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.
10 Banks with the Biggest Benefits for Students
We may earn a commission on sales made from partner links on this page. This doesn’t affect our research and evaluation process. Read our full Affiliate Disclosure. 1. OnJuno
Best Digital Bank for Students
- No minimum opening deposit
- No overdraft and ATM fees
- Free virtual debit cards
- 1.20% APY interest on balances up to $50,000
- Easy application process
2. Chime
Best Free Overdraft Protection
- Free overdraft protection
- Receive paychecks early
- Free debit card replacements
- Award-winning mobile app
- No foreign transaction fees
3. Chase
Best Bonus
- No maintenance fee for students
- Accounts for both high school and college students
- Huge network of branded ATMs
- $100 welcome bonus
- Excellent mobile banking
4. Capital One
Best for High School Students
- Different mobile experience for parents and teens
- Allowance auto-pay
- Teens receive a debit card
- Checking account earns interest
- Customizable parent text alerts
5. Ally
Best Banking Experience
- Reimburses ATM fees
- Good APY checking account
- Best-in-class customer support
- Comprehensive and intuitive mobile app
- Zelle money transfers
6. BBVA
Best for College Students in the Southwest
- Excellent mobile app
- Good ATM network
- Free cashback Visa card
- High-value benefits program
- Unlimited checks
7. Discover
Best Cashback
- Huge ATM network
- No overdraft fees
- 1% cashback on debit purchases
- Zelle money transfers
- Free replacement cards
8. USAA
Best for Students from Military Families
- Military pay a day early
- ATM fee reimbursement
- USAA ATMs take cash deposits
- Budgeting tools in mobile app
- Checking account earns interest
9. Axos
Best for High School Students to Learn Saving
- Superb interest yields
- ATM fee reimbursement
- No overdraft fees
- Checking account for teens
- Huge ATM network
10. Bank of America
Best for International Students
- Vast network of brick-and-mortar locations
- Waives monthly fee for students
- Excellent mobile app
- Great budgeting tools
- Overdrafts are declined
Best Student Banks Detailed Reviews
1. OnJuno
Best Digital Bank for Students
- Best account for students: OnJuno Metal account
- Minimum opening deposit: $0
- Maintenance fee: free for the first 6 months ($9.99/month later on)
- Overdraft fee: none
- Unaffiliated ATM fee: free
Overview — Founded in 2019, OnJuno is a new digital banking platform that offers two checking accounts that students can use. There’s the free OnJuno Basic account and a premium OnJuno Metal account, which you can use for free for six months. Once the trial period is over, you need to pay $9.99 per month.
Overall, we believe that OnJuno is an excellent choice for students who prefer online banking over traditional brick-and-mortar. And regardless of the membership you choose, both bank accounts for students come with zero ATM and overdraft fees.
What we liked — There are quite a few things we liked about OnJuno digital banking platform. First of all, there are no fees for ATM withdrawals, foreign transactions, account closures, or nonsufficient funds!
Secondly, you get to choose one of five brands to earn up to 5% cashback, and you can earn a high bonus rate of 1.2% on balances up to $50,000. And lastly, there are no minimum balance requirements, thus making OnJuno an ideal bank account for students.
On top of that, the company donates 1.2% of its profits to various charities in India.
What could be improved — Unfortunately, OnJuno currently doesn’t offer joint checking accounts, i.e., you can’t share your account with anyone. Moreover, there are no incoming or outgoing wire transfers.
One more thing that could be improved is the Metal membership. In short, while it’s completely free, you still need to deposit a minimum of $500 to qualify for it.
Pros
- + No minimum opening deposit
- + No overdraft and ATM fees
- + Free virtual debit cards
- + 1.20% APY interest on balances up to $50,000
- + Easy application process
Cons
- − No overdraw option
2. Chime
Best Free Overdraft Protection
- Best account for students: Chime Spending Account
- Minimum opening deposit: $0
- Maintenance fee: $0
- Overdraft fee: $0
- Unaffiliated ATM fee: $2.50
Overview — Chime is a pioneer of the so-called neobanks, which essentially are a financial platform offering only 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 Spending Account is essentially a checking account with excellent features.
What we liked — Like its top competitors, Chime’s bank account for students is basically free. Chime’s spending account 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 of up to $200. When you 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. Not to mention they’ve just increased the amount.
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
- − Not all ATMs are fee-free
3. Chase
Best Bonus
- Best account for students: Chase College Checking
- Minimum opening deposit: $0
- Maintenance fee: $6 (waived while in college)
- Overdraft fee: $34 + $15 every five days of negative balance
- Unaffiliated ATM fee: $2.50
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, Chase could be your first pick.
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 recognized as one of the more popular 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
4. Capital One
Best for High School Students
- Best account for students: Capital One MONEY Account
- Minimum opening deposit: $0
- Maintenance fee: $0
- Overdraft fee: $35 with a $5 overdraft minimum
- Unaffiliated ATM fee: $0
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.
Good bank accounts for students have no maintenance fees and no minimum balance requirements, and such is the case with Capital One too. 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 others, 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 bank account for high school clients 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
5. Ally
Best Banking Experience
- Best account for students: Ally Interest Checking
- Minimum opening deposit: $0
- Maintenance fee: $0
- Overdraft fee: $25
- Unaffiliated ATM fee: $0
Overview — Ally’s bank account for students does not go by that name, strictly speaking. 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 online banks, 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 college 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 and 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
6. BBVA
Best for College Students in the Southwest
- Best account for students: BBVA Free Checking
- Minimum opening deposit: $25
- Maintenance fee: $0
- Overdraft fee: $38
- Unaffiliated ATM fee: $3
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 good banks for college students invest heavily in a stellar mobile experience, just like BBVA. 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 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
7. Discover
Best Cashback
- Best account for students: Discover Cashback Debit
- Minimum opening deposit: $0
- Maintenance fee: $0
- Overdraft fee: $0
- Unaffiliated ATM fee: $0
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 bank account for college students (let’s name it so) comes with a Discover debit card that earns 1% cashback on up to $3,000 of purchases per month.
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
8. USAA
Best for Students from Military Families
- Best account for students: USAA Classic Checking
- Minimum opening deposit: $25
- Maintenance fee: $0
- Overdraft fee: $29 with a $5 overdraft minimum
- Unaffiliated ATM fee: $2 after the first ten withdrawals
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 top 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
- − More locations are needed
- − Overdraft fees
9. Axos
Best for High School Students to Learn Saving
- Best account for students: First Checking
- Minimum opening deposit: $50
- Maintenance fee: $0
- Overdraft fee: $0
- Unaffiliated ATM fee: $0
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 bank account for students 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 what 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.
Pros
- + Superb interest yields
- + ATM fee reimbursement
- + No overdraft fees
- + Checking account for teens
- + Huge ATM network
Cons
- − High opening deposit
- − No cash deposits
10. Bank of America
Best for International Students
- Best account for students: Bank of America Advantage SafeBalance Banking
- Minimum opening deposit: $25
- Maintenance fee: $4.95 (waiver for students under 24)
- Overdraft fee: $0, declines transactions
- Unaffiliated ATM fee: $2.50 in the US, $5.00 outside the US
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 Bank of America student account (Advantage SafeBalance) isn’t spectacular at first glance, but the benefits emerge in the fine print. For example, 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 — This can be a good bank for graduate students too, 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
How to Decide Which Bank Is Most Student-Friendly
Truth be told, our choice of the perfect bank for high school students will not have the same characteristics as one meant for college students or graduate students.
However, 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. Let’s take a closer look.
Student Bank 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 bank account for students should have free overdraft protection, but then again, not all the banks will have the feature-set you might want.
ATM Fees
As a budget-conscious student, you’re probably looking for 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 reimburse you for costs incurred out-of-network, all the better.
On the other hand, don’t miss out on some other benefits and focus solely on free ATM withdrawals.
Maintenance Fees
Stay away from banks that charge students maintenance fees. It’s as simple as that.
In our bank for students reviews, you’ll see that 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.
To sum up, you have to do the math for each bank to get the best one.
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.
Think Locally
Which bank is best for students in your area? Essentially, accessibility boils down to the question of online banks versus traditional ones.
Choosing a bank with brick-and-mortar locations you can visit has its 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.
What to Do After Graduating
What is the best bank for students after graduation? 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.
Conclusion
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.
FAQs
Which bank is best for students in India?
India’s ICICI Bank is one of the country’s biggest private banks and offers a broad spectrum of account types. ICICI’s Student Savings account only requires a minimum deposit and balance of ₹5,000 and includes an international ATM card.
If you want to choose the best bank for students in India from the public sector, the State Bank of India has zero-balance savings account that’s appropriate for students. It includes an ATM card with 24,000 fee-free ATMs across the country and generates decent interest.
Which banks offer free checking accounts for students?
There are a few prime options out there. Axos, Radius, and Ally are all online banks that don’t charge maintenance fees with useful overall features.
If you’re looking for a traditional bank, Chase is our top choice and waives maintenance fees as long as you’re in school. Other good options include Bank of America, Capital One, and PNC.
Which bank is best for saving account for students?
Marcus by Goldman Sachs is a relatively new entity from a venerable financial institution, and it has excellent savings accounts that will appeal to most people. It’s an online bank that allows you to earn competitive rates on your savings and a great place to establish a long-term banking relationship.
If you just want to start saving a little cash and get the biggest returns, a DCU Bank Primary Savings account can offer as much as 6.17% APY on up to a $1,000 balance.
What is the best bank account for students in the Philippines?
The Philippine National Bank’s budget checking account can be opened with a ₱5,000 deposit and has the same minimum balance. And although it doesn’t generate any interest, it’s one of the most accessible accounts for students.
Bank of America has the best bank account for international students in the USA. Students who plan to pursue continuing education in the US are well-advised to use it for their banking needs.
What is the best bank account for a student?
The best bank for students overall is the one that does not charge you most fees it otherwise does with the employed clients. A good mobile-friendly app is a must, and you should also check out the number of ATMs in your particular area.