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Banking for college students should be simple and straightforward: no monthly fees, easy access to your money, and strong online features.
It's good for college students to have both a checking and savings account. Whether they prefer online or in-person banking depends on their situation.
Best Bank Accounts for College Students
Alliant High-Interest Checking Account - Product Name Only : Best for a fee-free checking accountAlly High Yield Savings Account - Product Name Only : Best for savings/budgeting toolsCapital One 360 Performance Savings - Product Name Only : Best for a strong mobile appChase College Checking℠ - Product Name Only : Best for easy branch/ATM accessSoFi Checking and Savings - Product Name Only : Best all-in-one bank account
We researched over a dozen banks to find the best checking accounts and savings accounts for college students. Below, you'll find our top picks.
Compare the Best Bank Accounts for College Students
Best Bank Accounts for College Students FAQs
What bank do most college students use?
Most college students benefit from using accounts that waive fees for students, such as
What type of account should a college student open?
Ideally, a college student should open a bank account with no monthly service fees, ATM fees, or overdraft fees. It's great for college students to have both a checking and savings account.
How do you open a student bank account?
You'll likely need to show proof you're a student, such as a student ID or acceptance letter. If the bank requires you to be under a specific age, then you'll probably need an official document that shows your birthday, like a driver's license or birth certificate.
Why choose a student bank account over a regular checking or savings account?
Brick-and-mortar banks typically waive monthly fees for students under a certain age — however, not all banks do this for regular accounts. With a student account, you can be sure your fees will be waived. Plus, some student accounts include perks that might not be available for regular accounts, like no minimum opening deposits or waived ATM fees.
What happens to a student bank account when you graduate?
Most student bank accounts become regular accounts after a certain point. This may be when you graduate, when you turn a certain age, or after a certain number of years.
Best College Student Bank Account Reviews
Best for a Fee-free Checking Account
The Alliant Credit Union High-Interest Checking Account provides access to over 80,000 fee-free ATMs. You'll get up to a $20 per month in ATM fee reimbursements. There is no monthly service fee or minimum balance requirements.
Alliant also has significant interest rates for its checking accounts, paying
Alliant only has one physical branch location, located in Chicago, Illinois, so if you prefer to do your banking in-person, it may not work for you.
Best for Savings/Budgeting Tools
The Ally High Yield Savings Account stands out because it has minimum deposit and zero monthly service fees. You can also speak to a live customer service representative 24/7, either over the phone or via online chat.
Ally makes it easy to save for specific goals. Assign each account a nickname, like "Next Semester's Tuition," "Study Abroad," or "Emergency Fund" to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.
If it's more important to you to be able to visit a branch in person than to earn a high interest rate or have separate savings goals, then you may prefer saving with a brick-and-mortar bank.
Best for a Strong Mobile App
Capital One 360 Performance Savings may be worth exploring if you want a strong mobile app.
The Capital One mobile app is rated the highest in customer satisfaction among national banks, according to a 2022 JD Power Online Banking Satisfaction Study. This study evaluates customer experiences with banking mobile apps and how banks are adopting mobile banking technology.
Capital One 360 also stands out because makes it easy to save for various goals. You can set up separate accounts through
Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don't live near any of these areas, it might not be easy to deposit cash.
Best for Easy Branch/ATM Access
Chase College Checking could be worthwhile if you prefer banking in person over online.
Chase has over 4,700 branches and more than 16,000 ATMs nationwide. You'll likely be able to find a branch/ATM when you're at school, as well as when you visit home or go on a trip.
There's no monthly fee during your first five years in school. If you're enrolled in college for more than five years, you can waive the monthly charge by either setting up one monthly direct deposit or maintain an average daily balance of $5,000.
You can earn a
If you aren't enrolled in overdraft protection, you may have to deal with overdraft fees. You'll also pay a fee when you use a non-Chase ATM.
Best for an All-in-One Bank Account
To earn the highest interest rate on
SoFi Checking and Savings Review
Other Bank Accounts We Considered for College Students
Bank of America Advantage SafeBalance Banking® Account : Bank of America has no monthly fees with this account if you're under age of 25. However, you'll find Chase branches in more states. Read Insider's Bank of America Review.LendingClub Rewards Checking Account : LendingClub has a solid fee-free rewards checking account, but you'll need to have at least $2,500 in your account to take advantage of the account's cash-back perks. Read Insider's LendingClub Review.Quontic Cash Rewards Checking Account : Quontic has a great fee-free interest-earning checking account, but you'll need at leastQuontic Cash Rewards Checking Account for a minimum opening deposit. To qualify for the high interest rate, you'll need to make a minimum of 10 debit card purchases every month that are at least $10. Read Insider's Quontic Bank Review.Discover Cashback Debit Account : You may like Discover if you want a cash back account and are comfortable banking digitally, but to get the most out of your cashback benefits, you need to spend $3,000 per month. Read Insider's Discover Bank Review.Golden 1 Credit Union Student Checking : This is a solid student account with no monthly fee, but there are only physical branch locations in certain parts of California. Read Insider's Golden 1 Credit Union Review.PNC Virtual Wallet Student Account : This account comes with budgeting features, but they aren't as robust as what you'll get with Ally or SoFi. Read Insider's PNC Bank Review.US Bank Student Checking Account : This is a good no-fee student checking account, but Chase has more branches. Read Insider's U.S. Bank Review.TD Bank Convenience Checking Account : TD Bank (Member FDIC) has solid a branch and ATM network, but Chase and Bank of America have more locations. Read Insider's TD Bank Review.Synchrony High Yield Savings Account - Product Name Only : Unlike most savings account, this one comes with a debit card, and Synchrony reimburses up to $5 per month in out-of-network ATM fees. But Synchrony's features aren't as robust as what you'll get with Ally or SoFi. Read Insider's Synchrony Bank Review.Chime Savings Account : Chime has a solid savings account, but Ally, Capital One, and SoFi offer higher interest rates. You'll also need to open a Chime Checking Account to qualify for the Chime Savings Account. Read Insider's Chime Bank Review.Wells Fargo Savings Account : You might like Wells Fargo's Way2Save program that moves a dollar from checking to savings each time you swipe your debit card. But depending on a) how often you swipe your debit card, and b) how strict your budget is, then moving over a dollar at a time could become overwhelming. Read Insider's Wells Fargo Bank Review.
Bank Trustworthiness and BBB Rating
The Better Business Bureau grades companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB scores for each of our top picks:
| Institution | BBB grade |
| Alliant Credit Union | A+ |
| Ally | A |
| Capital One | A+ |
| Chase | A+ |
| SoFi | A+ |
All our picks have at least an A+ from the BBB.
Chase has been involved in recent public controversies, though. In 2021, JP Morgan Chase & Co. paid the SEC $125 million in a settlement that stated the company did not have proper recordkeeping for certain documents. JP Morgan Chase also paid the Commodity Futures Trading Commission $75 million in a settlement when accused of permitting unapproved communication, such as text messages and WhatsApp messages.
In 2020, the Department of Justice required the company to pay $920 million for wrongful trading.
Why You Should Trust Us: Our Expert Panel on the Best Bank Accounts for College Students
To learn more about what makes a good bank and how to choose the best fit, four experts weighed in:
Insider
Here's what they had to say about banking for students. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
What should someone look for in an online bank?
Tania Brown, CFP:
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average. What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
What can a student look for in a bank account?
Sophia Acevedo, CEPF:
"Students can look for features that can help them manage their money. For example, some savings accounts help you save for individual goals with budgeting and savings tools. If a student frequently withdraws, they might want to find a bank that has a large ATM network or reimburses ATM fees."
Methodology: How We Chose the Best Bank Accounts for College Students
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of over a dozen accounts so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of an account — no fees, for example — we outline the limitations, too. Learn more about how we rate products on our editorial standards page.
First and foremost, we wanted to provide you with options. We researched more than a dozen bank accounts at brick-and-mortar banks, online banks, credit unions, and online banking platforms to find the strongest bank accounts ideal for college students.
Banking should be affordable for college students, so we either chose accounts that charge no fees or waive fees for students. We also looked at minimum opening deposits, and we chose savings accounts that don't require a minimum balance to earn a high APY.
We also considered features that would really stand out and appeal to college students to determine our categories, such as the use of technology, perks, and functionality of an account.