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As a college student, focusing on your studies and maximizing your available opportunities are likely your largest priorities. With those responsibilities at hand, selecting the right bank account for your funds should be a small task in comparison, but still important nonetheless.
While your funds may be limited during your collegiate years, selecting the right bank account with limited or no fees can make all the difference, along with offering excellent features to complement your lifestyle.
We’ve compared 29 checking accounts at 24 nationally available banks and credit unions to find some of the best accounts available for students. For the purposes of this list, Forbes Advisor focused on checking accounts that are generally applicable to college-aged students. Not all 10 accounts shown on this list are student-specific, yet all of them offer features and fee structures that can benefit students.
Annual percentage yields (APYs) and account details are accurate as of June 29, 2021.
While there are several options on our list of the best student checking accounts, you may still find yourself trying to evaluate which account is right for you. Here are a few points to help you get started:
Also, consider that once you are no longer a student, or in some cases your age exceeds the maximum listed on the account, your account may be closed or transitioned to a standard checking account. So, while you may be a student now, consider each bank more closely to see if you can picture a long-term relationship with them post-graduation.
Lastly, but most importantly, be sure to consider your needs as a banking customer. While your needs may be simple as a college student, consider what you need from a bank account before selecting one. For example, if you visit ATMs frequently, consider any ATM fees that may apply.
To create this list, Forbes Advisor analyzed 29 accounts at 24 financial institutions, including a mix of online banks, brick-and-mortar banks and credit unions, focusing on college-aged students. We ranked each account on data points within the categories of product offerings, fees, APY, minimum requirements, customer experience, digital banking experience, ATM network and availability.
Here’s the weighting assigned to each category:
Student checking account options offering low fees moved to the top of our list, as did accounts with broad ATM networks and strong customer and digital experience scores. While not all 10 accounts are student-specific, they offer features and fee structures that can benefit students.
There is no specific bank or credit union that has the best student checking accounts. However, our list above is a great resource to begin your research. If this is your first bank account, there are several factors to consider.
The best bank for a college student is one that offers bank accounts and products that meet college students’ needs. While one bank does not reign as the best bank for a college student, the banks listed above offer great accounts to consider as a student.
A student checking account is a bank account designed for students. Some of these accounts may be geared toward college students, while others focus on teens or kids. Typically, these accounts offer low or no minimum balances and low fees, as students likely don’t hold large balances.
When you stop being a student, your account will likely transition into a standard checking account. Each bank has different terms regarding student checking accounts and who qualifies for this type of checking account.
