Thanks for visiting TopUniversities.com today! So that we can show you the most relevant information, please select the option that most closely relates to you.
Your input will help us improve your experience.
Your input will help us improve your experience.You can close this popup to continue using the website or choose an option below to register in or login.
Already have an account? Sign in
Sign up free to keep exploring.
Access unlimited articles and study guides
Discover top subjects and destinations
Get the personalised guidance you need to succeed
By signing up I agree to share my data and according to
User agreement, Cookie policy and Privacy policy.
Ask me about universities, programs, or rankings!
Our chatbot is here to guide you.
We use Necessary cookies to make our website work. We’d also like to set optional Functional cookies to gather anonymous site visitation data and Advertising cookies to help us understand which content our visitors value the most. By enabling these cookies, you can help us provide a better website for you. These will be set only if you accept.More information about the cookies we use can be found here Cookies Policy
Views
The best student bank accounts in the US
Chloe Lane
Updated May 21, 2024Save
Share
Share via
Share this Page
Table of contents
Table of contents
Whether you’re an international student studying in the US, or a US native student trying to navigate the (often confusing) world of banking to open a student bank account, it can often be difficult to understand a) what you’re being offered and b) what you actually want from a bank account.
For anyone left feeling a bit confused about student banking, you definitely aren’t alone! Read on as we explain what some of the biggest banks in the US are offering students and how you can take advantage of this. Free money, anyone?
Which student bank account do I need?
In the US there are two main types of bank accounts you should know about: the checking account and the savings account.
A checking account is the bank account you’ll be using on a day to day basis. These accounts allow you to access your money whenever you want and provides you with a safe place to store your money. These accounts are ideal for managing your daily expenses and for paying any bills. Some banks have specific checking accounts for students, which we will be exploring in the table below.
A savings account is the bank account you’ll use for longer term deposits. These accounts allow you to gain interest on your savings, so it is worth researching each bank’s savings account interest rate to find the one with the highest rate of interest.
Benefits and extras explained
Banks often try to entice students with a variety of extras and benefits – but what do they mean? Before we start comparing the different student checking accounts on offer in the US, we’ll give you a quick run though of the different perks banks may use to compete.
ATM charges
In the US, banks will often charge you if you take money from another bank’s ATM. As you will see in the table below, some banks will offer an extra benefit by reducing the fees you will be charged for using another bank’s ATM.
Others will compete by offering a large number of ATMs around the country. This is particularly common in larger banks, such as Bank of America and Chase bank, who have a lot of branches.
Cash bonuses
You may see this and think – free money! However, beware that this may come with certain restrictions, such as having to deposit a certain amount in the bank account each month. But in the end, yes, it is free money.
Overdraft protection
When you spend more money than you have in your student bank account, you will go into an overdraft. When this happens, your bank may decline your payment and possibly charge you a non-sufficient funds (NSF) fee. Overdraft protection will stop this happening by allowing your transactions to go through, even if you don’t have the money in at the moment.
Your bank may offer several options: linking an eligible savings account which automatically transfers money over from a savings account to cover the amount, linking a credit card, overdraft line of credit (a line of credit for overdrafts based on your creditworthiness) or even overdraft coverage for one time transactions. However, it’s worth noting that all of these come with potential fees, so bear this in mind before you go on a massive online shopping spree!
Monthly service fees
Monthly service fees are fees that banks charge on a monthly basis to maintain your bank account, and are usually between US$6 and $50 per month, depending on the bank and the type of account you open. These fees can easily be avoided, however. For example, they are often waived as a benefit of student bank accounts and can also often be avoided by having a regular monthly deposit or keeping a certain amount of money in your bank account. Make sure you check your chosen bank to verify their policy on monthly service fees.
Which student bank account is right for me?
In the table below, we compare the top US student checking accounts, made specifically for university students, so you can decide which one is right for you.
Top US Student Checking Accounts
Bank
Bank account name
Monthly service fee
Minimum initial deposit
Who is it available to
Other perks
Bank of America
Bank of America Advantage Banking
No fee for eligible students
$25
Students under 24 and enrolled in school
Online and mobile banking
Debit card lock/unlock
$0 Liability guarantee
Chase
Chase college checking account
$6 monthly service fee or $0 for 5 years in college
$25
College students aged 17 to 24 years old with proof of student status
Get $100 when you open a new account
Access to 16,000 ATMs and nearly 5,000 branches
Chase quickpay with Zelle® (send money in moments)
Chase Mobile® app
Zero Liability protection
Wells Fargo
Student checking account
$10 monthly service fee or $0 for 17-24 year olds
$25
17- 24 year old college students
Access to more than 13,000 ATMs
Wells Fargo Mobile® app
Zero Liability Protection
24/7 Fraud monitoring
Chip technology
HSBC USA
HSBC Student accounts
No monthly maintenance fee for six years
$25
Over 18 US students and international students studying in the US
Receive $100 welcome deposit
HSBC USA
HSBC USA International student checking account
No monthly maintenance fee for six years
$25
Available for international students until December 31st 2019
30-day sim card with unlimited international calls, 2GB data plan, 200 text messages
Access to exclusive offers and services, including travel, transportation and airport services and more
No minimum deposit balance required with account opening
US Bank
U.S. Bank Student Checking Account
No monthly maintenance fee (unless you wish to receive paper statements, which cost $42 per month)
$25
US or international students
Free U.S. Bank ATM transactions
No minimum balance
No bank fee on first four non-US ATM transactions per statement period
Online banking with free credit score access
Santander
Student Value Checking
No monthly fee for students
$10
Students aged 14-25
Apple Pay
Reduced ATM fees
No incoming wire fees
TD Bank
TD Convenience Checking
$15 or $0 if between 17-23
$0
Students aged 17-23
Until December 2nd, 2019, $150 bonus with direct deposits of $500 or more in 60 days
Free at TD ATMs
Send money with Zelle®
Keybank
Key Student Checking
$5 or $0 if you make at least 5 posted transactions or deposit at least $200 to waive the monthly maintenance fee.
$50
Students ages 16 to 24 who are high school juniors or seniors or are enrolled in post high school education
Online banking
Zero fee overdraft protection transfers if linked to a KeyBank savings account
Financial wellness tool
Testimonials
How to open a bank account
So now you know which bank account is right for you, what you’re probably wondering is how you go about opening your new bank account. Luckily, it’s now easier than ever to open a new bank account, provided you have the correct documents.
You will need several things in order to open your new bank account. These are:
Nearly all banks allow you to apply for a new bank account online in just a few minutes, by simply entering in the information you’re asked for. However, if you this option is not available for you (perhaps if you are an international student trying to open a bank account) you can make an appointment with a bank branch to sort it out in person.
+ 1 others
saved this article
+ 2 others saved this article
As Content Editor for TopUniversities.com and TopMBA.com, Chloe creates and publishes a wide range of articles for universities and business schools across the world. Chloe has a Bachelor’s degree in Economics from the University of Reading and grew up in Leicestershire, UK.
Recommended articles Last year
A step-by-step guide to starting your first limited liability company (LLC)
Top US universities for business & management
Top Ivy League schools: Harvard or Yale?