Best student checking accounts are a common topic for both parents and students. In this article, we will address important questions and help you start your search.
This article is part of our series on banking basics, ranging from opening different types of bank accounts around the world to understanding how various aspects of the banking system operate.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Student Checking Accounts
- Benefits of Opening a Student Checking Account
- How to Open a Student Checking Account
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Best Student Checking Accounts
The best student checking accounts are fee-free student accounts offering low-cost banking for students, easy access to funds, and student banking benefits. These accounts are generally only offered by student-friendly banks with a large national presence.
Benefits of Opening a Student Checking Account?
The benefits of opening a student checking account include low-cost banking, lower balance requirements, student specific incentives, access to local discounts from retailers, and much more. We detail additional benefits below.
Benefits of a Student Checking Account:
- Low-cost banking option
- Low (or no) fees for opening and maintaining account
- Student specific incentives from retailers
- Access to both online and mobile banking
- Lower account balance requirements
- And more
How to Open a Student Checking Account?
To open a student checking account you need to select the bank you want to open with, prepare your account opening documents, and apply for an account. Account applications for student check accounts can usually be completed online. However, you can also visit a branch in person if you prefer to open accounts at the bank.
Here is a closer look at the steps to open a student checking account:
- Confirm which bank you want to open with
- Prepare the necessary documentation
- Complete the account opening application
- Apply for the account online or in person
- Make an initial deposit (if necessary)
Do Student Checking Accounts Come With Fees?
No, most student checking accounts do not come with fees. Instead, they typically have zero account opening fee, zero maintenance fee, and they also have low transaction fees. In fact, the only time a student check account will incur fees is when it is being used.
What Is the Age Limit For a Student Checking Bank Account?
There is no consistent age limit for a student checking bank account. However, when banks do impose a limit, it is usually in the range of 24 years old. That said, many banks do not impose any limit at all and student checking accounts can remain open until the account holder decides to transition the account to a regular checking account.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the best student checking accounts. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Happens to a College Bank Account After Graduation?
What happens to a college bank account after graduation will depend on the bank and the account holder. In many cases, the account will remain open until the account holder decides to transition the account to a regular checking account. On the other hand, many banks and financial institutions do have age limits on student bank accounts. With this in mind, if you bank at a bank with these limits in place, they may force the account to change to a regular checking account after you pass a certain age.
Which Bank Is Best for an 18-Year-Old?
The bank that is best suited for an 18-year-old will likely be a bank that offers student bank accounts, relevant discounts and incentive programs, free ATM withdrawals, and local in person banking services. With this in mind, most banks that offer these account characteristics are larger banks that have cross-country networks, which is also beneficial because it means the account will still serve them while traveling to other countries.
Is It Better to Get a Student Bank Account?
Yes, it is often better to get a student bank account, if you qualify as a student. This is because student bank accounts often have relevant incentives, cost savings, and offer access to the basic services you will require as a student.
Are Student Bank Accounts Free?
Most student bank accounts are free to open and maintain, this means that banks do not charge monthly fees or require a minimum balance. However, even though there is no fee to open and maintain the accounts, they still charge fees for transactions, exceeding ATM withdrawals, currency conversions, and more.
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