Best Bank for College Students: Student Banking 101

Foreigners heading to the United States for college try to open accounts with the best bank for college students possible after they arrive.

But, instead of applying when you arrive, you can open a US bank account as a non-resident before you land in the USA.

In this article, we’re going to help you navigate your options, find US banks, and make sure your banking relationships support you (instead of frustrate you) while you master your studies.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Best Bank for College Students
  2. Benefits of a Student Account
  3. How Do I Find the Best Bank Accounts as a College Student?
  4. Frequently Asked Questions
  5. Ready to Open Accounts With Banks in the USA?

Best Bank for College Students

The best bank for college students is the bank that offers student banking programs with student benefits, low fees, great online banking and mobile banking, and a campus presence.

Benefits of a Student Account

There are a number of benefits of a student account. The most obvious benefits include the fact that student accounts often have much lower fees than regular checking accounts.

Student accounts also typically have student-specific bonuses and incentives like various checking account bonuses and even travel rewards if you get an account tied to a credit card.

Benefits of Opening a Bank Account for College Students?

  • Lower fees than regular checking accounts
  • Student discounts for local and national services
  • Retail credits and discounts
  • Ability to start building credit history before the end of school
  • Access to funds through ATM and credit cards

How Do I Find the Best Bank Accounts as a College Student?

To find the best bank accounts as a college student you will need to consider all of the options available. Additionally, you need to compare the fee structures, student rewards programs, and account opening requirements.

If you are a US citizen, you will also need to ensure that previous negative relationships like those identified through a ChexSystems Report do not limit your ability to open new accounts. Foreign non-residents will not face these challenges, though they may have more limited options to begin with.

That said, other factors need to be considered as well when deciding where to bank as a student. Here are some of the additional factors that you should consider.

Factors to Consider When Choosing the Best Bank for a College Student?

The factors to consider when choosing the best bank for a college student include:

  • Student specific accounts
  • Student specific bonuses
  • Account fees
  • Access to ATMs
  • Online banking
  • Mobile banking application
  • Quality of the customer support
  • Presence on campus (ATMs)

Do You Want More USA Banking Insights?

Sign up here to receive our Free USA Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.

Frequently Asked Questions

Below are five of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

What Is the Best Bank for College Students?

The best bank for college students will depend on the specific requirements, physical location, and desired benefits of each college student. In other words, similar to how there is no single best bank for adults, non-residents, and businesses, there is no single best bank for all college students.

What Happens to a College Bank Account After Graduation?

After graduation, college bank accounts generally remain open. However, different banks have different policies, and in certain instances, the bank may force the account to transition to a regular checking account.

What Is a Good Bank to Use for College Students?

A good bank to use for college students will be a bank that offers student bank accounts, low (or no fees), provides access to a debit card and possibly a credit card, and offers student discounts and bonuses. Not surprisingly, the banks that offer these sorts of accounts are usually the larger national banks with a country-wide network.

Is Chase or Bank of America Better for Student Banking?

Both Chase and Bank of America are suitable account opening options for students. In fact, both banks offer student bank accounts. That said, the specific bank you choose may depend on where the student is studying, the services they require, and where other family members have existing banking relationships.

What Is the Average Bank Account of a College Student?

Most college students have limited excess funds, owing to the fact that they are paying for college. That said, the average bank account of a college student can be high if they have received grants, scholarships, or financial aid deposited into their account.

Ready to Open Accounts With Banks in the USA?

If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.

GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.

When you join, you receive…

+ Expert suggestions on where to open US bank accounts.

+ Step-by-step support to navigate opening US bank accounts.

+ Direct introductions to helpful and responsive bankers.

+ Plus, detailed guides to maximizing the value you get from your new US bank account.

And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.

In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.

To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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