Personal finance is a hot topic for youth and young adults. A student bank account, which is a checking account geared toward high school and college students, is a great way for them to learn before they enter the workforce full-time.
Below, the MarketWatch Guides team lists the best student checking accounts. Find no-fee options with great digital tools, rewards and other perks to meet your college banking needs. Click the following links to jump to the top student checking accounts, the best checking accounts for college students, and the best checking accounts for high school and middle school students.
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Top Student Checking Account Options
Compared to regular checking accounts, student checking accounts often have lower or zero monthly service fees and transaction fees. Also, if there is a minimum balance requirement, it’s often much lower than the financial institution’s standard checking account option.
After researching 114 banks and credit unions we at the MarketWatch Guides team rated these 9 as our picks for the best student checking accounts.
| Checking Account | MarketWatch Guides Rating (out of 5 stars) | Account Highlights | Age Requirements | Monthly Fee | Number of Free ATM Locations |
|---|---|---|---|---|---|
| Discover Bank Cashback Debit Account | 4.8 | Best for Cashback Rewards | 18 or older | $0 | More than 60,000 |
| Ally Bank Spending Account | 4.7 | Best for Budgeting Tools | 18 or older | $0 | More than 43,000 |
| SoFi Bank High-Interest Checking Account | 4.7 | Best Checking and Savings Account Combo | 18 or older | $0 | More than 55,000 |
| Alliant Credit Union Teen Checking Account | 4.6 | Large Fee-Free ATM Network | 13 to 17 | $0 | More than 80,000 |
| Axos First Checking | 4.6 | Best for Security Features | 13 to 17 | $0 | Approximately 91,000 |
| Chase College Checking | 4.6 | Best for College Students | 17 to 24 | $6 (waived if enrolled in school) | More than 16,000 |
| Capital One Money Teen Checking Account | 4.5 | Best Mobile App Experience | 8+ | $0 | More than 70,000 |
| Wells Fargo Clear Access Banking | 4.3 | Best for Middle and High School Students | 13 to 24 | $5 (waived if enrolled in school) | More than 11,000 |
| Bank of America Safe Balance | 4.3 | Best for Saving Money | 18 to 25 | $4.95 (waived if enrolled in school) | More than 15,000 |
Best Checking Accounts for College Students
Below are the accounts we believe to be the best checking accounts for college students. Some of them aren’t marketed solely toward college students but are simply quality checking accounts students 18 or older would greatly benefit from.
All of these accounts are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA) up to the legal limit of $250,000.
>> Related: Learn more about FDIC insurance
Discover Bank Cashback Debit Account
Discover Bank’s Cashback Debit Account is a no-fee checking account. This means account holders will not be charged the following fees:
- Monthly service fee
- Insufficient funds
- Bank checks/check reorder
Account holders earn 1% cash back on up to $3,000 worth of debit card purchases each month for a maximum $360 each year. Plus, if you’re signed up for direct deposit, you can get paid up to two business days early.
You don’t have to be a college student to open this account, which is a benefit because you don’t have to scramble to find another bank account once you graduate or reach a certain age.
Mobile app ratings: 4.5 out of 5 stars on Google Play; 4.9 out of 5 stars on the App store.
Pros and Cons of Discover Bank Cashback Debit Account
No fees
1% cash back on up to $3,000 of debit card purchases per month
Access to more than 60,000 fee-free ATMs
Get paid up to two days early with direct deposit
ATM and online banking only
Doesn’t reimburse fees for using out-of-network ATMs
Doesn’t earn interest
Ally Bank Spending Account
Ally Bank doesn’t have a minimum deposit requirement or charge monthly service fees. You can also earn interest, with an APY slightly better than the national average on account balances less than $15,000 and even more if your balance is higher.
Ally has also created a feature called “spending buckets” that helps you categorize your spending habits. Ally won’t decline any purchases you make that exceed your budgeted amount, it’s simply a great tool to help you stay on top of your spending.
Another thing we like about Ally is it has a fee-free overdraft protection service. Ally will cover up to $250 in overdrafts before declining your card. You can link your savings to your checking account, however, Ally will move money over in increments of $100 to cover any overdrafts. If you want, you can sign up for both services.
Mobile app ratings: 2.5 out of 5 stars on Google Play; 4.7 out of 5 stars on the App store. The Google Play app has had a recent update that users are finding difficult at times, although Ally has been quick to respond to each customer for assistance and further help.
Pros and Cons of Ally Bank Spending Account
No monthly maintenance or overdraft fees
Interest bearing
Two forms of overdraft protection
Reimburses up to $10 per statement cycle for ATM fees outside the Ally network
Can’t deposit cash
Online only
Must have over $15,000 to access highest interest rates
SoFi Bank High-Interest Checking Account
SoFi doesn’t offer a student bank account, but its High-Interest Checking doesn’t have any account fees and comes with competitive interest rates. Shop at qualifying businesses and you can also earn up to 15% back (with no cap).
SoFi’s ATM network is fairly large with over 55,000 in its Allpoint network.
There are a couple of downsides to SoFi, though. The biggest is the fee for depositing cash. The amount varies on where you make the cash deposit, but you could pay up to $4.95. However, its banking app is strong, so any mobile check deposits you make should be easy and pain-free.
Mobile app ratings: 4 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.
Pros and Cons of Sofi Bank High-Interest Checking Account
No account fees
Competitive APY
15% cash back on debit card purchases at qualifying businesses
Up to $250 bonus for enrolling in direct deposit
Fee up to $4.95 for depositing cash
Can only deposit $1,000 in cash per day, $3,000 per week and $5,000 per month
No physical locations
Must use mobile check deposit or ATM to deposit your checks
Chase College Checking
Chase College Checking is one of the best student checking accounts. There’s no monthly service fee (before you graduate or with one electronic deposit per month) or minimum deposit requirement. Also, all account holders get zero liability protection, meaning Chase will reimburse you if you report unauthorized debit card purchases.
If you overdraw from your Chase College Checking account, Chase won’t charge any fees if you’re only overdrawn by $50 or less. More than that, though, and you’ll be charged $34.
Mobile app ratings: 4.4 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.
Pros and Cons of Chase College Checking
No monthly service fee or minimum deposit to open
Partnered with Zelle
No daily balance requirement
Earn $100 bonus by having 10 qualifying transactions within 60 days
Must open an account at a Chase branch if you’re only 17 years old or don’t have a Social Security number
$34 overdraft fee
Doesn’t earn interest
$3 to $5 fee on ATM transactions that are out of network, , plus ATM owner charges
Bank of America Safe Balance
While the Bank of America account has a $25 opening deposit requirement, it doesn’t charge a monthly fee if you’re under 25 years old. It comes with fraud protection, customized alerts, mobile banking and a free budgeting and spending tool to help account holders manage their money.
We also like its mobile bank. Each account holder gets free access to an AI virtual financial assistant (named Erica) who can help you with a variety of banking tasks.
Mobile app ratings: 4.6 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.
Pros and Cons of Bank of American Safe Balance
Free if you’re under 25 or maintain a daily balance of $500 or more
$0 liability guarantee
Cash-back deals and account offers customized for every account holder
App comes with an AI virtual financial assistant
$25 account opening deposit requirement
No ATM fee reimbursement
Smaller ATM network than other banks and credit unions
Doesn’t earn interest
Best Checking Accounts for Middle and High School Students
Because digital banking has taken center stage, both middle school and high school students often need checking accounts for debit card transactions. Parents may be looking for joint accounts that offer alerts and overdraft protection, while students most likely want something they can make withdrawals from.
A minor will need a legal guardian to help them open an account, but once set up, the following accounts are a breeze to use for both parents and students alike.
Alliant Credit Union Teen Checking Account
Alliant Credit Union Teen Checking Account is free and doesn’t have any minimum deposit requirements. Account holders can also earn interest when they opt for eStatements and have at least one electronic deposit.
If you’re a parent, this account comes with joint ownership, so you can easily see how well your child is managing their finances.
Alliant Credit Union members also get free access to its large, 80,000 fee-free ATM network, as well as a free Visa debit card.
Mobile app ratings: 4.5 out of 5 stars on Google Play; 4.7 out of 5 stars on the App store.
Pros and Cons of Alliant Credit Union Teen Checking Account
Earns interest if you opt for eStatements
No minimum balance requirement
$20 a month in ATM rebates
Teen gets a Visa debit card
Must be between the ages of 13 and 17 to be eligible
Doesn’t have any physical locations
Fee for paper statements
Lower APY than some competitors
Axos First Checking
You can find higher APYs with other providers, but Axos has no monthly fees and makes it easy for parents to monitor their teens’ spending. This is an online-only bank, so you’ll need to use its network of more than 91,000 ATMs if you need to make a cash deposit.
This account is limited to those 13 to 17 years old.
Mobile app ratings: 3.8 out of 5 stars on Google Play; 4.7 out of 5 stars on the App store. Many of the recent comments on the Google Play app cite unhappiness with newer updates, however Axos is responsive and provides information for further assistance.
Pros and Cons of Axos First Checking
No monthly service fees
Earns interest
No overdraft fees
Monitor teen’s spending habits from your phone
Low APY compared to other banks
$100 ATM withdrawal daily limit
Limited to 13- to 17-year-olds
No physical locations
Capital One Money Teen Checking Account
Capital One Money is one of the teen checking accounts on this list that also has physical branches.
The account earns a little interest and has no fees, but unlike a few other options on the market, there are no rewards for spending at select businesses. Once your child turns 18 years old, he or she will need to manually switch their money to a different Capital One checking account.
Mobile app ratings: 4.5 out of 5 stars on Google Play; 4.8 out of 5 stars on the App store.
Pros and Cons of Capital One Money Teen Checking Account
Free debit card for kids
No monthly fees
Top-tier mobile app
For kids 8-plus
Low APY compared to other teen accounts
No rewards on spending
Checks are not free
Account does not switch automatically to a regular Capital One checking account after child turns 18 years old
Wells Fargo Clear Access Banking
As with many other student checking accounts, the Wells Fargo Clear Access Banking account is free to use; however, the account holder must be between the ages of 13 and 17. If they are 18 or above, there is a monthly fee of $5.
Mobile app ratings: 4.8 out of 5 stars on Google Play; 4.9 out of 5 stars on the App store.
Pros and Cons of Wells Fargo Clear Access Banking
No minimum balance requirement
No overdraft fees
Strong mobile app
24/7 fraud protection
Requires a $25 deposit to open
Must be 13 or older to open
Cannot open online
Non-interest bearing
Tips for Picking the Best Checking Account for College Students
Find the best checking account for your college years by comparing eligibility requirements and account policies.
- Ensure the account holder will be eligible for the amount of time needed
- Check fee structures, including monthly fees and foreign transaction fees
- Read the bank’s policies related to overdrafts and daily transaction limits
- Compare APYs and additional perks, such as sign-on bonuses and cash back
>> Related: Learn about banks with promotions
Pros and Cons of Student Checking Accounts
Like any financial product, student checking accounts have their share of pros and cons, but the benefits are hard to discount. Because of lower fees, student checking accounts can help people with limited incomes get started on their personal finance journeys. Whether they’re still in middle or high school or are about to graduate college, a student checking account can teach younger account holders valuable life lessons.
Another thing to consider is cash is hard to monitor. If you’re the parent of a teen who is just starting to become independent, a student checking account with parental access can help you ensure your child is only spending money on purchases you approve of.
Zero/lower fees
Lower minimum balance requirement
May come with discounts on other banking products
May offer financial education and parental access and supervision
May be harder to deposit cash due to limited ATM or branch access
May have an age limit
Lower APY
May come with fewer perks or financial tools
May require an adult to open
The Bottom Line: Which Student Checking Account Is Right for You?
Student checking can help account holders who are just learning how to manage money or who have limited monthly incomes because of school. While many are similar, it’s important to choose the right student checking account for your needs.
Whether you need one with a higher age limit or one with a higher APY, the right account can help you and your child save for future expenses such as college tuition or a car.
FAQ: Student Checking Accounts
The best bank for student accounts varies with each person. It’s easy to find student checking accounts that don’t charge monthly fees, so the question is what else are you looking for? Make a list of your must-haves, make sure the bank is FDIC- or NCUA-insured so your money will be safe and go from there.
It depends on what you’re looking for. Some banks emphasize their ATM network, overdraft protection, low minimum balance requirements or zero monthly fees. Some offer interest-bearing student checking accounts. Determine what is most important to you and look for banks or credit unions that offer the services you’re specifically looking for.
A free student checking account is a type of bank account generally offered to high school and college students. Many student checking accounts have zero monthly maintenance fees and zero minimum deposit requirements. While it depends on the financial institution, the account holder most likely also gets free access to the mobile app, a debit card and possibly fee-free ATMs.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience.
To find the best student checking account, we examined accounts designed for students ranging from 8 to 25 years old. We also reviewed regular checking accounts available to adults 18 years old and over with features helpful to college students. We then selected the nationally available accounts that received our study’s highest ratings to form this list. Read our full methodology.
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
**Data accurate at time of publication
