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 students. These accounts typically offer benefits like waived fees, no or low minimum balance requirements, and access to online and mobile banking platforms. Some accounts also include free overdraft protection, ATM fee reimbursement, and discounts on financial products like credit cards or loans.
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.
Our Best Student Banking Account Options - Breakdown
SoFi®*
- Great for: Fee-free checking with high-earning potential
- Fees: None
- ATMs: 55,000+ fee-free ATMs
- Minimum deposit and balance requirements: $0
- Payment transfer options: In-app through SoFi or Zelle
- Bonuses or promotions: Earn up to a $300 cash bonus when you set up direct deposit
SoFi Checking and Savings offers students a no-fee banking solution with competitive interest rates up to 4.50% APY. Students can manage their money through features like Vaults for specific savings goals and Autopilot, which automatically directs portions of direct deposits into savings.
The mobile app provides easy money transfers and access to over 55,000 fee-free ATMs, while budgeting tools help students track their finances effectively.
Chime
- Great for: Students with tight budgets
- Fees: No minimum balance, monthly fees, or overdraft fees
- ATMs: 50,000+ fee-free ATMs
- Minimum deposit and balance requirements: $0
- Payment transfer options: In-app transfer to anyone
- Bonuses or promotions: None currently, but often offers a referral bonus
Chime provides a straightforward digital banking experience tailored for students on a budget. With no monthly fees and features like early direct deposit and fee-free overdraft protection through SpotMe®, Chime ensures that students can access their funds without worry.
The app’s intuitive design simplifies money management, while a network of over 50,000 fee-free ATMs makes it easy to withdraw cash whenever needed.
Discover
- Great for: Students prioritizing cashback perks
- Fees: no-fee
- ATMs: 60,000+ fee-free ATMs
- Minimum deposit and balance requirements: $0
- Payment transfer options: Zelle
- Bonuses or promotions: 1% cashback up to $3,000 in debit card purchases each month
Discover Cash Back Debit is perfect for students who want to earn rewards while managing their finances simply. With 1% cash back on debit card purchases up to $3,000 each month and no monthly maintenance fees, this account maximizes both savings and convenience.
The Discover mobile app offers powerful tools for tracking spending and rewards, along with access to over 60,000 fee-free ATMs nationwide.
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.
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.
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: Some banks require a small initial deposit to 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 and access to online banking 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.
SoFi Disclosure
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn
1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
