A Comprehensive Guide to the Top 8 Student Checking Accounts of 2024
If you’re a student, managing your finances can be challenging. That’s why it’s important to choose a checking account that caters specifically to students. Here’s a look at some of the best student checking accounts for 2024:
### Top 8 Student Checking Accounts
#### Capital One Money Teen Checking
This account is great for students because it has no fees or minimum balance requirements, and it even earns interest. Parents can easily transfer money to their kids through a highly-rated mobile app, and they can monitor their child’s spending. The account comes with a free debit card that can be used at over 70,000 ATMs nationwide. Additionally, parents receive alerts and can lock or unlock the card as needed.
**Pros:**
– No fees or minimum balance requirements
– Earns interest
– Parents don’t need a Capital One account to open a Money account
**Cons:**
– No educational tools in the app
– Cash deposits can only be made at Capital One branches or ATMs
**Best for:** Teens and kids learning money management with parental guidance.
**Considerations:** You’ll need to visit a Capital One branch or ATM to deposit cash, and there are no paper checks or investment services available.
#### Discover Cashback Debit
This account offers cash back rewards with no fees. Students can earn 1% cash back on up to $3,000 in purchases each month and access over 60,000 free ATMs. There are no fees for overdrafts, monthly maintenance, or other common banking services. Direct deposit users can get paid up to two days early.
**Pros:**
– No fees
– 1% cash-back rewards
– Early direct deposit
**Cons:**
– No interest on balances
– No physical branches
**Best for:** Students who prefer using a debit card and want to earn rewards.
**Considerations:** Discover has no physical locations, and there’s a cap on rewards-eligible purchases.
#### Wells Fargo Clear Access Banking℠
You can open this account with just $25. It’s a good option for students who need help managing their money, as it has no overdraft fees and offers features like Zelle, mobile deposits, and 24/7 fraud monitoring. The $5 monthly service fee is waived for those aged 13-24.
**Pros:**
– No overdraft fees
– 24/7 fraud monitoring
– Zelle-enabled
**Cons:**
– Does not earn interest
**Best for:** Students who want access to physical branches.
**Considerations:** Students aged 13-17 need to open the account in a branch, and those aged 13-16 need an adult co-owner.
#### Chase College Checking℠
Students can earn a $100 bonus by opening a new account and making 10 qualifying transactions within 60 days. There are no monthly service fees for five years for students aged 17-24. The account provides access to over 4,700 branches and 15,000 ATMs, and supports Zelle for money transfers.
**Pros:**
– Bonus offer
– No monthly service fee for five years
– Many branches
**Cons:**
– No locations in some states
– No ATM fee reimbursements
– No interest
**Best for:** Students who want access to physical branches and a sign-up bonus.
**Considerations:** After five years, a $12 monthly fee applies unless certain conditions are met.
#### Chime® Checking Account
Chime offers a checking account with no monthly service or foreign transaction fees, and no minimum balance requirement. Eligible members can overdraft up to $200 without fees and access over 60,000 free ATMs. Direct deposit users can get paid up to two days early.
**Pros:**
– No monthly or overdraft fees
– Early access to paychecks
– 60,000+ free ATMs
**Cons:**
– $2.50 fee for out-of-network ATMs
– Cash deposits only at partner locations
**Best for:** Students who prefer online banking and rarely deposit cash.
**Considerations:** Cash deposits at some retailers may incur fees, and mobile check deposits require a qualifying direct deposit.
#### Ally Bank Spending Account
Ally Bank offers a high-interest checking account with no fees. It pays 0.10% APY on balances under $15,000 and 0.25% APY on balances over $15,000. The account includes user-friendly budgeting tools and no overdraft fees.
**Pros:**
– High APY
– No fees or account minimums
– User-friendly features
**Cons:**
– Poor reviews on Google Play Store
**Best for:** Students who want an interest-bearing checking account and don’t need to deposit cash.
**Considerations:** Ally Bank doesn’t offer cash deposit options, and the mobile app has received low ratings on Google Play.
#### Alliant Credit Union High-Rate Checking
This account offers no monthly fees, no minimum balance requirements, and no overdraft fees. It provides access to over 80,000 fee-free ATMs and reimburses up to $20 per month for out-of-network ATM fees. The account earns 0.25% APY on all balances.
**Pros:**
– High APY
– No fees or account minimums
– No overdraft fee
**Cons:**
– Must join the credit union
**Best for:** Students who want to earn interest on their checking account balance.
**Considerations:** Membership in the credit union is required to open the account.
#### Axos Bank Rewards Checking
This account offers a high APY of up to 3.30%, depending on account usage. There are no fees or minimum balance requirements. Students can earn a $500 bonus by using the code RC500 when opening the account.
**Pros:**
– High APY available
– No fees or account minimums
– No overdraft fee
**Cons:**
– Several actions required to earn the top APY
**Best for:** Students with direct deposit and those willing to meet specific requirements to earn a high APY.
**Considerations:** Achieving the highest APY requires completing various activities, so read the fine print to ensure you can meet the requirements.
### How To Choose a Student Checking Account
When choosing a student checking account, consider the following factors:
– **Fees:** Look for accounts with no fees.
– **Mobile app:** Check if the bank offers a mobile app and its ratings.
– **ATM availability:** Ensure access to free ATMs near you.
– **Paper checks:** If you need to write checks, make sure the account offers them.
### How To Open A Student Checking Account
Research your options and choose an account that suits your needs. You may need to open the account in-person or online. Be prepared to provide your Social Security number, address, email, and other personal details.
### Tips
– **Free accounts:** Look for free student checking accounts.
– **APY:** Consider pairing a non-interest-bearing checking account with a high-yield savings account.
– **Campus options:** Check for banking options on or near your campus.
### Methodology
The best student checking accounts for 2024 were ranked based on fees, products and services offered, and average mobile app ratings.
### Final Take
Students can find checking accounts that offer special deals and financial benefits. By knowing what to look for, choosing the best account becomes easier. Identify your top priorities and start your search from there.