Best Student Bank Accounts (Updated 2017)

All students need bank accounts to have their student loans and grants paid into. Even if you already have a bank account, you should still consider these accounts. The list on this article contains accounts that are ideal for students. All of them are free accounts, all of them offer free ATM use of some sort or another, and all of them have a mobile app that students can use on their iPhones, Android phones, or both. Our list of best student bank accounts only features the very best banks of all the banks we reviewed this year.

What Students Need To Know

The first thing you should know is that an APY is the annual percentage yield. It gives you an idea of how much money you are going to get as interest on your account, but an APY requires you to keep your money in the account for over a year. There are some accounts on this article that will pay you for shorter terms, but you should always assume that the APY requires you to keep the money in your account for a year.

Avoid Credit Cards

Credit card companies target students with very fierce and aggressive methods because they know that once the students get into debt they will never get out of it. It starts a negative cycle that can haunt students for his or her life.

Avoid Student Credit Cards

These are almost worse than regular credit cards because they are targeted at students and marketed in a way that makes you accept worse deals and spend more money. If regular credit card companies were piranhas, then student credit cards would be crocodiles.

Foreign And Domestic Transaction Fees Are Different

If you are studying abroad or making visits to other countries, then be aware that US transaction fees and overseas transaction fees are different. There may be different charges for moving money overseas, and there are almost always ATM fees.

You Should Not Pay ATM Fees

A good checking or debit account is not going to charge you to use ATMs. A good account will offer a certain number of free ATMs, and may even reimburse you for fees you pay with other ATMs. As a student, it is imperative that you do not waste money on things as foolish or needless as ATM charges.

University Credit Unions Are Not A Sure Thing

They are marketed as if they are a sure-thing discount or deal for students. The credit unions make it appear as if students are in a select group and that is why they are allowed better rates and better deals, but the opposite is true. Students are a high-risk prospect that companies target because they want their custom over the long-term. Credit unions can be as bad as credit card companies and should be avoided with equal vigor.

You Need To Be Saving

Life is going to deal you some really tough blows, and you need to use your time in college as your first series of tests. To quote Rocky, “Let me tell you something you already know. The world ain’t all sunshine and rainbows. It’s a very mean and nasty place and I don’t care how tough you are, it will beat you to your knees and keep you there permanently if you let it.“

The first excuse that students have for not saving is that they are on a fixed income and they have very little money to get by, but you have to understand that life is going to deal you much tougher challenges in the future. If you cannot come out of college with savings in your savings account, if you are not talented enough with your money to do that, then you will have a very hard time building wealth as you grow older.

Get A PayPal Account

We are living in an online world. Currently, the safest way of shopping online is PayPal. Every other online wallet has had serious security breaches, whereas PayPal still maintains a flawless security record. They also offer a slew of different protections that keep you safe from rogue sellers.

You need never expose your bank account information to online merchants and services again. Your money is drawn through PayPal so that the merchant has no way of gaining access to your personal information or your bank details.

You may also send and receive money for free from friends and family. Plus, you can receive and send money in different currencies and you can convert them too.

Best Bank Accounts for Students

There are quite a few qualifying parameters in place when we review the best student bank accounts. Obviously, we consider how easy the application process is, how good the banking service is, and if the bank offers any nasty surprises. However, with student bank accounts, we also consider things such as how easily a student may gain access to hard cash without paying.

We also consider things such as parental/guardian involvement, and if there are any traps that may lead a student into overdraft-chaos. We also remove any banks from the running that over-market to us once we have signed up, especially if they start marketing lending services. Debt is a horrible thing to be in and we will not support any bank that pushes debt on young and inexperienced people.

This Year’s 2017 Winners Are

The Best Student Bank Accounts For Teens With Parent Involvement
Capital One Teen Checking Account

The Best Student Bank Accounts For Students Who Wish To Save And Build Wealth
Santander Student Value Checking Account

The Best Student Bank Accounts For Students Who Use Apple Pay and Samsung Pay
Essential Checking for Students By SunTrust

A Smaller Bank For Students Who Are 25yrs Or Younger
Regions LifeGreen Checking Account For Students

The Best Student Bank Accounts For Students Who Want To Avoid Fees
US Bank Student Checking

An Honorable Mention For A Strong Runner Up
Key Bank Key Student Checking Account

Here is an in-depth look at each of the best student bank accounts listed above. Pick the one that best suits you. If you sign up online, most of them have the “May we contact you with marketing” tick boxes. Read each one very carefully because some ask you to tick if you “don’t” want to receive marketing, and some ask you to leave the box un-ticked if you don’t want to receive their marketing.

The Best Student Bank Accounts For Teens With Parent Involvement

Capital One Teen Checking Account

Few teens want their parents involved in their finances, but in many cases, it is the parents who are providing the student’s finances. Since the parent-student finance link is so common, the winner of our “Best student bank accounts” review this year is Capital One with their parent-involvement account.

• There are no maintenance fees to pay
• Opt out of paper statements to avoid paying the fees for them
• Use their Allpoint ATMs without paying a fee
• There are 38,000 Allpoint ATMs in the USA
• Manage your account with your mobile device
• The account doesn’t require any type of balance minimum
• Earn a modest amount of interest if you maintain a positive balance
• Deposit checks by photographing it with the Smartphone app
• The money is FDIC insured as it is with all major banks
• Move money and manage your account with the mobile app

Parents and students may manage the account via his/her/their mobile devices using the Capital One app. The student is given a MasterCard, which is okay, but not as good as a Visa debit card. Nevertheless, the parent may sign up for text alerts that send notifications whenever the student uses the card for a transaction. Or, the parent and student may simply look at the itemized statement whenever he or she wishes.

The Best Student Bank Accounts For Students Who Wish To Save And Build Wealth

Santander Student Value Checking Account

If you can live on a tight budget in college and somehow still manage to save money and come out of it years later with a sexy lump sum, then you will have no problem building wealth when you are older. Think of it as a test of your future money-management skills. The Santander Student Value checking account comes with a free savings account.

There are two free options. You may get and use a free Santander savings account or a free money market account. The Santander savings account comes with no fees if you have a Student Value checking account, and there is an auto save feature you can set up to make automatic transfers whenever you are paid by your part-time job, parents or student loan. You only need a $25 deposit to open the free account, and you get your $25 back when the account opens.

The Santander Money Market savings account gives you a competitive rate if you deposit more than $10,000. Again, this savings account is also free if you have a Santander Student Value checking account.

Try to keep $100 in your savings account at all time because even if there is an issue with your account, such as if you drop out, you will not have to pay any sort of savings account fee if you have a regular balance of at least $100.

• No monthly fees for students under the age of 25yrs
• Opt out of paper statements to avoid the fee
• Use their app to use their mobile banking options
• Compatible with Apple Pay
• There are no minimum-balance requirements
• Get this checking account and get their savings account for free
• Get this checking account and get a money market account for free
• Set up customizable alerts from your desktop or mobile device
• Enact transfers and transactions from your mobile and desktop device
• Just a $10 deposit to open the account

The only genuine downside to the Santander Student Value Checking account is their ATM coverage. They have ATMs at or in their 675 branches, that they have over 2000 ATMs in the USA, but that is all. If you do not live near a branch or an ATM, then you are going to have to pay $2 per withdrawal. Most students need access to cold hard cash in their hands, so if you do not live near a Santander bank or ATM, then you may like to reconsider this account. It sounds silly to advise that you avoid a bank because of a $2 charge, but what is the point in saving with them if the interest you earn is spent on ATM fees.

This checking account is available to students who are between 16 and 25 years of age. A legal guardian and co-owner is required for students aged between 16 and 18 years old. Your account is automatically upgraded to an adult checking account when you reach the age of 26 years old.

The Best Student Bank Accounts For Students Who Use Apple Pay and Samsung Pay

Essential Checking for Students By SunTrust

Quite a few banks have apps that have some form of compatibility with Apple and Samsung pay, and the best in this category is currently SunTrust. You may use the SunTrust app with your Android or iOS phone and your iPad too. Another benefit of the Apple Pay, Samsung Pay and SunTrust app compatible app is that you may use Popmoney with the app to send person-to-person electronic payments without having to pay a fee.

SunTrust deserves its place on this list of the best student bank accounts, but you only get a free account for five years. For some students, five years is more than enough time. You may start in High School if you wish, or you may apply for a student account if you are in college/university a tech school or trade school. Give them proof of your enrollment, and you get a fee-free account for five years.

• No fees on your account for five years
• Mobile banking for banking on the go
• You may use Mobile Bill Pay
• Use their Mobile Deposit system
• Popmoney electronic payments allow you to transfer to others for free
• Safe digital payments when using Apple Pay and Samsung Pay
• Get a zero-liability MasterCard debit card
• Set up account balance alerts
• Free use of their 2000 ATMs
• Take out money without paying a fee at one of their 1300 branches
• Get 25 free checks

You will have to pay to use ATMs that are not part of SunTrust’s network, so be sure there is a branch or one of their ATMs near you before you sign up. There are plenty of banks that favor people who use Apple Pay and Samsung Pay, but this is the best in that category for the year 2017.

A Smaller Bank For Students Who Are 25yrs Or Younger

Regions LifeGreen Checking Account For Students

To keep things fair and balanced, we have included a smaller bank that offers accounts for students under the age of 25 years old. Of the smaller banks we tried out, Regions was the winner. Sadly, they only operate in the states listed here, so there is a chance you will not be able to get an account with them. You may get an account if you live in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia.

• There is no monthly fee
• Just a $50 refundable opening deposit
• Mobile and online banking
• Over 1900 free ATMs across 15 states
• Tools and calculators help you manage your budget
• Compatible with Android Pay, Samsung Pay and Apple Pay
• Use Visa Checkout with Regions CheckCards, Credit Cards and Prepaid Cards
• Regions Personal Pay allows you to send money to other Regions account holders

A Regions bank account for students is suitable for students who live near one of their ATMs or bank accounts. Despite the fact it is small, it is still better than most university/college credit unions.

The Best Student Bank Accounts For Students Who Want To Avoid Fees

US Bank Student Checking

Unless you do something such as overdraw, you are probably going to get through your college years without paying US Bank any fees at all. They appear to be playing a long game where they wait for you to finish college and then start offering you credit cards, better checking accounts, loans and mortgages. It is often a good idea to cultivate a good relationship with a major bank so that you may use their lending services when you get a little older.

• Online and mobile banking options
• Get a US Bank Visa debit card
• Use their US Bank ATMs and pay no fees for use
• Mobile check deposit functions are available
• Use Bill Pay with their online and mobile services
• Four no-fee ATM transactions per statement period with non-US Bank ATMs
• Avoid extra fees from other ATM networks if they are part of the MoneyPass network
• Your first order of US Bank logo checks are free
• Get a 50% discount check designs you choose yourself
• Switch to paperless statements and avoid the paper statement fees
• Open your account with a refundable deposit of $25

An Honorable Mention For A Strong Runner Up

Key Bank Key Student Checking Account

We reviewed quite a few banks and many of them were simply not good enough to make it onto our best student bank accounts list. The Key Bank student account was one of a small minority that was good–yet not so amazing that it gained a place on our review. Nevertheless, we felt it deserved a mention, so here are a few of their selling points.

• They have over 1300 ATMs, which is not bad is you live near one
• Key Bank have mobile banking options
• You may get an account if you are 16yrs old or older
• They offer a reimbursement of ATM cash withdrawal/surcharges
• You get the reimbursement for non-Key bank ATMs up to $6 per month
• No monthly maintenance service charge if you deposit $200 or more each month
• Another way to avoid the monthly fee is to initiate five account transactions per month
• Open your account with a refundable deposit of $50.00
• You get a MasterCard debit card

There are a few reasons why the Key Bank Key Student account is good but not great. It is good because most students will easily be able to avoid their monthly fees, they offer a good service, their mobile banking options are reliable, and they are not as bad as many others when it comes to marketing lending services to students. Key Banks falls down a little due to its low ATM coverage, the fact they offer a MasterCard rather than a Visa card, and the fact that you cannot see their fees via their website (usually because the page that shows the fees is down or missing). Otherwise, it is a fairly good-but-not-great bank that you should consider if you live near to a branch.

The Banks That We Mentioned Last Year

If you are not keen on any of the student bank accounts listed above, then consider the ones we recommended last year. You will have to do a little extra research into the ones listed below, as we have only offered a brief overview of each bank below.

Simple Mobile Banking

• Geared Towards Smartphone Obsessed Students
• A Very Good And Clear Mobile GUI
• The ATM Finder Is Very Useful

With this checking account, you get a mobile app that you use to manage your account. They have a safe-to-spend function that is geared towards students. The app figures out what the student should and shouldn’t be spending. They factor in your upcoming bills and your scheduled transactions to figure out what you should and shouldn’t be spending. You may transfer money for free and pay your bills with the account. They also have real people within their customer service department.

Bank Of Internet USA

• No Overdraft Fees or Non-Sufficient Funds Fee
• Cash-Back Purchase Rewards
• Free FinanceWorks™ Money Management Software

If you keep your money in your account, then you can earn interest of up to 1.25% APY, which is a fairly good rate. You can enroll for their cash-back rewards scheme where you get money back for yours purchases. They have a Bill Pay function that allows you to pay bills and their checking account comes with the free use of ATMs around the country. You can use whatever ATM you like, and the bank will reimburse you for their use. Plus, there is no limit to how much money they will reimburse you for. You only need $100 to open your account, and that is only a deposit, it is not a fee.

The fact that they do not charge for overdrafts and/or non-sufficient funds with this account is a big benefit to students. If you are not very good with your money and sometimes you go overdrawn, then this account will save you a lot of money. The fact they have unlimited ATM reimbursements is fantastic, and their money management software is ideal for students that have not yet figured out how to budget their money correctly. This is a brilliant account for students that are not great with their money, and frankly, that is most students in the USA. It is hard to fault this account and it has earned its lofty position on this list.

Ally Bank

• No Minimum Balance Or Maintenance Fees
• APY Rates Between 0.10 And 0.60%
• 24/7 Live Customer Care

This is an interest-generating checking account that doesn’t require maintenance fees and there is no minimum balance needed to open the account. They have real people within their customer service department, and they will pay for your ATM use up to $10 per statement cycle. They have a mobile app that you can use to manage your account; they have an eCheck deposit system and allow ACH transfers. You can move your money easily and pay bills with your online account.

The account is almost flawless and students should consider it as a strong contender for their custom. You get to use their 43,000+ Allpoint ATMs for free, and they will reimburse you for ATM fees up to $10 per statement cycle if you use other ATMs. Their mobile platform is easy to use, the signup process is simple, their customer support is passable, and they have far fewer masked fees than many other banks, credit unions and financial institutions. You can set up recurring payments, pay people with PopMoney, pay bills and make easy deposits. There is very little to complain about.

Moven

• Instant Notifications With Every Purchase
• Link Your Accounts And Use Them On Your Phone
• 42,000+ ATMs

They have invested a lot into their mobile app, which is why this account is so student friendly. It allows you to manage and move your money online and with your app. They have an ATM finder that you can use on your phone, and you can link and control all of your Moven accounts with your phone. You can leave your wallet at home and use their tap-to-pay function and the MasterCard PayPass, you can pay your friends, and you get a free debit card.

The account is difficult to criticize, which is probably why it has such a good online reputation. Obviously, if you are looking for a traditional or an online account, then you should maybe look elsewhere, especially if you do not have a Smartphone with a touch screen. If you do have a touch screen device, then this may be the account for you, which is ideal for students since they are often very keen on Smartphones and mobile devices. The only real downside is that it can take a while for your money to transfer in or deposit in and become available for you to spend.

Charles Schwab Bank

• Fees Rebated On Every ATM In The World
• Deposit Checks With Your Smartphone
• Earn Interest On Your Account

Accessing your money and your account is very easy, and the online user interface is intuitive and easy to use. There are no monthly service charges and you do not have to maintain an account minimum, which is ideal for students. Link your account to Apple Pay so that you may make purchases with your iPhone, you get free checks and a free debit card too. They have a free Bill Pay system that you can use on the Schwab website and with Schwab mobile. There are no maintenance fees, no minimum balance requirements, and no opening fees.

The fact they have unlimited ATM fee rebates is good, but the fact that they apply all around the world is fantastic and is something you will not see with many other deposit/checking accounts. The reason this bank is not further up the list is because it is great, but just not as great as the accounts before it. The other accounts above it on the list are 100% ideal for students, but this account is ideal for students and for small-time investors in tandem. The slight tinge towards investing and away from students is the only reason this account doesn’t rank higher, otherwise it is fantastic and a strong contender for your custom.

Salem Five Direct eOne Checking

• Mobile Check Deposits Via A Mobile App
• First Order Of Checks Free
• Free ATM Use No Matter Where You Are

With Salem Five Direct eOne Checking™, you are able to use an ATM wherever you are and you will not be charged a fee. If one is sent to your account, then the Salem Five Direct company will pay it for you. The account allows you to pay your bills online and via their app, you get your first order of checks free, and there is no minimum balance to maintain. They do not have maintenance fees, and you can even get cash back on your non-pin based purchases with your debit cards. Your rewards are not in the form of points; they are in the form of cash that is delivered to your account.

Their policy to pay your ATM fees is very good and very attractive for students, who shouldn’t be paying fees for withdrawing their money anyway because they cannot afford it. There are no maintenance fees or minimum balances to deal with, which is also good for students, and their mobile app is fairly simply to use. They have worked reasonably hard to improve their app and online security, and you can pay your bills with your online account without worrying about having your identity stolen.

360 Checking Account

• No Monthly Overdraft Fees
• Over 38,000 Fee Free Allpoint ATMs
• Deposit Apps Via The Mobile App

The 360 checking account is a free checking account that has no monthly maintenance fees and no opening fees. You can sign up without placing a large deposit, and you do not have to pay overdraft fees. You also get 0.20% APY interest on your account, but it only applies if you leave the money in for a full year, and there are few students that will do that.

You get a free debit card with which to make purchases, and they are happy to give students an overdraft. The APY rate is useless because there are few students that can afford to keep their money in their account for a full year. Their mobile app works well, and you can use their ATM locator to find your nearest fee-free withdrawal point. They offer an all-round good service, but their willingness to sell debt to students is a little worrying. Many banks, credit unions and financial institutions sell debt as early as possible because they know it keeps people tied to them for as long as the debt lasts.

USAA Secure Checking Accounts For Students

• Bank From Anywhere With Their Free Mobile App
• Convenient Deposit Options
• Best For Ages 17 And Upwards

You can also get an account if you are joining the U.S. military, which includes signing an enlistment contract or participating in a commissioning program. You can get an account if your parent had, or currently has, a USAA account, if your spouse had, or currently has, a USAA account, and if your spouse has honorably served in the U.S. military.

If you are able to get a USAA account, it is ideal for students. It has a great online reputation; it is just a shame that only people with military affiliations can get an account. There are no monthly fees and no minimum balance requirements. You can make direct deposits for free, and you can enjoy free bill payments and transfers.
You can take pictures of your checks as a way of depositing them, you can check your account, transfer funds and pay bills. You can put money into your account with their deposit-capable ATMs, you can use Apple Pay, and they have a texts alert function. All of these perks are idea for students.

Bank Mobile

• Apply And Sign Up In Five Minutes
• A Savings Rate Of 0.75% APY
• 55,000 Fee-Free ATMs

With Bank Mobile, you may conduct and manage your account on your Smartphone or your tablet. The Smartphone functions are fine, but it is far easier to manage your account via their tablet app. You can use their apps on either an iOS or Android operating system. There are no fees to maintain your account, and you do not have to pay fees to open it. Their mobile solutions allow a branchless banking experience. One of their biggest bragging points at the moment is the fact they are going to be one of the first banks to have an app on the Apple Watch.

Their savings rate of 0.75% is not high. It is not as high as many savings accounts, but it is still higher than the average checking, debit, and current account. They are trying so hard to appeal to younger people and students that it is sickening. They even have Twitter reviews on their website. They offer a good checking account, so why they are trying so hard with juveniles and misguided tricks like Twitter reviews is a mystery. They would hold far more credibility if they were to simply offer their services and let them speak for themselves.

GoBank

• No Overdraft Fees
• A Good Smartphone GUI
• Deposit Cash For Free

They would be far higher up the list if they were not so troublesome when it comes to their check-cashing tool. If they do not recognize the check, then they close your account because of suspicious activity. If something goes wrong, then you are going to suffer because their administrative skills are lacking. The negative side to this company is being highlighted here because other than their handling of problems and their customer service, they are offering a very good and free account. If you are a victim of fraud, then they are going to take a long time to help you and any situation where you have to deal with their customer service department is going to be a nightmare.

HSBC Personal Choice Checking Account

• An Amazing Online GUI
• Free If You Have A Direct Deposit
• Optional Overdraft Protection

Their security measures are the best of all the companies, financial institutions and banks listed on this article. If you have student loans and/or work money going into the account, then it will remain free. Your combined balance and deposit amount needs to total over $1500, otherwise you pay a $15 monthly fee. This may be a little too much for many students, but for others it is going to be easy to maintain.
The $15 fee for people who do not have enough in their account or direct deposited is the reason this amazing account is not higher on this list. Their online tools are very good and enable you to have full control of what you do with your money and how it is managed. They give you any and all options you would need to maintain and manage your account. HSBC is also one of the few banks in the country that has not had any sort of government bailout in either the US or Europe.

MyCBB Free Checking

• 0.79% APY rate
• Easy Sign Up
• Online And App Banking Tools

The checking account is suited for students that are good with money because they have hidden fees in obvious places. For example, too many transactions may have you charged, and there many of the ATMs you come across will not be fee free. It is only your initial check order that is free, and you need a minimum opening deposit of $100. It is a good account with fairly smooth online and app functions. The signup process is also very simple as you answer small sections full of questions before moving on to the next batch, plus if you have an ATM or debit card or a deposit account (excluding CD accounts), then they can speed up your signup considerably.

Bank 5 Connect Account

• 0.76% APY
• Free ATM Use No Matter Where You Are
• UChoose Debit Rewards program

One of the nice things about the account is the marketing. They have clearly aimed their account at students, but they market the account to them as if they are adults. They haven’t sunk to tactics such as showing how “cool” their mobile app is, or showing tweets about their “killer” services. Their customer support services are good via their online “Connect to a person” function, and they have invested a lot of time and resources into making sure their service is secure and safe. If you want to know about their UChoose Debit Rewards program, then there is a video on their homepage that tells you all about it.

Ever Bank

• A 1.11% APY For First Time Account Holders
• Deposit Checks With Your Mobile Device
• An Easy-To-Use Banking App

The account is clearly marketed at students for the fact it heavily rewards first-time account holders. If you are looking for a handsome APY rate for your first student bank account, then this is the company for you. Their marketing doesn’t mince words, but it also misses out a few stipulations. However, in fairness, they have put their small print on the homepage, which is something that all banks and financial institutions should do.
If you are worried about their small print, the only things that matter is that your funds are not insured, which doesn’t really affect students unless they are very rich. The account may be closed at any time, but that is true of most financial accounts on the market, and the APY may be blended. This means that even though you sign up for a 1.11% APY, it may not be the APY you get.

BlueBird Deposit Account

• They Add Government Benefits The Same Day
• No Credit Reviews
• Online And Mobile Bill Pay

They do not charge a maintenance fee, there are no overdraft fees and no minimum balance required to keep the account open. They do not have credit reviews, and if you are getting government assistance whilst you are studying, then you can have your benefits paid into your account and made available right away. They have a membership benefits system that some students can enjoy, and they have a mobile check deposit system. You can pay bills with your Smartphone and with a desktop computer, and they allow you to create and receive direct deposits.

1083