Best Bank for Students in 2021 (Top Reviews & Easy Guide)

It’s never too early to start working on your financial education. And if you’re here, you already realize how important it is to create a relationship with the right bank as early as possible. To help you find the best bank for students, we looked at the top financial institutions and ranked them based on things like:

• balance requirements
• monthly maintenance fees
• initial deposits, and several other factors 

By the end of this article, you’ll have found the perfect bank for your specific needs. 

So, let’s jump right into the rankings table.

Affiliate Disclosure

Overview — JPMorgan Chase needs little introduction. It has outstanding account options for people in just about every income range and financial situation. 

It should come as no surprise that there is a Chase student account with many incentives and benefits while you’re in college. If your goal is to establish a long-term relationship with a bank and stay with it for life, you could do a lot worse than Chase. 

With almost 5,000 physical locations, you’re never far from a Chase rep if you need in-person assistance. Chase also has a robust mobile app that lets you do everything — from paying bills to managing loans.  

College student perks — If you’re between the ages of 17–24, and you open a Chase College Checking account with proof of student status, you’ll enjoy the following perks:

• No service fee for up to five years as long as you’re in college
• No service fee on a Chase Savings accounts linked to your checking account for overdraft protection 

High school students — Chase is also one of the best banks for high school students and has a checking account for 13- to17-year-olds. The account needs to be linked to a parent’s or guardian’s account, but there’s no monthly fee, and it’s a great way to introduce financial skills from an early age.  

Pros:

• No maintenance fee for students 
• Accounts for both high school and college students
• Huge network of branded ATMs
• $100 welcome bonus
• Excellent mobile banking

Cons:

• Unforgiving overdraft fees
• No interest rate for checking account

Overview — Capital One is another of the country’s larger banks with over 700 locations and excellent service reviews overall. Its MONEY account is available to anyone aged 8 and over, and it’s a perfect way for parents to help their teenagers properly manage money.

Like other good bank accounts for students, this one has no maintenance fees and no minimum balance requirements. Better yet, it comes with a  plethora of benefits for both students and parents. 

What we liked — The MONEY account is essentially a joint account for parents and kids. However, each user has a different login and slightly different visibility into the account. 

That helps teens make their own decisions while parents can stay in the loop and stay in control. 

The MONEY account also earns interest with no minimum balance for the disclosed APY of 0.10%. It’s not a great APY compared to the best banks for students, but it’s still enough to reward and teach about savings. 

Teens with a MONEY account receive their own debit card since Capital One is affiliated with Allpoint, which gives cardholders access to over 40,000 fee-free ATMs across the country.

What could be improved — The only drawback of this account is that it doesn’t have any checks. And while that shouldn’t be a major issue for most teens, it would be nice if the account had a sign-up bonus as well. 

Pros:

• Different mobile experience for parents and teens
• Allowance auto-pay 
• Teens receive a debit card
• Checking account earns interest
• Customizable parent text alerts

Cons:

• No sign-up bonus
• No checks

Overview — Ally bank’s bank account for students is not, strictly speaking, made for students. Nevertheless, students will find Ally’s Interest Checking account similar to most student accounts and that it’s more than generous in many aspects. 

The first thing to note is that Ally is an online bank. And even though it’s one of the best banks for college students online, meaning it has no brick-and-mortar locations, in-person help is not available.

What we liked — Ally bank’s marquee feature is unparalleled customer support. Despite its lack of branches, it has one of the most robust and lauded support networks among banks in the US. 

Ally also goes above and beyond when it comes to ATM fees. It doesn’t charge ATM fees for using out-of-network ATMs, and it reimburses any third-party fees you incur for their use up to $10 per cycle. 

It has a relatively openhanded interest rate compared to some other top banks for students. For balances under $15,000, you earn 0.10% APY, while a balance of at least $15,000 entitles you to 0.25% APY with Ally. 

What could be improved — The lack of physical presence is an unavoidable complaint. Not only does it make it impossible to speak to someone face-to-face, but it also prohibits cash deposits.

Pros:

• Reimburses ATM fees
• Good APY checking account
• Best-in-class customer support
• Comprehensive and intuitive mobile app
• Zelle money transfers

Cons:

• No physical locations
• No way to deposit cash

Overview — BBVA may not enjoy as much exposure as the other banks on this list, but it is among the world’s leading banking multinationals. As such, it has banking options aimed at students with some excellent incentives built-in. 

The bank’s 600-ish locations are mostly concentrated in Texas, Arizona, Alabama, and California, with a few more states currently in the mix. 

What we liked — BBVA has an excellent mobile app that lets you manage just about everything account-related. All the top banks for college students invest heavily in a stellar mobile experience, and BBVA is no different. Javelin Strategy & Research recognized the BBVA mobile app as a leader in customer service and ease of use. 

The Free Checking account entitles you to a Visa debit card that earns cashback rewards. Cardholders have to activate spending categories to earn rewards from those available. 

Account-holders also have the option of adding BBVA’s ClearBenefits program for $4 a month. The program includes identity theft insurance, cell phone theft and damage protection, and roadside assistance, among other services.

What could be improved — BBVA is not the best bank for students who are prone to overdrafts. BBVA charges $38 ($32 in CA) per overdraft item up to six times per day — that’s much more than the average. 

The free checking account also has a minimum deposit of $25 and no interest yields.

Pros:

• Excellent mobile app
• Good ATM network
• Free cashback Visa card
• High-value benefits program
• Unlimited checks

Cons:

• Free checking account not available for international students
• Requires minimum deposit

Overview — You probably know Discover from its excellent line of credit cards. However, the company’s other banking services are just as good, and its checking account has some features that are perfect for students.

Discover is also affiliated with MoneyPass and Allpoint, which gives users access to one of the country’s largest ATM networks. 

What we liked — Discover’s credit cards are known for their generous cashback programs, and some of that crosses over to its debit checking account. The account comes with a Discover debit card that earns 1% cashback on up to $3,000 of purchases per month. 

Even our pick for the best checking account for college students doesn’t provide any cashback rewards.

Besides the already mentioned ATM network, Discover partners with Zelle to make sending and receiving money fast. 

And another student-friendly feature is that Discover doesn’t charge overdraft fees, nor does it have the option to opt-in to them. You have the option of linking an overdraft account, but if that account is also drained, the transaction gets declined.

What could be improved — Essentially, Discover is an online bank. It has a single banking location in Delaware, but aside from that, there is no in-person banking. 

Moreover, while Discover’s savings accounts provide a relatively high APY, the checking account gains no interest. 

Pros:

• Huge ATM network
• No overdraft fees
• 1% cashback on debit purchases
• Zelle money transfers
• Free replacement cards

Cons:

• Can’t deposit cash directly
• No APY on checking account

Overview — Chime is a pioneer of the so-called neobanks, which only offer online services. Nevertheless, it still offers savings and spending accounts backed by Bancorp and Stride Bank. That doesn’t change much for customers, but it does mean funds are FDIC-insured.

Chime’s savings and credit-building accounts aren’t the best bank accounts for students, but its Spending Account is essentially a checking account with fairly decent features.

What we liked — Like its top competitors, Chime’s spending account is basically free. It has no monthly maintenance fee and no minimum balance requirement. And it has a neat little perk for working students. 

With a Chime account, you can receive direct deposits from your employer up to two days earlier than you otherwise would. This feature makes Chime function like a cash advance app at no additional fee.

Chime also gives you free overdraft protection up to $100. When you would overdraft your account, Chime makes up the difference and recovers it from your next paycheck deposit. You can also leave a tip when you receive overdraft protection, but it’s not mandatory. 

Overdraft protection is an essential feature of all good banks for students, and to get it for free is a tremendous bonus. 

What could be improved — Chime has a modest out-of-network ATM fee, which wouldn’t be an issue if it had more fee-free ATMs. Currently, it is affiliated with the MoneyPass and Visa Plus Alliance networks, but not Allpoint.

Pros:

• Free overdraft protection
• Receive paychecks early
• Free debit card replacements
• Award-winning mobile app
• No foreign transaction fees

Cons:

• Cash deposit surcharge
• ATM fees

Overview — USAA is well known in the military community as a top-tier financial services institution. It focuses mainly on insurance products for servicemen and women but provides a wide range of additional financial facilities. 

But it should be clear from the outset that USAA services are available to active and honorably retired military members and their eligible families. For students to be eligible, they will need to serve or have a military parent join the USAA. 

What we liked — No monthly fees and no minimum balance is in line with the best bank accounts for college students, and USAA takes it one step further. It reimburses up to $15 of ATM fees for using out-of-network ATMs.

And while it’s primarily an online banking service, USAA’s 1,200 branded ATMs can receive cash deposits, making it like a regular bank of sorts.

In most other ways, USAA’s classic checking account measures up to the best bank accounts for students. It has a reliable mobile app, partners with Zelle for money transfers, and has a card compatible with Google Pay, Apple Pay, and Samsung Pay.  

What could be improved — USAA only has nine locations in the US, so face-to-face service is virtually unavailable for most people. 

While you can link a second account for overdraft protection, it still leaves you open to overdraft fees. USAA’s overdraft fees are modest, but it would be ideal if it didn’t have any at all.

Pros:

• Military pay a day early
• ATM fee reimbursement
• USAA ATMs take cash deposits
• Budgeting tools in mobile app
• Checking account earns interest

Cons:

• Few locations
• Overdraft fees

Overview — Axos is a generous online bank for interest gains, and even its checking accounts have relatively high yields. It has an account designed specifically for kids and teens aged 13–17 that requires an adult co-owner. 

What we liked — The account is mostly free, with the only exception being a $50 minimum deposit to open. After opening there is no minimum balance, so you can withdraw the $50. 

The account generates an impressive 0.25% APY with no balance limit required to trigger the interest. That’s more than even the best national banks for students offer on checking accounts. It won’t make the account holder rich, but it’s enough to learn about how interest can add up in the long run.  

Axos also has one of the most widespread ATM networks. With access to over 91,000 fee-free ATMs, users will never need to look very hard for an ATM. And even if you ever have to use an out-of-network ATM, Axos reimburses up to $12 of domestic ATM fees per month. 

What could be improved — Like many other online banks, Axos doesn’t take cash deposits. It also has a pretty steep minimum deposit to open an account; otherwise, it’d rank a lot higher on our list.

Pros:

• Superb interest yields
• ATM fee reimbursement
• No overdraft fees
• Checking account for teens
• Huge ATM network

Cons:

• High opening deposit
• No cash deposits

Overview — Radius has consistently been ranking highly in the online bank space for many years. Its no-frills approach to banking makes it an excellent choice for students who just need a simple way to manage their money. 

It doesn’t offer all that much in the way of interest rates. But, if you just need a reliable checking account, Radius is the best bank for students in the USA who travel frequently, thanks to its ATM rebates.  

What we liked — There’s a lot to love about Radius’s rewards checking account. For starters, the rewards — the Radius debit card earns 1% cashback on most purchases with no limit. A cashback rewards card can help students keep a small reserve for unexpected expenses or plan for holiday spending. 

Another outstanding feature of all Radius accounts is unlimited ATM rebates. Radius gives unlimited rebates for all ATM surcharge fees worldwide. 

But you probably won’t even need the rebates — Radius partners with MoneyPass and NYCE networks to provide over 500,000 fee-free ATMs across the country. 

Radius is also the best bank for a student savings account if you want to save with an online bank. The account has no minimum balance, no monthly fees, and earns up to 0.25% APY on balances of $25,000 and over. 

What could be improved — Radius charges overdraft fees, and although the fee isn’t too bad ($25), it also charges $5 a day after the account has been in overdraft for at least five days.

The account also has a $100 minimum opening deposit.

Pros:

• Checking account generates interest 
• Unlimited ATM rebates worldwide
• Cashback rewards
• Outstanding ATM network
• Excellent budgeting tools in-app

Cons:

• High opening deposit
• Overdraft fees

Overview — Bank of America is one of the biggest banks in the country. With its thousands of locations and no SSN requirement to open an account, it’s the ideal choice for international students in the US. 

It’s also a great bank to develop a long-term relationship with. It has good savings and loan options and a stalwart reputation in most respects.

What we liked — The best Bank of America student account (Advantage SafeBalance) isn’t spectacular at first glance, but the benefits emerge in the fine print. 

Students under 24 can avoid the maintenance fee altogether, and the account has no minimum balance. As soon as you’re approved, you’ll receive a Bank of America Visa card. 

The SafeBalance account doesn’t charge overdraft fees, nor does it allow you to overdraft. The bank will decline any transaction that isn’t supported by your balance. Some of the best bank accounts for college students support free overdrafts, but a decline is usually better than a fee.

Plus, the account gives you access to Bank of America’s excellent service features. Those features include mobile check deposits, custom alerts, and access to one of the best banking apps available. 

What could be improved — You can keep your account after graduating, but it will generate monthly service fees as usual. 

Moreover, the Advantage SafeBalance account doesn’t earn any interest.

Pros:

• Vast network of brick-and-mortar locations
• Waives monthly fee for students
• Excellent mobile app
• Great budgeting tools
• Overdrafts are declined

Cons:

• Requires opening deposit
• Fees kick in after graduation

Your student bank account isn’t the most high-stakes decision you’ll ever make. Yet, it deserves some attention and can mean the difference between a great banking experience and losing money unnecessarily through fees.

And it pays to look closely at some of the nuances. After all, a lot of US students are plagued with student debt, so every penny counts! 

As such, the best bank for high school students will not have the same characteristics as one meant for college students or graduate students. 

At any rate, this short guide should help you start off on the right foot. And if you’re burdened with a student debt already, perhaps you should check some tips on how to pay it off.

There are a few things to look out for with a student account; the first and most important is the fees.

Fees

Banking isn’t free, but there are always ways to minimize what you’ll spend on an account. 

Good banks for college students recognize that you’re working with a limited budget and often make it easy to avoid hefty fees that could sidetrack your budgeting.

Overdraft Fees

Overdraft fees are often the highest fees that banks charge. Therefore, they are the ones you need to avoid the most. 

For starters, try to choose a bank that doesn’t charge overdraft fees at all. 

Often, that means not getting any overdraft protection. That’s not ideal either, since overdrafts are practically unavoidable, even for the most diligent spenders.

The best banks for students offer free overdraft protection, but not all of them have the feature-set you might want. 

ATM Fees

As a budget-conscious student, there’s no excuse for incurring ATM fees. With a little planning, you should always be able to find a fee-free ATM. 

To that end, make sure you choose a bank that makes your job easier. Bigger ATM networks are better as a rule. 

If the bank doesn’t charge ATM fees or reimburses you for costs incurred out-of-network, all the better. 

Maintenance Fees

Stay away from banks that charge students maintenance fees. It’s as simple as that. 

In our top choice from these bank for students reviews, none charge ATM fees, provided you are a student. 

Sometimes you may have to jump through additional hoops to avoid fees. That’s fine if it’s something simple like setting up direct deposit or opting for paperless statements. 

Mobile Banking

As a student, you’ll seldom have the time or the inclination to wait in a bank queue. Mobile banking apps can handle most account management functions these days. 

The critical capabilities you’re looking for in a banking app are:

• Bill pay, including QR-code payments
• Money transfers — these are often facilitated by third-party services, such as Zelle 
• Some form of budgeting tools

Big banks invest hundreds of thousands of dollars to create an excellent mobile banking experience. There’s no good reason to pick a bank without a mobile banking component. 

Which Bank Is Best for Students in Your Area

Essentially, accessibility boils down to the question of online banks versus traditional ones. 

Choosing a national bank with brick-and-mortar locations you can visit has a lot of advantages. Those advantages are even more salient if you’re new to banking and need frequent assistance understanding your contract’s terms with the bank. 

However, it’s worth noting that online banks have gotten pretty good at customer service over the many channels they offer. 

Traditional banks have a slight edge in this regard, but it’s not enough to overcome an otherwise weak offering.

What Is the Best Bank for Students to Stay With (After Graduating)

Do you plan to keep your account after graduating?

If so, it’s smart to choose a bank with a solid reputation. Loyalty to a bank does pay off in some minor ways, but it will take a long time to get there. Moreover, make sure you understand how your account will change when you’re no longer a student.

Suppose you don’t plan to stay with the bank. In that case, forget loyalty and focus on getting the best terms and rewards while you’re still in school. 

Some banks work harder than others to cater directly to students. But it’s not always the case that those banks that work hard have a better offer. 

As a student, don’t focus too hard on who the account is marketed to. Instead, look for the right blend of features and rewards to suit your needs, regardless of the intended audience. The best banks for students usually have such incentives, and they’re worth researching.

As long as an account has:

• good mobile features
• low overall fees
• accessible ATMs
• Decent customer service

It should be good enough for students. And, if you can earn some rewards along the way, all the better.