The best bank for college students has simple and straightforward accounts: no monthly fees, easy access to your money, and strong online features.
It's good for college students to have both a checking and savings account. Whether they prefer online or in-person banking depends on their situation.
Best Bank Accounts for College Students
- Alliant High-Rate Digital Checking: Best for a fee-free checking account
- Ally Savings Account: Best for savings/budgeting tools
- Capital One 360 Performance Savings: Best for a strong mobile app
- Chase College Checking℠: Best for easy branch/ATM access
- SoFi® Checking and Savings (Member FDIC): Best all-in-one bank account
Student banking options aren't the same at every bank. Some have specialized bank accounts for college students or young adults. Others might not have bank accounts specifically for college students, but they're regular accounts still stand out because of other perks.
Compare the Top Bank Accounts for College Students
To find the best bank accounts for college students, we assessed 200 checking accounts and 230 savings accounts. The best bank accounts for students won't charge you any monthly fees and don't have minimum balance requirements. The top college bank accounts also have special perks, like good interest rates, notable savings/budgeting tools, or nationwide ATM accessibility.
Below, you'll find our top picks. We have options from online banks, credit unions, and brick-and-mortar banks so you can explore a variety of accounts and decide the best fit for your circumstance.
Best for a Fee-Free Checking Account
no monthly service fee
0.25%
$25
- Earn interest
- No minimum opening deposit
- No monthly service fees
- $20/month in out-of-network ATM fee refunds
- No overdraft fees
- No incoming wire transfer fee
- Compounds interest monthly, not daily
- $25 outgoing wire transfer fee
Alliant is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates.
Alliant High-Rate Digital Checking- Several ways to become a member; the easiest is to become an Alliant Credit Union Foundation digital inclusion advocate (Alliant Credit Union will make a one-time $5 contribution to the Foundation on your behalf)
- 80,000+ free ATMs
- Alliant does not charge overdraft fees; you can overdraw, but you will not pay a fee. You may also link checking to a savings account and select for funds to automatically transfer to cover overdrawn amount
- Interest compounded monthly
- Federally insured by the NCUA
The Alliant Credit Union High-Interest Checking Account is one of the best checking accounts offered by a credit union. It provides access to over 80,000 fee-free ATMs. You'll get up to a $20 per month in ATM fee reimbursements. There is no monthly service fee or minimum balance requirements.
Alliant also has significant interest rates for its checking accounts, paying 0.25% APY (Annual Percentage Yield) on your checking balance. You can also make mobile deposits.
Alliant only has one physical branch ___location, located in Chicago, Illinois, so if you prefer to do your banking in-person, it may not work for you.
Best for Savings/Budgeting Tools
no monthly service fee
3.60%
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
Ally Savings Account- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
The Ally High Yield Savings Account stands out because it has a $0 minimum deposit and no monthly service fee. You can also speak to a live customer service representative 24/7, either over the phone or via online chat.
Ally makes it easy to save for savings goals. Assign each account a nickname, like "Next Semester's Tuition," "Study Abroad," or "Emergency Fund" to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.
If it's more important to you to be able to visit a branch in person than to earn a high interest rate or have separate savings goals, then you may prefer saving with a brick-and-mortar bank.
Best for a Strong Mobile App
no monthly service fee
3.60% (rate as of 04/08/25)
$0
N/A
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fee
- Easy to save for various goals
- 24/7 live chat
- Limited access to customer service by phone
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Performance Savings- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Capital One 360 Performance Savings may be worth exploring if you want a strong mobile app.
The Capital One mobile app is rated one of the highest in customer satisfaction among national banks, according to a 2024 J.D. Power Online Banking Satisfaction Study. This study evaluates customer experiences with banking mobile apps and how banks are adopting mobile banking technology.
Capital One 360 also stands out because it makes it easy to save for various goals. You can set up separate accounts through Capital One 360 Performance Savings. The account also pays a competitive rate with no opening deposit, minimum account balance, or monthly charges.
Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don't live near any of these areas, it might not be easy to deposit cash.
Best for Easy Branch/ATM Access
$12 monthly service fee
None
$0
$100
- No monthly maintenance fee for a Chase savings account linked to this account
- No required opening deposit
- Over 4,700 branches
- Relatively easy to waive monthly fee
- $12 monthly maintenance fee
- $3 to $5 out-of-network ATM fee
- No out-of-network ATM fee reimbursements
- 3% foreign transaction fee
- $34 overdraft and non-sufficient funds fees
Chase is one of the best national banks out there, and it offers multiple checking accounts. Your best fit could come down to what perks you want and whether you can waive the monthly fee. Chase is a good option if you're looking for a cash bonus — several of its checking accounts are featured in our best bank account bonuses guide.
Chase College Checking℠- Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
- $0 Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.
- Wire funds internationally using the Chase Mobile® app or chase.com. Send money to recipients around the world with multiple currency options. Fees apply.
- Keep track of your money with confidence and control in the Chase Mobile® app. The Chase Mobile app helps you bank securely and conveniently from anywhere.
- With Zelle®, you can send and receive money with people and businesses you know and trust who have an eligible account at a participating U.S. bank.
- With Fraud Monitoring, Chase may notify you of unusual debit card purchases and with Zero Liability Protection you won't be held responsible for unauthorized debit card purchases when reported promptly.
- JPMorgan Chase Bank, N.A. Member FDIC
Chase College Checking could be worthwhile if you prefer banking in person over online.
Chase has over 4,700 branches and more than 16,000 ATMs nationwide. You'll likely be able to find a branch/ATM when you're at school, as well as when you visit home or go on a trip.
There's no monthly fee during your first five years in school. If you're enrolled in college for more than five years, you can waive the monthly charge by either setting up one monthly direct deposit or maintain an average daily balance of $5,000.
You can earn a $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment (offer expires 7/16/2025).
If you aren't enrolled in overdraft protection, you may have to deal with overdraft fees. You'll also pay a fee when you use a non-Chase ATM.
Best for an All-in-One Bank Account
no monthly service fee
up to 3.80%
$0
up to $300
- FDIC insured up to $3 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $3 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
SoFi® Checking and Savings (Member FDIC) may appeal to you if you're looking for an all-in-one bank account where you get a combination of checking and savings features. SoFi® Checking and Savings (Member FDIC) is a strong choice if you don't want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees. It also comes with checking account features like a debit card and early direct deposit.
To earn the highest interest rate on SoFi® Checking and Savings (Member FDIC), you'll need to set up direct deposit or deposit a minimum of $5,000 per month. If you deposit cash, you also might need to pay a fee.
SoFi Checking and Savings Review
Bank Trustworthiness and BBB Rating
We review the ethics of each bank so you can see if a specific financial institution aligns with your values.
We include the settlement history of the last three years so you're aware of any recent public controversies involving the bank.
The Better Business Bureau grades companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB scores for each of our top picks:
| Institution | BBB grade |
| Alliant Credit Union | A+ |
| Ally | A+ |
| Capital One | A+ |
| Chase | A- |
| SoFi | A+ |
In 2023, JP Morgan Chase was required to pay $75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein's sex trafficking operation.
Key Features of Student Bank Accounts
No or Low Minimum Balance Requirements on Student Bank Accounts
The best bank accounts for college students have low or no minimum balance requirements. Many banks, including most of our top picks, let you open a checking or savings account with $0 upfront. That said, you might eventually need to deposit money within the first month or two, or the bank might close your account.
You generally don't need to maintain a certain average or monthly account balance, either. Since you're going to school, it isn't expected that you'll receive regular monthly direct deposits or maintain a certain cash flow.
Minimal Fees for Account Maintenance on Student Bank Accounts
Many national banks have fee-free banking for college students, so you shouldn't worry about bank maintenance fees. Numerous online banks don't charge any monthly services on bank accounts. Meanwhile, brick-and-mortar banks are more likely to have monthly service fees, but most will waive them for college students.
At a brick-and-mortar bank, you may need to provide documentation, such as a student ID or acceptance letter, to prove that you're a college student. If the bank requires you to be under a specific age, then you'll probably need an official document that shows your birthday, like a driver's license or birth certificate.
Online and Mobile Banking Capabilities for Student Banking
If you're an avid mobile app user, do research first. Check a bank's mobile app ratings to see what the app's highlights and downfalls are. You might also want to explore banks that are ranked highly in customer satisfaction in J.D. Power's mobile and online banking studies.
Benefits of Choosing a Student Bank Account
If you are unbanked, it's important to consider getting a bank account as soon as you can. It's beneficial to open one as a college student so that you can manage your money and grow your savings. For example, with a checking account, you can set up online bills to automate payments. Meanwhile, with a high-yield savings account, you can earn interest on top of your savings.
Opening a bank account can also help you have access to other banking products and services in the future. If you have an established relationship with a bank, you might consider exploring other products, like auto loans, credit cards, or a mortgage.
How to Choose the Right Student Bank Account
Here are a few tips to help you choose the right student bank account:
1. Determine if you want a bank account specifically for college students or a standard bank account.
Bank accounts that are specifically for college students are more likely to be found at brick-and-mortar banks than online banks. These bank accounts will waive monthly service fees for college students, and they might have other perks, like money management tools. You could also choose to open a free bank account from an online bank. One option isn't necessarily better than the other — we have a mix of both in our top picks. It mainly depends on your preferred banking experience.
2. Assess the bank account agreement and fee schedule.
Banks often share their bank account agreement and fee schedules online. The bank account agreement shares details about the bank account, like the opening requirements, minimum balance requirements, and interest rate. A bank's fee schedule tells if a bank charges common bank fees. Based on your habits, you can figure out which features and fees could impact your banking experience.
You can also look at other requirements needed to open a bank account. For example, not all bank accounts require a U.S. ID. The top banks for immigrants and non-U.S. Citizens allow you to provide a foreign passport or Matricula Consular instead.
Best Bank Accounts for College Students FAQs
What should I consider when choosing a bank account as a college student?
If you're a college student choosing a bank account, look for a bank account that doesn't charge any monthly service fees or waives fees for students. Other factors to consider when choosing a bank account include opening requirements, mobile app features, and overall account accessibility.
How important is mobile banking for student bank accounts?
Mobile banking can play an important role in student bank accounts if that's how the student manages their money. Mobile banking can help a student monitor their bank account balances, make a mobile check deposit, or find nearby ATMs.
Are there bank accounts that can help me build credit as a student?
Bank accounts can't help you build credit. However, if you're looking for ways to build credit, you could get one of the best student credit cards instead.
Is Chase good for college students?
Chase is one of our top picks for college student bank accounts because it has an extensive branch and ATM presence. You also might like this account if you're eligible for the checking account bonus.
What happens to a student bank account when you graduate?
Most student bank accounts become regular accounts after a certain point. This may be when you graduate, when you turn a certain age, or after a certain number of years.
Why You Should Trust Us: Our Expert Panel on the Best Bank Accounts for College Students
To learn more about what makes a good bank and how to choose the best fit, four experts weighed in:
Here's what they had to say about banking for students. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Sophia Acevedo, banking editor, Business Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
What should someone look for in an online bank?
Tania Brown, CFP® professional:
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life":
"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average. What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
What can a student look for in a bank account?
Sophia Acevedo, Business Insider:
"Students can look for features that can help them manage their money. For example, some savings accounts help you save for individual goals with budgeting and savings tools. If a student frequently withdraws, they might want to find a bank that has a large ATM network or reimburses ATM fees."
Methodology: How We Chose the Best Bank Accounts for College Students
Business Insider's personal finance team researched more than 200 checking accounts and 230 savings accounts to find the strongest bank accounts ideal for college students. We looked at both specialized bank accounts geared toward college students and everyday regular checking accounts as well.
Business Insider's personal finance team is editorially independent. Our business team does not decide how we cover products and what we write about. Learn more about how we rate and review products on our editorial standards page.
Banking should be affordable for college students, so we narrowed down our top choices by picking accounts that do not charge fees or waive fees for students. We also looked at minimum opening deposits, and we chose savings accounts that don't require a minimum balance to earn a high APY.
We also considered features that would really stand out and appeal to college students to determine our categories, such as the use of technology, perks, and functionality of an account.
See our bank account rating methodology to learn more about how we rate bank accounts. To provide a quick overview, we rate bank products on a scale from one to five stars. If a checking account has a rating of one star, that's the lowest possible, and it means the bank account requires significant improvement. If a checking account has five stars, that's the highest rating possible, and it's considered a superior option.
For checking accounts, we examine nine different features and get the weighted average to determine an account's total score.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
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Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
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Bonus Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures: SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Fee Policy: SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. SoFi's fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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Overdraft Coverage: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the"30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
