Student checking accounts help kids, teens, and young adults avoid monthly service fees and learn how to handle money. The best student checking accounts come with budgeting tools and other resources to teach inexperienced account holders about money management.
Kids as young as 8 years of age can sign up with a parent or guardian for a Capital One MONEY Teen Checking account. However, the account does not close when the owner turns 18 years of age. The account, like most other no fee checking accounts for students, has the following benefits:
- No opening deposit requirement
- No minimum balance requirement
- No monthly service fees
- Earn interest
- Fee-free debit card
Parents can also link their bank accounts to deposit funds directly. Joint-signing parents also receive information on purchases, deposits, withdrawals, and other transactions.
Anyone younger than age 24 can get a free online bank account with Bank of America with a $25 or $100 deposit. The bank provides spending and budgeting resources that are perfect for new spenders and savers. Similarly, the account automatically rounds up debit card purchases to the nearest dollar and deposits the change into a savings account.
Students who are still mastering their budgets could avoid high overdraft fees with the PNC Virtual Wallet Student Account. PNC automatically refunds the student’s first overdraft fee and caps the overdraft fee to once per day. Daily overdraft caps stop students from paying hundreds in fees in a single day.
For students living on campus without transportation, a free online bank account has convenient remote banking services. Likewise, students may need banks with reimbursement for out-of-network ATMs to avoid spending a meal’s worth of cash on fees.
The Chase Bank College Checking Account has no monthly fees while the account holder is in college and between the ages of 17 and 24. Account holders also get a $100 sign-up bonus.
Students interested in learning more about the world of financing could benefit from checking accounts with investment options.
Also, students planning to live a semester abroad may consider choosing an account that works in that country and has little to no foreign transaction fees.
Schwab Bank High Yield Investor Checking account has no maintenance fees, minimum balance requirements, or foreign transaction fees, and funds earn 0.03% APY. This free checking account banks ATM fees and reimburses the account holder. Students also open a no-fee brokerage account at the same time.
Young adults can also find local banks with perks for students. For example, Mountain American Credit Union has student checking accounts with no maintenance fees until 24 years of age and an extensive rewards program. Students can earn points to use for travel rebates, cash back, gift cards, event tickets, identification protection services, and more.