

6 Best Checking Accounts for College Students
Saving money while you’re in college is super important for a multitude of reasons, which is why we’re put together this list of the best college student accounts. You’ll establish credit, have spending money, and learn how to manage a budget. And while there’s tons of options out there when it comes to checking accounts, not all are created equal.
We’ve rounded up 6 of the best checking accounts for college students. With perks and kickbacks designed for you to hold onto your money and spend it on what’s important, you’ll be a financial wizard by the time your walk for graduation.
Charge cards can be a tough choice too, so here’s how to find the right one for you.
In this article:
- What to Consider When Signing Up for a Checking Account
- Overall Best Student Checking Account
- Best Student Checking Account for Travel
- Best Student Checking Account for Online Banking
- Best Student Checking Account with Low Fees
- Best Student Checking Account for Rewards
- Why You Should Get a Student Checking Account
What to Consider When Signing Up for a Checking Account
Depending on what you’re looking for can determine which checking account is the best for you. Maybe you’e looking to save some cash while you’re in college. Here are some questions to ask yourself when choosing between checking accounts:
- Online or in-person banking? Or both?
- What are the minimum deposit requirements?
- What are the monthly fees?
- Are there ATM fees?
- What benefits does the account offer?
- Are there overdraft protection options available?
- Is mobile banking available?
- What are the interest rates?
- What account safety measures are in place?
- Is there customer support?
Overall Best Student Checking Account
SoFi® Student Checking and Savings
There are no monthly fees or minimum deposit requirements with the SoFi® Student Checking and Savings account, which is a huge bonus. You also get up to $30 as a sign up bonus and .5% APY. If you’re a student looking to earn interest on your cash without having to deal with fees, this is the best option for you.
Just note that you’ll need an .edu email address to start the application, which might be an issues for some students.
Best Student Checking Account for Travel
Capital One Money Checking Account
The .1% APY is a great bonus of the Capital One Money checking account, but the best feature? The lack of foreign transaction fees on the debit card. Add that with no monthly fees and no minimum deposit amount, and you’ve got a fantastic checking account choice for students. If you’re planning on studying abroad while in college, this might be the best bet.
If you plan to stay with Capital One, however, your checking account does not automatically update to an “adult” account once you turn 18, meaning you’ll have to transfer your money to a new account once you age out.
Best Student Checking Account for Online Banking
AXOS Bank First Checking
AXOS offers a .1% APY, no monthly fees, and no fees for overdrafts or insufficient funds. Not to mention there are also no out-of-network ATM transaction fees and up to a $12 rebate for ATM-surcharges every month.
The low interest rate might be a drawback for some, and if your parents want a lot of access to your account, AXOS offers limited parental control. But if you just want the ease of an online-only bank account to keep track of your spending, it’s a great option.
Best Student Checking Account with Low Fees
Wells Fargo Clear Access Banking
Boasting free out-of-network ATM usage five times per month, $0 in monthly fees, a $25 minimum deposit, and and unlimited in-network ATM withdraws, the Wells Fargo Clear Access checking account is great for students. There are also plenty of helpful money management tools within the app to help you stay in your budget while at college.
Unfortunately, this specific account doesn’t offer any interest on your money. But if you’re looking to get started with banking in an easy to understand way, this is a great account to look into.
Best Student Checking Account for Rewards
Valley Bank My Choice Checking
You can get up to $150 for opening a checking account with Valley Bank and using the My Choice Checking account. There are no monthly fees and only requires a minimum deposit amount of $25. This account is also only available to students between the ages of 17 and 25.
There are a limited number of Valley Bank locations, but if that isn’t an issue for you, it’s a fantastic option. Keep in mind, though, that with this account, your money does not earn interest.
Best Student Checking Account for Low Fees
Alliant Credit Union Checking
The .25% APY and no minimum deposit or monthly fees is a huge bonus for the Alliant Credit Union checking account. Plus, there’s no out-of-network ATM transaction fees, no fees for insufficient funds, and a $20 rebate for ATM surcharges. For a simple checking account without all the annoying extras, be sure to sign up for this.
However, to sign up for this account, you’ll need an Alliant Credit Union membership. The membership is easy to get, but it’s an extra step in the process.
Why You Should Get a Student Checking Account
Even if you’re just heading off to college and don’t think you need a checking account, there are plenty of good reasons to open an account.
- Safety: Since banks are FDIC or NCUA insured for up to $250,000, it makes sense to keep your money in a safe place instead of holding on to cash.
- Convenience: You can easily access your account without carrying cash, which can be dangerous. Pay bills, make purchases, and deposit checks easily and instantly.
- Building credit: Establishing credit early is important if you plan on getting a car or apartment. Increase your credit score by making your payments on time from your checking account.
- Saving money: It’s important to start saving money for the future (especially if you have loans), even when you’re in college.
- Digital transactions: Securely make purchases, pay bills, and more electronically.
- Money management: Use your checking account to track your spending.