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. 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.
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 and Chime and check out our list of the Best Online Banking Companies of 2024 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.
