A student bank account is a savings or checking account with a bank, credit union, or any other financial institution. Such accounts may have lower fees and unique features that are specifically designed to meet student requirements, making it easy for them to maintain an account with the bank.
Here are seven different banks where students can open savings accounts and learn the value of money and budgeting early on.
This is an online-only bank and is an excellent option for young students to develop good financial habits. Ally bank’s account levies minimal fees and has no minimum monthly balance requirement. You may use the account for any purpose except cash deposits (as it is an online bank) but checks may be deposited via your phone. The checking account offers 0.10% APY for balance up to $15000 and 0.6% for balance exceeding $15000.
- Capital One
Capital One 360 is a teen checking account with zero fees and no minimum balance. The account provides a debit card that may be used across Allpoint and Capital One network. The interest on this account is 0.25%.
The Chase High School Checking account may be opened by students aged between 13 and 17 years with a parent or guardian. It requires a $25 opening balance and a $6 monthly fee. College students between 17 and 24 years may open the Chase College Checking account. This account provides no monthly fee for up to five years during college. After graduation, you need to maintain a direct deposit or average monthly balance of $5000 to avoid the monthly fee ($6).
It is also an online-bank only with no cash deposits. This bank account offers students offers a debit card, online and mobile banking, mobile check deposits, and fund transfers across all the different accounts in the country.
This is a bank for military personnel and their family members. The USAA Classic Checking for college students levies no monthly fees and has no minimum balance requirements. Younger students may opt for the Young Savings and Checking options, which include a mobile banking experience designed for teenagers.
The Chime account is an excellent first experience for mobile-banking for students and has no fees. Mobile banking provides several helpful features. The account has no minimum balance requirements, overdraft, foreign transactions, and monthly fees. If you have a job along with your studies, Chime provides early access to direct deposits wherein your employer sends the file to the banking system several days ahead of your scheduled payday, which means you receive credit earlier when compared to traditional banks.
- Wells Fargo
Wells Fargo is the largest bank in the United States of America and has the highest number of branches and ATMs. The student checking account is for college students and has no monthly fees but requires a $25 opening deposit. However, the interest rate on this account is low that may make it less attractive.
These seven different bank accounts for students have their own advantages and disadvantages; what works for one may not work for another.