One of the best things about being enrolled in school is getting those student discounts — oh, and knowledge and learning, of course. Another great perk of being a student is access to exclusive student bank accounts, with options designed for elementary, high school and college students alike.
Finder’s experts compare hundreds of bank accounts designed for students before picking the best banks, credit unions or fintechs that offer these accounts. To be considered for a spot on our best list, a student or kids’ bank account must meet these minimum requirements:
In most cases, you must be at least 18 years old to open a bank account on your own. Some college accounts accept 17-year-olds, but as a minor, you can’t open a bank account without a parent or guardian. Minors need an adult to be a joint owner of the account. Once you turn 18, you can open an account on your own with most institutions across most states.
Opening a student bank account isn’t much different from opening a typical account. If it’s a dedicated student checking or savings account, the bank may require proof of school enrollment. You’ll likely need the following documents to open a student bank account:
Once you graduate or are no longer a student, your account may automatically convert to a regular, non-student account. However, some banks don’t do this automatically, so your student account may continue to exist as usual.
If you opened your account as a minor, you can contact your financial institution once you turn 18 to remove a parent or guardian from the account. You can also request to change your account type or close your student account and open a regular one.
Whether student accounts just aren’t the right fit or you want to explore more options, here are some alternatives:
There’s no shortage of quality student bank accounts, but always compare monthly fees, features, rates and requirements before deciding.
If none of these accounts suit your needs, parents with teens can learn more about kid and teen banking, and college students can explore the best checking accounts on the market.
You can avoid monthly maintenance fees on deposit accounts, but the easiest way is to open an account that doesn’t charge them.
Many online banks like SoFi, Chime and Varo still offer ATM access, even though they don’t have their own branded ATMs.
If you get what you pay for, what do you get with a free bank account?
Greenlight, Modak Makers, Current, Step, Alliant Credit Union, Axos and these others are some of the best bank accounts for teens with jobs.
BMO is a large bank with a broad suite of services, but customer reviews on Reddit aren’t glowing. SoFi, Axos and Upgrade are alternatives.
Chime offers a competitive $100 referral bonus and a $100 direct deposit bonus when you meet certain requirements. See details here.
BMO has a lot of products, but its low rates and accounts lack bells and whistles.
Chase gets our pick for the better bank for its strong customer service, easy-to-use digital platform and more physical branch locations.
Varo Bank is a legitimate bank account with early direct deposit, cash back rewards and no monthly fee. See our full review here.
SoFi is our top pick for the best joint bank account. Other top banks include Relay, Greenlight, Ally and Quontic.