As you compare our best online banks, you'll find that student accounts are specifically designed with young adults in mind. These accounts typically offer valuable perks like minimal fees, convenient digital access, and reward programs that match student lifestyles.
In this guide, we'll explain everything you need to know about student bank accounts, from essential features like fee structures and mobile banking capabilities to money-transfer options like Zelle.
What Is a Student Banking Account?
A student banking account is a checking or savings account tailored for college and high school students. These accounts typically offer benefits like waived fees, low to zero minimum balance requirements, and access to easy-to-use mobile apps. Some accounts also include free overdraft protection, ATM fee reimbursement, and discounts on financial products like credit cards or loans.
Key Insights
- Student accounts offer perks like no fees and free ATMs, ideal for budget-conscious college students.
- Chime and Discover excel with features like early direct deposit and cashback on debit purchases.
- Choose accounts based on fees, mobile features, savings rates, support, and post-graduation terms.
- Qualify for $100-$300 bonuses by setting up direct deposit and meeting balance requirements.
Our Best Student Banking Account Options - Breakdown
1. Chime
- Great for: Students with tight budgets
- Monthly fees: No minimum balance, monthly fees, or overdraft fees
- ATMs: 47,000+ fee-free ATMs
- Minimum deposit and balance requirements: $0
- Payment transfer options: Peer-to-peer transfers, direct deposit, mobile payments
- Bonuses or promotions: Occasional referral bonuses
Chime is a strong option for students who want a mobile-first, low-maintenance banking experience. It offers real-time alerts, early direct deposit (up to two days early), and automatic savings tools.
Students looking to build credit can use Chime’s Credit Builder secured card, which requires no credit check and reports on-time payments to major bureaus. With no hidden charges and helpful budgeting features, Chime is designed to make managing tight budgets simpler
2. Discover
- Great for: Students prioritizing cashback perks
- Monthly fees: None
- ATMs: 60,000+ fee-free ATMs
- Opening deposit: $0
- Payment transfer options: Zelle, mobile deposits
- Bonuses or promotions: 1% cashback up to $3,000 in debit card purchases each month
Discover’s Cashback Debit account combines no-fee checking with everyday rewards. Students can earn up to $30 in cash back per month on routine spending like books, groceries, or transportation. With over 60,000 fee-free ATMs, no overdraft fees, and strong security protections, it provides both flexibility and value.
Features like Zelle transfers, fraud alerts, and mobile check deposit make this account a great fit for students who want perks without the complexity of credit cards
3. Chase
- Great for: Students who want branch access + digital tools
- Monthly fees: Waived for students 17–24 in school, up to 5 years
- ATMs: 15,000+ Chase ATMs + branches nationwide
- Opening deposit: $0
- Payment transfer options: Zelle, mobile deposit, bill pay
- Bonuses or promotions: $125 sign-up bonus with qualifying activity
Chase’s College Checking account blends traditional and digital banking. Students benefit from no monthly fees while enrolled in school (for up to five years), access to a large ATM and branch network, and mobile tools like Zelle, alerts, and bill pay.
After graduation or the fee-waiver period, standard monthly fees apply unless waived by other activity. With strong nationwide coverage and a student-focused bonus, it’s a good long-term option for students who want flexibility and personal support.
4. Navy Federal
Great for: Younger students and military families
Monthly fees: None
ATMs: 30,000+ fee-free
Opening deposit: $0
Transfers: Mobile banking, debit card, peer-to-peer payments
Extras: Up to $10 in ATM fee per statement cy
Navy Federal’s Free Campus Checking is tailored for members who are students or part of military families. It offers no monthly fees, digital banking tools, and up to $10 per month in ATM fee rebates for non-network ATMs.
The account also comes with mobile controls, budgeting features, and free credit score monitoring. As a credit union, Navy Federal emphasizes member benefits, making it a strong, supportive choice for students who are eligible for membership.
5. U.S. Bank
Great for: Students wanting flexibility + fee waivers
Monthly fees: None for students and young adults
ATMs: U.S. Bank + 4 free out-of-network per cycle
Opening deposit: $25
Transfers: Mobile banking, debit card, overdraft protection
Extras: Financial education resources
U.S. Bank’s Student Checking account provides a balanced mix of flexibility and digital control. Students get no monthly maintenance fees, mobile tools like real-time alerts, bill pay, and mobile check deposit, and up to four free out-of-network ATM uses per statement cycle.
With a modest $25 opening deposit and a focus on financial education, it’s a practical choice for students learning to manage money independently.
6. Bank of America
- Great for: Nationwide access and overdraft protection
Monthly fees: Waived for eligible students under 24
ATMs: 17,000+ nationwide
Opening deposit: Typically $25
Transfers: Zelle, mobile banking, debit card
Extras: SafeBalance account helps prevent overdrafts
Bank of America offers students one of the largest branch and ATM networks in the U.S., making it convenient for those who move between cities or campuses. The Advantage Banking line waives monthly fees for students under 24 and enrolled in school.
The SafeBalance account helps prevent costly overdraft mistakes, while the mobile app provides debit card controls, Zelle transfers, and account alerts. This combination of nationwide reach and overdraft protection makes it a reliable student-friendly option.
7. PNC Bank
Great for: Building money management skills
Monthly fees: None for up to 6 years while in school
ATMs: 60,000+ in-network (PNC + partners)
Opening deposit: $25 (may be $0 if opened online)
Transfers: Virtual Wallet app with budgeting + savings tools
Extras: Built-in spend, Reserve, and Growth accounts
PNC’s Virtual Wallet Student is designed to help students learn healthy financial habits. The account groups money into three categories — Spend, Reserve, and Growth — to make budgeting and saving easier. Students get up to six years of waived fees, a well-rated mobile app with personalized alerts, and financial tools like Low Cash Mode to help avoid overdrafts.
With access to a large ATM network and structured money management, PNC is ideal for students who want both flexibility and guidance.
What Is the Minimum Deposit to Open a Student Checking Account?
Most banks recognize that students often have limited financial resources, leading many to offer student checking accounts with low or no minimum deposit requirements. This is particularly true for online banks, which tend to have more flexible policies than traditional ones.
Traditional Banks: Some traditional banks may require a small opening deposit, typically ranging from $25 to $100. For example, the US Bank Student Checking Account has a minimum deposit requirement of $25.
Online Banks: Many online institutions allow students to open accounts with as little as $0. Accounts like the Chase College Checking Account and the Discover Bank Student Checking don’t require any initial deposit.
How Much Should a Student Have in Their Bank Accounts?
The amount of money a student should keep in their bank account depends on individual circumstances, including living expenses, part-time work income, and savings goals. Most student checking account balances range between $500 and $1,500, with higher balances typically occurring at the start of each semester after financial aid disbursements and lower balances toward the end of the term.
Financial experts recommend maintaining a balance that covers at least one month of essential expenses like rent, food, and transportation. For students with irregular income from part-time jobs or allowances, a cushion of $500 to $1,000 can help avoid overdrafts and unexpected fees.
Expert Tips: Find the Best Bank Account for College Students
Here's what you may prioritize when searching for a student bank account:
Opt for no minimum balance requirements: Your account balance will likely fluctuate throughout the semester as you manage expenses like textbooks, meal plans, and daily costs. Look for banks that understand this pattern and don't penalize you for maintaining a low balance, especially during end-of-term periods when funds typically run low.
Consider ATM access and fees: Will you need regular access to cash for campus dining, local businesses, or social activities? Choose a bank with ATMs near your dorm, classes, or frequent hangout spots. Better yet, find one that reimburses out-of-network ATM fees, giving you flexibility when you're traveling or visiting home.
Consider overdraft protection: Even with careful budgeting, college expenses can be unpredictable. Prioritize banks offering robust overdraft protection or zero-fee policies. Some banks provide automatic transfers from savings accounts or send low-balance alerts before transactions post, helping you avoid costly overdraft charges.
Pros and Cons of Student Banking Account
| Pros | Cons |
|---|---|
No or low monthly fees | Once you graduate, you may be switched to a graduate or standard account |
No minimum balance requirements | Limited ATM network for some banks |
Free ATM withdrawals | Fewer in-person branches for online banks |
Higher interest rates for savings (in some cases) | Overdraft fees for some accounts |
How To Choose a Student Banking Account
Once you've identified banks with student-friendly features, consider these factors to find your best match:
Compare fees: Avoid banks that charge monthly maintenance fees, overdraft fees, or low balance fees; these can eat into your limited budget.
Assess mobile banking access and ease of use: Students rely heavily on mobile banking. Key features should include mobile check deposits, budgeting tools, and instant notifications.
Look for banks with high-yield savings options and student incentives: Choose accounts that cater specifically to students, offering features like cashback on debit card purchases, discounts, or higher savings interest rates.
Customer service support: Access to 24/7 support can be invaluable, especially if you encounter issues while studying late or traveling. Check whether the bank offers live chat, phone support, or in-person assistance.
Flexible terms after graduation: Research that your student account remains affordable after you leave school before opening an account. Some accounts for students transition into regular accounts with higher fees or balance requirements.
Extra Features Students Should Look For
Easy sending and receiving money options (Zelle, Venmo, or in-app transfers).
Intuitive mobile apps with budgeting tools, alerts, and card controls.
Fee waivers for high school or college students under 24.
How To Open a Student Banking Account
Opening a student banking account is a straightforward process, but you should ensure you have all the required documents and information ready. Here’s a step-by-step guide to help you get started:
Step 1: Research Your Options
Start by researching banks that offer student-specific banking accounts. Compare features like minimum deposit requirements, fees, and benefits to find the one that best suits your needs.
Step 2: Gather Required Documentation
To open a student banking account, you’ll typically need the following documents:
Valid government-issued ID: A driver's license, state ID, or passport.
Proof of enrollment: A student ID, transcript, or a letter from your educational institution confirming your current enrollment status.
Social Security Number (SSN): This is required for identification purposes.
Proof of address: Utility bills, lease agreements, or other documents to verify your current address.
Initial deposit: With some banks a small initial deposit is required t open an account, though many student accounts have a $0 deposit requirement.
Step 3: Submit Your Application
Once you’ve chosen a bank and gathered your documents, you can apply online or visit a local branch. During the application process, you’ll provide your personal information, submit the required documents, and make your initial deposit (if applicable).
Step 4: Verification Process
After you submit your application, the bank will verify your identity and enrollment status. Depending on the bank, this may take a few days. Once verified, you’ll receive your debit card, complete with a card number, and access to online bank tools.
How To Get a Student Banking Account Bonus
Many banks offer promotional bonuses for new student account holders. These bonuses can provide a financial boost, but they often come with specific terms and conditions. Here's an overview of how you can qualify for these bonuses:
Step 1: Look for Promotional Offers
Some banks, like Chase and Bank of America, periodically offer bonuses (e.g., $100 to $300) for new student checking accounts. These promotions are typically advertised on the bank’s website or through partner deals.
Step 2: Set Up Direct Deposit
To qualify for most student banking bonuses, you’ll need to set up direct deposit within a specific time frame (usually 60 to 90 days after opening the account). Direct deposits can come from a paycheck, financial aid disbursements, or government payments.
Step 3: Meet Minimum Balance Requirements
Some promotional offers may require maintaining a minimum balance in your account for a set period (e.g., $500 for 30 days). Be sure to read the fine print to ensure you meet all balance requirements to receive the bonus.
Step 4: Monitor Your Account
After meeting the requirements, banks typically credit the bonus to your account within 10 to 30 days. Check your account to ensure the bonus is deposited as promised.
Tips for Qualifying for Bonuses
- Sign up at the right time: Bonuses are often offered at the beginning of the school year, so be on the lookout for promotions during the fall semester.
- Direct deposit timing: If you have a part-time job or receive financial aid, set up direct deposit right away to meet the bank's bonus requirements.
- Keep track of deadlines: Some offers are only valid within the first few months of opening an account, so ensure you complete the necessary actions within the required time frame.
Student Banking Account vs. Regular Checking Account
Here’s a comparison table highlighting the key differences between a student banking account and a regular checking account:
| Feature | Student Banking Account | Regular Checking Account |
|---|---|---|
| Monthly fees | Typically no monthly fees or fees are waived during enrollment | May have monthly maintenance fees (e.g., $10 to $15) |
| Minimum balance requirements | Usually low or no minimum balance requirement | Often requires maintaining a minimum balance to avoid fees |
| Overdraft protection | May offer free or reduced overdraft protection options | Overdraft protection available, often with associated fees |
| Age restrictions | Generally available for students aged 18 to 24 | No specific age restrictions |
| Requirement of student status | Requires proof of current enrollment | No student status required |
| Availability of joint accounts | Some banks allow joint accounts with a parent or guardian | Joint accounts are usually available for anyone |
Student banking accounts are designed to accommodate the unique needs of students, with flexibility around fees, balances, and age restrictions, making them a more attractive option for college students than regular checking accounts.
However, remember that individual offers may vary by financial institution. For precise details, it's best to consult the terms and conditions of specific student and regular checking accounts from the banks you're considering.
Bottom Line
Student banking accounts offer specialized features that align with college life—from waived fees and minimal balance requirements to mobile tools and overdraft protection. While these accounts help build money management skills, choosing the right one depends on your specific needs and banking habits. Compare key features and long-term benefits to find an account that supports your financial journey through college and beyond.
Disclaimer
Chime is a financial technology company, not a bank. Banking services for the Chime Checking Account are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or 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.
**Chime is recommended by more of its users in the 2024 Qualtrics NPS study when compared to top national banks and select fintechs. THE #1 MOST LOVED BANKING APP is a Registered Trademark of Chime Financial, Inc.
*Terms apply. Limited time only, must open the new account and complete qualifying activities to earn the rewards, up to a maximum of $350.00, as described at https://www.chime.com/policies/newmemberofferv2.
Chime is not FDIC-insured. The Bancorp Bank, N.A. and Stride Bank, N.A. are the FDIC-insured members. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
‡SpotMe® on Credit is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.
Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, 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 Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's or its banking partners' discretion. Although Chime
does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won't cover non-card transactions. Spot Me on Chime Card Terms and Conditions.
^Early 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.
-Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
1. Bank ranking and number of ATMs according to U.S. News & World Report® 2023.
2. Based on a representative study conducted by Experian in January 2024, members who made their first
purchase with Credit Builder between June 2022 and October 2022 observed an average FICO® Score 8 increase
of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit
score. Late payment may negatively impact your credit score.
3. Money added to Credit Builder will be held in a secured deposit account as collateral for your Credit Builder
Visa card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account
to pay off your charges at the end of every month.
4. Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride
agreement for details; see back of card for issuer.
1. The Annual Percentage Yield (APY) for the Online Savings Account as of 10/09/2025 is more than five times the national average APY for interest bearing savings accounts with a balance of $500 as reported by Curinos as of 10/09/2025. National average is based on information regarding the top 50 banks (by deposit size) and may not include information from variations in regional pricing at such banks or information from products that may not be widely available to their customers. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed. APYs are subject to change at any time.
For more information on FDIC deposit insurance (including information on deposit ownership categories), or for help calculating your coverage, visit EDIE.FDIC.gov or call the FDIC at 1-877-275-3342 (1-877-ASKFDIC).
The offer is for new checking customers only. Offer expires January 31, 2026. To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Your cash bonus will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Earn $100 with $2,000 in Total Qualifying Direct Deposits.
OR
Earn $300 with $5,000 in Total Qualifying Direct Deposits.
OR
Earn $500 with $10,000 in Total Qualifying Direct Deposits.
If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are NOT ELIGIBLE for this offer. Once all requirements are met, Bank of America will attempt to pay bonus within 60 days. Additional terms and conditions apply. See offer page for more details.
*Qualifying Direct Deposits are direct deposits of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account routing numbers that you provide.
*Offer is contingent on product availability and may vary based on where you open your account and your address. For Branch origination, product availability will be based on the physical PNC location. You may earn a $400 reward if you open a new Virtual Wallet with Performance Select, a $200 reward if you open a new Virtual Wallet with Performance Spend or a $100 reward if you open a new Virtual Wallet. Changing your product type after opening an account could result in your account being reviewed and paid a different reward amount. You will only be considered for one reward amount, which is based on the product type that you have open at the time that your account is reviewed for meeting offer stipulations.
To qualify for the reward, the new Virtual Wallet product must be opened online via the application links on this page beginning 07/01/25 through 11/17/25, and a qualifying Direct Deposit(s) must be received within the first 60 days. Your Virtual Wallet product must remain open in order for you to receive the reward, which will be credited to the eligible account within 60-90 days after all conditions have been met and will be identified as "Credits Check Reward" on your monthly statement.
A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited by an employer or an outside agency into the Spend account of a Virtual Wallet with Performance Select, Virtual Wallet with Performance Spend or Virtual Wallet. The total amount of all qualifying Direct Deposits credited to your Spend account must be at least $5,000 for Virtual Wallet with Performance Select, $2,000 for Virtual Wallet with Performance Spend or $500 for Virtual Wallet. Credit card cash advance transfers, wire transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as qualifying Direct Deposits.
New account will not be eligible for offer if any signer has signing authority on an existing PNC Bank consumer checking account or has closed an account within the past 90 days, or has been paid a promotional premium in the past 24 months. If multiple accounts are opened with the same signers, only one account will be eligible for the premium. For this offer, signing authority will be defined by the customer name(s) and Social Security number(s) registered on the account. Offer may be extended, modified or discontinued at any time and may vary by market. The value of the reward may be reported on Internal Revenue Service (IRS) Form 1099, and may be considered taxable income to you. Please consult your tax advisor regarding your specific situation.
