One of the best things about being enrolled in school is getting those student discounts — along with the benefit of learning, of course. Another great perk of being a student is access to exclusive student bank accounts, with options designed for high school and college students alike.
Earn up to 4.30% APY on savings and $50 or $300 with direct deposit. Open a new SoFi Checking and Savings account by 31 January 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. T&Cs apply.
The SoFi Checking and Savings is a hybrid account that combines checking and savings features in one. With no monthly fees or opening deposit requirements, the account is highly accessible for students or really anyone. Earn up to 0.50% APY on checking and up to 1.00% APY on savings with no requirements, enjoy up to $3 million in FDIC insurance, and SoFi® works with Zelle. The bank also has tons of lending options that you can apply for right in the app. For $10/month, you can become a SoFi Plus members to earn up to 3.60% APY on your savings balance. Or, you can set up direct deposit or deposit at least $5,000 per month to earn up to 3.60% APY on savings. On the downside, SoFi is an online bank, so there are no branch locations.
APY
Up to
3.60%
Fee
$0 per month
The SoFi Checking and Savings is a hybrid account that combines checking and savings features in one. With no monthly fees or opening deposit requirements, the account is highly accessible for students or really anyone. Earn up to 0.50% APY on checking and up to 1.00% APY on savings with no requirements, enjoy up to $3 million in FDIC insurance, and SoFi® works with Zelle. The bank also has tons of lending options that you can apply for right in the app. For $10/month, you can become a SoFi Plus members to earn up to 3.60% APY on your savings balance. Or, you can set up direct deposit or deposit at least $5,000 per month to earn up to 3.60% APY on savings. On the downside, SoFi is an online bank, so there are no branch locations.
Pros
Hybrid all-in-one-account
$0 monthly fees or overdraft fees
High APYs
High FDIC insurance
Cons
No physical branches
$4.95 fee for cash deposits at Green Dot locations
$10/mo fee for Plus
Annual Percentage Yield (APY)
Up to 3.60%
Intro or bonus offer
Earn up to 4.30% APY on savings and $50 or $300 with direct deposit. Open a new SoFi Checking and Savings account by 31 January 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months.
Rewards
Earn $50 or $300 when you sign up and set up eligible direct deposit. Terms apply. These offers are available until January 31, 2026.
Fee
$0 per month
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
0%
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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do 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. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
The Discover® Cashback Debit card is a great option for students looking to earn some cash back and have an affordable checking account. There are no fees to open or maintain this account: no opening deposit, overdraft, foreign transaction, monthly maintenance, inactivity, balance requirements or check reorder fees. You can earn 1% cash back on up to $3,000 in monthly purchases, meaning you can get up to $30 each month or $360 yearly in cashback rewards. You'll have access to a large network of over 60,000 ATMs, the ability to make peer-to-peer payments via Zelle and the option to link other Discover accounts for overdraft protection. You can add cash to your account for free at Walmart stores, but keep in mind that Discover doesn't have any branch locations.
Fee
$0 per month
The Discover® Cashback Debit card is a great option for students looking to earn some cash back and have an affordable checking account. There are no fees to open or maintain this account: no opening deposit, overdraft, foreign transaction, monthly maintenance, inactivity, balance requirements or check reorder fees. You can earn 1% cash back on up to $3,000 in monthly purchases, meaning you can get up to $30 each month or $360 yearly in cashback rewards. You'll have access to a large network of over 60,000 ATMs, the ability to make peer-to-peer payments via Zelle and the option to link other Discover accounts for overdraft protection. You can add cash to your account for free at Walmart stores, but keep in mind that Discover doesn't have any branch locations.
Pros
Cashback rewards
$0 monthly fees
$0 overdraft and foreign transaction fees
Large ATM network
Add Cash feature at Walmart for no fees
Cons
No branch locations
Annual Percentage Yield (APY)
N/A
Rewards
Earn 1% cash back on up to $3,000 in debit card purchases each month. .
Fee
$0 per month
Nonsufficient funds fee
$0
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
0%
Paper statement fee
$0
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
Revolut is a fintech, and its personal account is designed for frequent travelers and international folks. The Revolut account is a multi-currency account with a free plan available, costing nothing to open or maintain. You can spend in over 150 currencies, enjoy an allowance of free currency exchanges and earn up to 4% APY on balances in High Yield Account, and up to 3.25% APY in Savings. The paid plans offer more perks, as you'd expect, including more free currency exchanges and high APYs. Revolut also offers unlimited virtual card creations, fee-free access to over 55,000 ATMs, access to stock trading and 24/7 customer support. But Revolut doesn't have any physical branches.
APY
Up to
5.50%
Fee
From $0 per month
Revolut is a fintech, and its personal account is designed for frequent travelers and international folks. The Revolut account is a multi-currency account with a free plan available, costing nothing to open or maintain. You can spend in over 150 currencies, enjoy an allowance of free currency exchanges and earn up to 4% APY on balances in High Yield Account, and up to 3.25% APY in Savings. The paid plans offer more perks, as you'd expect, including more free currency exchanges and high APYs. Revolut also offers unlimited virtual card creations, fee-free access to over 55,000 ATMs, access to stock trading and 24/7 customer support. But Revolut doesn't have any physical branches.
Pros
$0 monthly plan available
Multi-currency spending
Up to 4% APY on savings with free plan
Create virtual debit cards
24/7 customer support
Cons
No physical branches
Best perks require paid plan
Annual Percentage Yield (APY)
5.50% on balances of $0+ 4.50% on balances of $0+ 4.00% on balances of $0+
Fee
From $0 per month
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
0.5%
Revolut is not a bank. Fees may apply. Banking services are provided by Lead Bank, Member FDIC. The Revolut USA Prepaid Visa and Prepaid Mastercard are issued by Lead Bank pursuant to licensing by Visa® U.S.A. Inc. and Mastercard International for Mastercard cards. Your funds are FDIC insured up to $250,000 through Lead Bank, Member FDIC, in the event Lead Bank fails. See revolut.com/en-US/ for more details.
The Annual Percentage Yield (APY) is a variable rate and may change at any time. APYs are accurate as of 29 September 2025. APYs vary by plan and account type. The rates are as follows: Standard Plan: 4.00% APY for balances in a High Yield Account; 3.25% APY for balances in other Savings Accounts. Premium Plan: 4.50% APY for balances in a High Yield Account; 3.35% APY for balances in other Savings Accounts. Metal Plan: 5.50% APY for balances in a High Yield Account; 3.75% APY for balances in other Savings Accounts. Plan fees and cancellation fees apply for Premium and Metal plans. T&Cs apply. No min balance to open; $0.01 min. to earn APY. Only 1 High Yield Account is permitted and is limited to $10,000 USD in user initiated deposits. The max combined balance of all Savings Accounts is $250,000 per user. Savings Account services provided by Cross River Bank, Member FDIC, insured up to $250,000.
Chase is one of the big four banks, with an extensive network of 4,700 branches nationwide and over 16,000 ATMs. If you prefer branch access, the Chase College Checking account could be a great pick if you're in college. There's normally a $6 monthly fee, but you can avoid it if you're between 17 and 24 years old and provide proof of college enrollment. Once you no longer qualify for the fee waiver, you can avoid the $12 fee by setting up qualifying direct deposits or keeping an average balance of $5,000. But if you're under 18, you'll need to head to a branch to open this account.
APY
N/A
Fee
$12 per month
Chase is one of the big four banks, with an extensive network of 4,700 branches nationwide and over 16,000 ATMs. If you prefer branch access, the Chase College Checking account could be a great pick if you're in college. There's normally a $6 monthly fee, but you can avoid it if you're between 17 and 24 years old and provide proof of college enrollment. Once you no longer qualify for the fee waiver, you can avoid the $12 fee by setting up qualifying direct deposits or keeping an average balance of $5,000. But if you're under 18, you'll need to head to a branch to open this account.
Pros
Over 4,700 branch locations
No monthly fees for college students
No opening deposit
Connect to Chase savings for overdraft protection
Cons
17-year-olds must sign up at a branch
Avoidable $12 monthly fee after age 24
Annual Percentage Yield (APY)
N/A
Intro or bonus offer
New Chase customers can get a $125 signup bonus when they complete 10 qualifying transactions within 60 days of account opening.
Fee
$12 per month
To waive the fee
Have any ONE of the following: • College enrollment for up to five years • OR a direct deposit made to this account (Direct deposits can be an ACH credit, payroll, pension or government benefits such as Social Security) • OR an average ending day balance of $5,000 or more in this account
Chase First Banking is a teen checking account with no opening deposit or monthly fees, available to kids aged 6 to 17. It puts parents in the driver's seat, allowing them to monitor and control their kid's spending while kids can request funds that parents can approve or deny. Enjoy granular parental controls like spending alerts, ATM withdrawal limits, spending category restrictions, setting savings goals together and creating chores with allowances. As part of the extensive Chase network, your teen will have access to more than 4,700 branches for in-person support. But parents must have an existing Chase checking account before opening a Chase First Banking account.
APY
N/A
Fee
$0 per month
Chase First Banking is a teen checking account with no opening deposit or monthly fees, available to kids aged 6 to 17. It puts parents in the driver's seat, allowing them to monitor and control their kid's spending while kids can request funds that parents can approve or deny. Enjoy granular parental controls like spending alerts, ATM withdrawal limits, spending category restrictions, setting savings goals together and creating chores with allowances. As part of the extensive Chase network, your teen will have access to more than 4,700 branches for in-person support. But parents must have an existing Chase checking account before opening a Chase First Banking account.
Methodology: How we choose the best banks for students
Finder’s experts compare hundreds of bank accounts designed for high school and college 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 bank account must meet these minimum requirements:
$0 monthly fee
$0 opening deposit requirement
$0 overdraft fees, or offers overdraft protection services
Reasonable requirements to earn APY, if offered
Accessible cashback rewards, if offered
How old do you have to be to open a bank account?
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:
Proof of school enrollment if required, such as transcripts, school ID or acceptance letter
Government-issued ID
Proof of address
Social Security number
Contact information, such as phone number and email address
What happens to my student account once I’m no longer a student?
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.
How to choose a student bank account
Consider the following factors when selecting the ideal account for your college or high school years:
Fees. Even small fees can eat away at your balance. Fortunately, many free checking accounts are available with no opening deposit requirements and no monthly maintenance, overdraft or ATM fees.
Converts after graduation. Some student accounts close once you’re no longer enrolled or reach a certain age, usually 24. If you plan to stay with the same bank, check whether it converts to a regular account or stays the same after graduation.
Close to campus. If you’re a full-time student, your free time may be limited, so consider how close your bank’s branches and ATMs are to campus.
Free cash at signup. Many bank accounts offer signup bonuses for new members; just make sure the account is a good deal long-term.
Rewards and perks. Compare perks like cashback rewards, overdraft protection, discounts on other banking products and whether the account earns interest.
Modern features. Most banks now offer mobile banking apps for on-the-go banking. Make sure the one you choose does and ask about other perks, like mobile check deposits, Apple or Google Pay compatibility, mobile balance notifications, fraud alerts, peer-to-peer transactions and Zelle integration.
Alternatives to student bank accounts
Whether student accounts just aren’t the right fit or you want to explore more options, here are some alternatives:
Money market accounts (MMAs). An MMA is a deposit account that functions like a checking and savings account hybrid. It is interest-bearing, and most come with checkwriting privileges and a debit card. But an MMA often requires an opening deposit and may have monthly fees.
Prepaid debit cards. A straightforward option for spending cash, prepaid debit cards can be used anywhere traditional debit and credit cards are accepted. However, you may encounter reload fees, monthly maintenance fees, inactivity fees and more — all of which can make them a more expensive option than a student checking account.
High-yield savings account. These common deposit accounts are meant for stashing money away and earning interest passively. A savings account has transaction limits and isn’t meant for everyday spending. These accounts work well in addition to an existing checking account once you’ve accrued enough to set aside in savings.
Credit cards. While you will need to be at least 18 — and at least 21 to get one without a cosigner — there are credit cards for students.
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.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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Compare TD Bank and Bank of America on fees, features and convenience to find your fit.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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