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Best Student Bank Accounts

Focus on your studies while banks like SoFi, Fizz and Capital One store your cash or grow your savings.

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.

6 best bank accounts for students

Best overall

SoFi Checking and Savings

4.5
★★★★★

Finder score

Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
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on SoFi's secure site
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APYUp to 4.50%
Fee$0 per month
Minimum deposit to open$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 when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.50% 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 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Our account fee policy is subject to change at any time.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks


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 incurred when using out-of-network ATMs are not subject to reimbursement. 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.

Best for cash back

Discover® Cashback Debit

4.8
★★★★★

Finder score

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Fee$0 per month
Minimum deposit to open$0
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Best for branch access

Chase College Checking

3
★★★★★

Finder score

New Chase customers can get a $100 signup bonus when they complete 10 qualifying transactions within 60 days of account opening.
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APYN/A
Fee$12 per month
Minimum deposit to open$0

Best for building credit in college

Fizz debit card

4.7
★★★★★

Finder score

Earn 1,000 points ($10 value) when you download the Fizz app and enter code FINDER.
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APYN/A
Fee$0 per month
Minimum deposit to open$150

Best for high school students

Chase First Banking

4.3
★★★★★

Finder score

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APYN/A
Fee$0 per month
Minimum deposit to open$0

Best for international students

Revolut

4.8
★★★★★

Finder score

Get a $10 cash reward when you first use you card on a qualifying $1+ transaction. Terms & Conditions apply.
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APYUp to 4.25%
FeeFrom $0 per month
Minimum deposit to open$0
Money loaded on your prepaid card is held at Metropolitan Commercial Bank and money in your Savings Vaults is held at Sutton Bank. Money at each bank is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's or Sutton Bank's failure.
Securities products are not FDIC Insured, not bank guaranteed and may lose value.

*The Annual Percentage Yield (APY) is a variable rate and may change at any time. These APYs are accurate as of 16 March 2023. Monthly fees apply for Premium and Metal plans. Terms and Conditions Apply. Standard customers can earn up to 3.25%, while Premium and Metal customers can earn up to 4.25%. No minimum amount required. Savings Vault services provided by Sutton Bank, Member FDIC.

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.

What do I need to open a student bank account?

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.

Bottom line

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.

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To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
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Written by

Editor, Banking

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. See full bio

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