts like Chime, and Current offer free checking accounts are have little to no fees.
- Sign-Up Bonus– some banks will offer students a sign-up bonus for opening a checking account with them in order to earn your business from the beginning. Chase offers a great sign-up bonus for student accounts.
- Rewards– Several banks will off you rewards for opening a student checking account with them such as earning interest, cashback rewards or discounts.
- Credit Card Options– Most banks will send you special credit card offers after you open a student checking account as they want to keep your business for as long as possible.
Do Student Checking Accounts Expire?
Yes, banks will have you switch over to another checking account after a certain time period. This time period will vary by the bank but most student checking accounts expire within a year after you graduate.
When you open a student checking account with a large bank these accounts automatically stay open for up to 5 years before they send information that they will be switching your checking account to another account. At this time you would lose any benefits that you received with your student checking accounts such as waived fees and other benefits.
Other checking accounts from online technology companies such as Chime and Current do not close these accounts as these fee-free accounts are available to everyone.
Can I Open A Bank Account At 16?
At 16, you are still considered a minor and cannot open a checking account on your own. In this case, you would need to open a joint account with your parents or guardians. These joint accounts are linked to your parent or guardians’ accounts so they can receive alerts to your account and easily transfer money to the teen’s account.
The reason banks offer joint accounts is to help minors learn how to manage money on their own, but if they make a mistake and overcharge their account they have their parent’s account to use to cover any costs.
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