Review
Updated
Fact Checked
Nathan Alderman
The best student checking accounts help young adults learn to manage finances in a low-risk environment. Whether you're in high school, college, or a vocational school, a solid student checking account is your first step towards financial independence.
We've scoured the banking industry for the best student checking accounts -- see our picks below.
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Ratings Methodology
Rates as
of Apr 24, 2024
| Offer | APY | Minimum to Earn APY | Rating | Next Steps | |
|---|---|---|---|---|---|
 2024 Award Winner
Discover® Cashback Debit
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
N/A
|
||
2024 Award Winner
Axos Bank Rewards Checking
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Monthly direct deposits totaling at least $1,500
|
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|
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month. |
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month. |
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Quontic High Interest Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$1
|
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10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY. |
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U.S. Bank Smartly® Checking
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Undisclosed
Min. to earn: $0.01
|
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0.01
|
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Chime Checking Account
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: $0
|
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
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|
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. |
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. |
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Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 0.25%
Min. to earn: $1
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$1
|
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2024 Award Winner
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.10%
Min. to earn: $0
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
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Bank of America Advantage SafeBalance Banking
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
N/A
|
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Upgrade Rewards Checking Plus
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.00%
Min. to earn: $0
|
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$0
|
|
|
Member FDIC.
Show Best Offers Available in
Rates as
of Apr 24, 2024
2024 Award Winner
Discover® Cashback Debit
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
APY
0%
Min. To Earn APY
N/A
- Cash back rewards on debit cards
- Early direct deposit
- No monthly maintenance, NSF, or overdraft fees
- Great customer service
- Cash back rewards capped
- No interest-bearing checking account
- No physical branches
- No reimbursement for out-of-network ATMs
Discover Bank is a full-service online-only bank. With Discover Cashback Debit, students can earn 1% cash back on up to $3,000 in debit card purchases each month. While it has no physical locations, it has over 60,000 fee-free ATM locations. In addition, there are no minimum deposit and balance requirements, and students who sign up for the optional overdraft protection are not charged non-sufficient funds (NSF) fees.
2024 Award Winner
Axos Bank Rewards Checking
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
APY
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. To Earn APY
Monthly direct deposits totaling at least $1,500
- High checking account APY
- Unlimited ATM fee reimbursements
- No monthly maintenance, NSF, or overdraft fees
- No monthly balance requirements
- Cash back checking option
- ATM card for high-yield savings account
- Must meet certain requirements to earn the highest interest tier
- Higher savings and CD APYs available at other financial institutions
- No physical branches
Axos is an online-only bank that offers unlimited domestic ATM reimbursements. In addition, there are no minimum balance requirements and no overdraft or NSF fees. The Axos Bank Rewards Checking offers one of the highest checking annual percentage yields (APYs), but requires having multiple accounts and a minimum daily average balance. Axos provides a complimentary debit card and offers a number of digital tools to help students manage their money. The Axos Bank Rewards Checking has a minimum deposit requirement of $50, but there is no minimum balance requirement.
To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:
To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.
A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.
Quontic High Interest Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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High APY when you complete 10 or more qualifying debit card purchases each month
APY
up to 1.10%
Min. To Earn APY
$1
- High checking APY
- One of the highest APY for CDs and savings account
- No monthly fees, overdraft, or NSF fees
- Comes with a debit card
- Large fee-free ATM network
- Quontic Pay Ring: the nation's first wearable payment ring
- Must meet monthly transaction requirements to earn higher interest tier
- Limited CD terms
- No physical branches
Quontic is an online bank. While it has only one physical location (in Astoria, New York), it has over 90,000 fee-free ATM locations. In addition, there are no minimum balance requirements and no overdraft or NSF fees for the Quontic High Interest Checking. The bank offers one of the highest APYs for those who meet certain requirements. Money orders and cashier's checks are also free.
Students must meet a minimum of monthly transactions to qualify for the high APY, but they still earn a lower yield if the monthly requirements aren't met.
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
U.S. Bank Smartly® Checking
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are an existing client of U.S. Bank or State Farm.
APY
Undisclosed
Min. To Earn APY
$0.01
- Overdraft protection tools and Overdraft Fee Forgiveness program
- Opportunity to earn account welcome bonus
- Wide variety of account tools
- Zero fraud liability
- Award-winning app
- Fee waiver requirements
- Account APY undisclosed
U.S. Bank has a Campus Banking Program at 34 schools in 15 states (primarily in the West, Midwest, and South). Students on these campuses can link their student ID with their checking account. The participating schools offer on-campus branches, customer advisory centers, campus card programs, and convenient ATM access. Students at other schools can open accounts at more than 2,000 physical locations in 26 states, and access over 40,000 fee-free ATMs. Account holders are automatically enrolled in the free U.S. Bank Smart Rewards Program when they open a U.S. Bank Smartly® Checking account.
Chime Checking Account
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Fair = Poor- Get direct-deposited funds up to two days early
- No monthly maintenance or overdraft fees
- No minimum balance requirement
- No foreign transaction fees
- No ChexSystems check to open an account
- Free peer-to-peer (P2P) payments
- Overdraft up to $200 without fees with SpotMe
- 0% checking APY
- No joint account
- No physical branches
- Out-of-network ATM fees
- Must open a checking and savings account together
Chime is a start-up with a focus on financial technology. Chime partners with regional banks to offer banking services and it has over 60,000 fee-free ATM locations. There are no opening deposit or minimum balance requirements and no international transaction fees, and it offers free replacement of a lost debit card. The Chime Checking Account waives overdraft fees up to $200 through its SpotMe program You can even boost your $200 SpotMe limit with Boosts from friends.
Another valuable feature is early direct deposit, which lets account holders access funds up to two days earlier than most banks. Its automated savings tool also sets Chime apart -- it lets you round up purchases to the next dollar and save the remainder in a savings account.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Ally Spending Account
Member FDIC.
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4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly maintenance or overdraft fees
- Monthly ATM fee reimbursements
- Competitive APY
- Early direct deposit
- Higher APY available at other financial institutions
- No physical locations
- No cash deposits
Ally is an online-only bank with a top-rated mobile app. While it has no physical locations, it has over 43,000 fee-free Allpoint ATM locations. The Ally Interest Checking also reimburses ATM fees up to $10 per statement cycle. In addition, there are no minimum deposit and balance requirements. Ally also offers free standard and cashier's checks, as well as free domestic and international wire transfers.
Ally Spending accounts let users create "spending buckets" to help you manage your budget and expenses.
By using these buckets, students can allocate funds from their Spending Account for upcoming expenses. In addition, you can add businesses to your buckets, and Ally will automatically take money out as you spend, helping you stay organized.
2024 Award Winner
Capital One MONEY Teen Checking Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Strong mobile app
- Parent monitoring features
- Debit card for teens
- No out-of-network ATM fee reimbursements
- Can only open an account online
- Total card purchases and withdrawals are limited to $500 per day
- No checks
Parents and teens can each have their own mobile app logins for the Capital One MONEY Teen Account. Teens can manage their money, while parents have visibility and controls, including the means to lock the debit card. Capital One also has over 280 locations and over 50 Capital One Cafes, where account holders can bank, get a cup of coffee, and get advice from a certified money coach. In addition, there are no minimum deposit and balance requirements, no foreign transaction fees, early direct deposit, and no overdraft fees with the Capital One MONEY Teen Account.
Bank of America Advantage SafeBalance Banking
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3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Easy access to financial centers and ATMs
- Does not earn interest
- Monthly service charge
- Charges a higher than average fee on out-of-network ATM transactions
If you want a bank that has branches across the country and a robust educational program, then Bank of America may be your pick. One of the largest banks in the country, it has over 3,900 branches and 15,000 fee-free ATM locations. It also has a top-rated mobile app and online banking platform, taking the top spot in J.D. Power's 2023 U.S. Banking Mobile App Satisfaction Study.
There is no monthly maintenance fee for students under 25 who are enrolled in school or an educational or vocational program. There are also no overdraft fees, and it offers checkless banking. Bank of America offers a "Better Money Habits" program, where members get access to free, easy-to-understand financial resources.
Upgrade Rewards Checking Plus
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY
0.00%
Min. To Earn APY
$0
- Up to 2% cash back on purchases
- No monthly maintenance, NSF, or overdraft fees
- Early direct deposit
- Earn up to 4.81% with a Performance Savings Account
- Rewards Checking Plus customers can receive discounts on new loans and cards through Upgrade
- Cash back rewards capped
- Must meet certain requirements for maximum cash back
- Must meet certain requirements to get ATM reimbursed
- No physical branches
Upgrade is a fintech company partnered with Cross River Bank to offer its financial products. There are no monthly or overdraft fees. You can get up to 2% cash back on eligible expenses and 1% on all other charges with direct deposit. However, cash rewards are capped. If you add a Performance Savings Account, you can earn up to 5.21% APY as well as receive discounts on other loans and cards.
How to choose the best student checking account
Finding the best student checking account is important, since many students use a checking account for everyday banking. Here are factors to consider to choose the best checking account for you.
| Fees and minimum requirements | Some banks require minimum deposits to qualify for a free account. Students that don't meet the minimum requirements often have to pay monthly service fees. |
| Digital banking experience | Since online bank accounts only work through a bank's mobile app or website, look for a student bank account that offers robust, easy-to-use digital tools, and a highly rated mobile app. |
| Customer service | Since online-only banks do not have any branches, students can only contact the bank through online chat, email, or phone support. If you still prefer face-to-face customer service, you may want a bank with physical branches. |
| Nationwide availability | Do you prefer an online-only bank or a brick-and-mortar bank? Online banks tend to have lower fees, but physical banks let you speak with a banking professional. |
| ATM network | Look for banks with a large number of fee-free ATMs or banks that offer generous ATM fee reimbursements. |
| Perks | Some offer benefits like high APY, cash back rewards, or other additional perks. |
What is a student checking account?
A student checking account is a bank account specifically designed for students. Each bank has different requirements to qualify for a student account. Students typically must be under the age of 23 to 26 and enrolled in an educational or vocational program. The minimum age ranges from 13 to 17. Wells Fargo offers accounts for students as young as 8.
For students under 18, most financial institutions require a parent, guardian, or custodian to be a cosigner.
What can students do with a checking account?
A checking account makes handling money a little easier. Here are some things you can do with a checking account:
- Deposit cash
- Pay bills
- Earn interest (with some accounts)
- Write checks
- Get and use a debit card
- Withdraw money from an ATM
Plus, many banks let students access their funds online or through a mobile app.
TIP
Plan for the future
Focusing on the future can help students start saving money and teach them how to accomplish the goals they set. Many banks also offer a student credit card to help build credit, savings accounts, and access to auto loans.
Student bank account fees
There can be checking account fees. Before opening a checking account, familiarize yourself with these fees -- learning when and why banks charge these fees helps you get the most benefit from your checking account.
- Monthly maintenance fee: This is also known as a service charge. It is a recurring checking account charge that often ranges from $5 to $15 per month. Many banks waive this fee for student accounts.
- Overdraft fee: Students who spend more than they have in their checking account are assessed an overdraft fee, typically $35 per incident. Some banks offer overdraft protection. This allows students to link another bank account, a line of credit, or a credit card to their checking account.
- ATM fee: Withdrawing money from an out-of-network ATM may cost from $2 to $5 per withdrawal.
- Returned item fee: Also known as a non-sufficient funds (NSF) fee, this fee is assessed by the bank if a student writes a check and there are insufficient funds in the account to cover it. The check will "bounce," and be returned to the student.
- Paper statement fee: Some banks charge students for paper statements. Students can waive this fee by opting in for electronic statements.
- Foreign transaction fee: Students who use their debit card outside of the U.S. for purchases or to withdraw cash will incur additional charges.
- Account closure fee: Some banks charge up to $25 dollars for closing an account. Most banks charge early account closure fees if it's closed within 90 to 180 days of opening. This is to prevent students from opening an account to receive perks, then closing it just after.
Discover our other checking account top picks:
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 30%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how The Motley Fool Ascent rates bank accounts.
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Banks we monitor
Here are the 100+ financial institutions we've evaluated in our research:
Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Bank, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.
FAQs
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If you're a college student, a student checking account can help you learn how to manage money and create a budget.
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Student bank accounts often offer:
- No monthly fees
- Low or no minimum deposit requirements
- Low or no balance requirements
Some banks also offer digital tools and educational resources to help students learn more about money management.
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Most banks offer free checking for students who qualify for a student checking account. Our review of the best student checking accounts lists banks that offer free student checking accounts.
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Both online and traditional banks offer student accounts. If you prefer face-to-face customer service, you may want a bank with physical branches. If you are comfortable with banking solely on a mobile app or online, then an online bank may be the best fit. Students should find the best bank that best suits their needs and helps them meet their goals.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Bank of America is an advertising partner of The Ascent, a Motley Fool company. Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Bitcoin, Charles Schwab, Goldman Sachs Group, JPMorgan Chase, PNC Financial Services, Target, and U.S. Bancorp. The Motley Fool recommends Barclays Plc, Discover Financial Services, and HSBC Holdings and recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.