No matter how much money they have, college students can benefit from having a bank account. Because of this, many banks offer college students and, in some cases, high school students bank accounts designed for them.
Most student bank accounts are set up the same way as the institution’s other accounts, with some adjustments for the usually lower balances of students’ accounts. Because students are still learning to handle money and navigate their financial lives, these institutions may waive maintenance fees or minimum balances, offer free ATM withdrawals, or even offer budgeting apps or programmes. Most of the time, anyone in school full-time can get one of these accounts, but some have age limits.
If a busy student banks with the right place, it can make a big difference. We’ve made a list of the best student bank accounts based on how flexible they are, how easy they are to use, and how affordable they are. This will help students find the right account for their financial situation.
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The best bank accounts for students as of December 2022
- Best Overall: The Chase Bank College Checking Account is best for high school students.
- The Capital One MONEY Account is best for getting high school students to save money.
- The best account with no fees is the Discover Cashback Debit Account.
- The best account for making a budget is the Bank of America Advantage Banking account.
- The best mobile app is the PNC Virtual Wallet Student Account.
- Truist Student Checking Account: U.S. Bank Student Checking Account is the best way to bank on campus.
What are the pros of having a bank account as a student?
There are several important reasons why students should have bank accounts. For one thing, they have lower minimum deposits, which makes them easier to open and keep up. Also, most student accounts don’t charge maintenance fees every month, and many don’t charge ATM fees or charge for overdrafts. Young people can learn how to handle money without making mistakes that set them back. Lastly, many banks offer budgeting tools, apps, and educational content to student account holders to help them learn how to manage their money.
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How do you open a bank account for a student?
Opening a student account is similar to opening a regular bank account, except that you must show proof that you are in school. Whether you apply online or in person, you should be ready to give some or all of the following:
A valid student ID card with a picture
Report card Letter of acceptance to college
Also, like any other account, you’ll need a government-issued ID (like a driver’s licence or passport) and a Social Security number.
Should You Get a Bank Account for College?
Not all students need to get a bank account for students. If a student already has good money habits and a regular checking account, they might not need a savings account. But student bank accounts are a good choice for anyone who can get one because they are cheap and have other benefits. Even if a student doesn’t need the financial safety net that a student bank account provides, it’s still a good idea to take advantage of the waived fees and other perks.
When a student graduates, what happens to their bank account?
Banks will usually automatically change a student account into a regular account when a certain milestone is reached, like a graduation or when the student or account reaches a certain age. But if it takes the student more than four years to finish school, the bank may ask for proof that the student is still in school to keep the student’s bank account.
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