Introduction
Having your own bank account is a must when you become a student. You might have a part-time job with paychecks coming in, tuition bills to pay, or any number of other money-related responsibilities. But maintaining a bank account can be expensive and include monthly fees that are hard to manage on a student income.
Luckily, some banks offer accounts specially designed for students or accounts with features that are particularly attractive to them. If you’re shopping for the best student bank accounts, look out for the following benefits.
First, ensure that the bank goes easy on your pocket and charges low or no monthly fees. In addition, check that it has a solid network of ATMs. This will ensure you have easy access to cash on campus or near your residence and won’t need to pay charges associated with using a 3rd-party ATM.
A third thing to look out for is an account that doubles as a savings and checking account. Unlike traditional checking accounts, such accounts offer interest on deposited funds, keeping things simple while encouraging you to save.
Opening a student account is a straightforward process. Specifics will vary by bank, but all institutions will require some form of photo ID and proof of age or enrollment in college or university. Once the bank receives your documentation, the account should become available within a few business days.
Best student bank accounts
We reviewed multiple financial institutions and picked our top 3 bank accounts for students. One of these banks offers specialized accounts for students. The other two simply provide features that are particularly attractive for student banking, like low fees and interest on deposited funds.
PNC Bank
PNC Bank offers one of the best bank accounts for college students, the Virtual Wallet Student*. It has no monthly fees and provides several other services free of charge, like 1 free wire transfer per month and automatic forgiveness for your first ever overdraft charge. It is also fully integrated with online banking and includes ATM access at all PNC bank locations. Moreover, ATM access for this account can be done card-free over the phone with a one-time password sent to your device.
The Virtual Wallet Student account remains active as a student account for 6 years before automatically converting to a regular Virtual Wallet account package. The Virtual Wallet remains an excellent option even after conversion. It includes automatic alerts when your account is close to overdraft and no monthly fees as long as you maintain a monthly direct deposit of $500. It is cheaper than most traditional bank accounts, so many users choose to keep their PNC account long after their student days are over.
Chime
Chime is not a bank but an online financial services provider that offers accounts on behalf of Bancorp Bank and Stride Bank. Chime’s Spending Account is offered to everyone, not just students. But it’s one of the best bank accounts for college students because it has no monthly fees and offers no-fee overdrafts of up to $200 for eligible account holders.
There are over 60,000 ATMs to choose from, with most of them located in major retailers like Walgreens, CVS, and 7-Eleven. Thus, students should be able to easily access their accounts. Chime also offers impressive rates on its savings account, going as high as 0.5% APY. This rate is variable and subject to change at any time, with the current rate effective as of November 2021. No minimum balance is required to use the account, and a minimum balance of just $0.01 is required to receive interest.
Since Chime’s account is not specifically for students, it does not change upon graduation. Students can continue to benefit from free banking with Chime throughout their lives.
.20201228150347.svg){kind=icon}
Aspiration
Like Chime, Aspiration is not a bank. It is a financial services provider that operates entirely online. It offers a free combined checking and savings account—Spend and Save—supported by a network of over 55,000 ATMs across the United States located at select Bank of America, Wells Fargo, and Chase locations.
With an impressive interest rate of up to 3.00% APY, Aspiration’s combined checking and savings account is great for students and non-students alike. Note, however, that the Aspiration account only offers a 3% APY for users with minimum monthly spending of $1,000, so some students may not be able to meet this threshold. In months where the account holder spends less than $1,000, they receive an APY of 0%.
Furthermore, Aspiration pledges 10% of its profits to registered charities and ensures that none of the funds it holds go towards financing fossil fuels. This makes Aspiration a great bank account option for environmentally- and socially-conscious students.
Overall, Aspiration’s account is great for students. It becomes even more impressive once they graduate, as they are much more likely to hit the $1,000 spending threshold for a 3% APY.
Benefits of student bank accounts
Student bank accounts are generally offered by banks as an alternative to their regular checking and savings accounts. They typically provide students with the following benefits:
- Waived or reduced monthly fee.
- One bank account for checking and savings.
- Low overdraft fees or overdraft forgiveness.
These benefits typically remain in effect until the student graduates or for a set period after opening the account. Afterward, the student bank account converts into a regular checking account with that same bank.
Conclusion
The best student bank accounts provide a way for students to learn how to manage money while sheltering them from the monthly fees and other costs that come with a typical checking account.
Consider the above three options for student banking from PNC Bank, Chime, and Aspiration, and check out our list of the Best Online Banking Companies of 2022 to learn more about student banking and banking online.
Disclaimers
PNC
*Virtual Wallet Student has no minimum balance requirement or monthly service charge for active students for six years from the date of account opening. You may be asked to provide proof of active enrollment in a qualifying educational institution. At the end of the six years, your account will be converted to Virtual Wallet and subject to the Virtual Wallet Features and Fees in effect at that time. If you transfer this account to a different product or account type during the first six years, you will forfeit the benefits of the Virtual Wallet Student account and will not be able to transfer back to the Virtual Wallet Student account.
Virtual Wallet Student accounts will receive an automatic courtesy refund of the fee for the first Overdraft or Returned Item event. (Spend account only) Although the fee may be refunded, the transaction will be considered an overdraft or nonsufficient funds (NSF) occurrence when determining any subsequent overdraft or NSF fee. You will be responsible for paying the overdraft balance.
Chime
Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.
Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.
The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of January 1st, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
Aspiration
The Aspiration Spend & Save Account are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer and Member FINRA/SIPC. An affiliate, Aspiration Fund Adviser, LLC, is an SEC registered investment adviser. An affiliate, Aspiration Card Services, LLC offers credit services. An affiliate, Aspiration Insurance Agency, LLC offers insurance products. An affiliate, Make Earth Green Again, LLC, offers a standalone Plant Your Change service. An affiliate, Aspiration Sustainability Impact Services, LLC offers business to business services. Aspiration Financial, LLC, Aspiration Fund Adviser, LLC, Make Earth Green Again, LLC, Aspiration Card Services, LLC, Aspiration Insurance Agency, LLC and Aspiration Sustainability Impact Services, LLC are wholly-owned subsidiaries of Aspiration Partners, Inc. (collectively “Aspiration”). Aspiration is under separate ownership from any other named entity. Aspiration pledges to donate 10% of our profits to charities. Indemnity Agreement. Aspiration is not a bank.
Aspiration’s Pay What Is Fair & Services Charges. Aspiration Debit Cards are issued by Coastal Community Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated. Through the Aspiration Insured Bank Deposit Program, cash balances in the Aspiration Spend and Save Accounts are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per Bank. With ten Banks available, Deposits are FDIC-insured up to $2.5 million per depositor. Visit fdic.gov. You are responsible for monitoring your deposits at each Bank to determine the available FDIC insurance coverage. Aspiration’s Program Banks. Aspiration’s Allpoint ATM Locator. The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 83x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met. Terms & FAQ. Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. For additional Cash Back details, click cashback on purchases & Conscience Coalition. Aspiration’s early funds service is not guaranteed and is subject to applicable terms. "Big Banks" refers to the largest consumer depository banks in the country, and their climate destroying banking practices are based on the RAN.org’s Banking on Climate Change 2020 Report Card. Plant Your Change Terms. Planet Protection Information. Aspiration Impact Measurement (“AIM”) Scores. Redwood Information. Aspiration does not offer or provide investment, financial, tax, or legal advice. Investing involves risk, including the loss of value, and there is no guarantee that any investment will achieve its objectives, generate profits, or avoid losses. Before investing, consider your personal situation. This site is meant for U.S. persons only.
.20201228150347.svg)
