Best Student Checking Accounts for 2023

You've already searched for the best educational program, the best student housing, the best backpack -- searching for the best checking account can be a daunting task to add to your checklist. 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.

How to choose the best student checking account

Here are a few things to keep an eye out for if you're opening a student checking account:

• Low or no fees: Most fees are charged because your checking account doesn't have enough money (overdraft fees and maintenance fees fit this category). Look for an account with low or no fees to avoid unpleasant surprises!
• A great app: Not all banking apps are the same. Make sure your bank supports Zelle, for starters. Some apps also offer budgeting tools and early access to direct deposit.
• ATMs: Withdrawing money from ATMs can cost an arm, leg, and another arm. Look for a bank with ATMs on your college campus (or find a bank that reimburses ATM fees).

How we decide which student checking accounts to list on this page
You might be wondering how the crew at The Ascent decided which student checking accounts to recommend on this page. Here's our No. 1 rule as a company: We only recommend student checking accounts that we would genuinely recommend to our family and friends. (That also means big banks can't pay their way onto this page!) So as you read this list, imagine you're at a summer BBQ, Thanksgiving dinner, or family reunion, eavesdropping on an Ascent staff member raving about the best student checking accounts right now.

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.

Students can deposit cash, pay their bills, and earn interest with a student checking account. They can write checks, use a debit card, and withdraw money from an ATM. Many banks allow students to access their funds online or through a mobile app. Students can open a student checking account at an online-only bank or a brick-and-mortar bank.

What's the difference between a student checking account and a regular checking account?

Compared to regular checking accounts, student accounts often have lower fees and additional benefits. Banks know students are less likely to have full-time jobs, tend to have minimal assets, and are learning the basics of money management. As a result, banks offer accounts that are more affordable for students.

As long as the account owner qualifies as a student, banks often waive monthly maintenance fees, have lower minimum requirements, and offer free ATM withdrawals. Many banks also offer educational tools so students can learn more about money skills.

Why should a student open a checking account?

Opening a student checking account can help students understand the benefits of saving and tracking expenses to stay on budget. Many banks have tools that can help students learn how to budget their money, balance a checkbook, and handle a debit card. Students facing mounting debt related to their education and learning to use credit need to build a strong financial foundation early on.

What fees do I need to watch out for?

Even with student checking accounts, there can be 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.

READ MORE: Checking Account Fees and How to Avoid Them

Can I open a student checking account without a deposit?

While there are many banks that require a deposit to open a student checking account, we have found the best student checking accounts with no required minimum deposit to open them.

Tips on choosing 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

As a student, you may be on a tight budget. It is important to find a bank that charges no or very low fees. 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. Check the reviews in your mobile device's app store.

Customer service

Since online-only banks do not have any branches, if a student has any issues, they can only contact the bank through online chat, email, or phone support. It is important to find a bank that offers easily accessible service. If you still prefer face-to-face customer service, you may want a bank with physical branches.

Nationwide availability (physical locations or mobile access)

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 or generous ATM-fee reimbursement program

Some banks have a limited number of fee-free ATMs and charge a fee when you withdraw cash from an out-of-network ATM. Look for banks with a large number of fee-free ATMs or banks that offer generous ATM fee reimbursements.

Benefits such as high APY, cash back rewards, or other additional perks

When looking for the best free checking account, consider what additional perks a bank may offer. There are many great free checking accounts available for those looking to open one. Some offer a higher-than-average APY, rewards, and other types of benefits.