As a college student, you are faced with the challenge of choosing the best banking option that suits you best even though, you have a variety of options to choose from. To ease you of the stress, we have painstakingly brought you a list of the 20 Best College Students Checking Accounts in 2021.
It is always advisable that you go for accounts that don’t have to keep you worried about which minimal balance to be left in there. You should go for accounts that give you the privilege of earning an interest no matter how little.
Thinking on how all that is even possible? There is a student account to meet your every need. For an overview, kindly go through the table of contents.
What Is A Checking Account?
According to Investopedia, ‘a checking account is a deposit account held at a financial institution that allows withdrawals and deposits. It is sometimes, referred to as transactional account’.
This type of account varies from every other bank account known to us as it gives room for several withdrawals and unrestricted deposits. Moreso, some banks provide free checking accounts for college students that will remain free until they graduate.
Several methods can be used to access this account such as automated teller machines, electronic debits, and checks.
Why Do You Need A Checking Account As A Student?
The sole reason why every student needs an account is to keep their expenditure habit in check and help them manage their money. Furthermore, it is one of the best accounts to keep as a college student not having to worry your head over a certain amount you can keep in the account.
However, it is pertinent you look out for these features while opening a checking account.
- Low to No Monthly Fees
- No Minimum Balance
- Easy Access to Branches and ATMs
- Free feature
How Do I Choose The Best Student Checking Account?
If you want to open a student checking account, that would mean that you are looking to save some money. So, you should look out for banks with no service fees; they are a lot preferable.
Also, consider any fees that you may be charged, like monthly maintenance fees, the mininmum amount of money you would need to open the account. And, how much you should keep in the account to avoid service fees.
Furthermore, it wont hurt to earn some rewards or interests from your bank account. Look out for banks that offer those perks on their students checking account.
How Do You Open A Student Checking Account?
Opening a student is not so different from opening a regular bank account. However, you would need to identify yourself properly as a student with documents like:
- A valid student ID with a photo
- Your school transcript
- A college acceptance letter
A government-issued ID – passport, driver’s license, and your social security number are also important just like with any other account.
You should know that whether you apply online or in person, these documents would still be required.
What Happens To My Student Checking Account When I Graduate?
Depending on your age, age of your account or when you officially graduate, your bank may automatically convert your student checking account into a standard account. If it will take you more than four years to graduate, you may have to show some proof of continued enrollment to keep that student checking graduate.
These kinds of accounts offer a low-fee option for both high school and college students. they help new account-holders understand how to manage money affordably by holding back on monthly fees, accepting low minimum deposits, and ignoring certain fees.
Operating a student checking account allows students curtail their spending and focus on their classes instead of going the banking hassles.
List Of The 20 Best Checking Accounts
The ranking factors to these accounts are based on the minimum balance requirements, money management tools, and ATM networks.
#1 Chase Bank
The chase checking account for college students hardly accrue service charges to those accounts owned by students owing to the fact that they have no source of alternative income. This starts from the day of opening to the time such student graduates from college.
However, to qualify for a checking account from the chase bank, you must provide proof that you are still in school.
In addition, you will be granted access to all the branches of the bank accompanied by some great enjoyable features.
#2 PNC Bank
This bank provides students with a no monthly fee checking account. PNC has tools that help keep track of the students’ expenditure while their parents receive alerts for the accounts.
It is however, important to note that, this could be the next best option of its branches are located near the college. Also, to be able to use this account, you must tender a proof for being an active student for six years.
#3 Wells Fargo
Apparently, this bank offers students the preference of online and mobile banking. This has however, overtaken the fact that it states that customers should have an account with a low monthly fee of $5.
This is undoubtedly one of the best student checking accounts for 2021.
Majorly, this type of checking account was made for qualified students in the military. Here, you have no option but to enjoy to the fullest the best the bank has to offer alongside many account features.
The no monthly fee or service charges as it is widely called is a great reason why military students should go for this.
#5 SunTrust Bank
With your student checking account, you can enjoy ‘no monthly maintenance fee’ for an amazing duration of five years. This is possible provided you ave proof of your enrollment in a college or trade school.
Moreso, the five years on the checking account starts from the time you opened the account. This account has great characteristics to match your own schedule/ convenience.
#6 Bank of America
At Bank of America, once you’re below the age of 23 and already a student, your student checking account is enetitled to no monthly maintenance fee.
With specialties like ATM cards with the chip technology, direct deposit, and mobile banking, The bank of Americais a great choice for students.
#7 U.S. Bank
It might interest you to know that the U.S bank ignores a 4 time ATM transaction within each quarter of the year. That is to say, you have no fear of charges that incur when you exceed the stipulated times you can use an ATM over a period of time.
Also, to better your banking experiences, you will have the opportunity to use the available account features. The non-charge of the monthly maintenance fee is an icing to the cake.
#8 Key Bank
The student checking account this bank offers students is one for those between the ages of 16 and 24. Once you’re able to initiate five transactions at least, Keybank will ignore the maintenance fee of $5 on your account.
Also, for any non-KeyBank cash withdrawal, you make any month, your account gets a reimbursement of $6. This is definitely one of the factors you should look out for while opening a students’ bank account.
#9 Santander Bank
This bank provides student with what we call student value checking account. Such is made for a student’s ingenious life.
You are also permitted to bank without restrictions. The mobile application comes in handy on this. There are no additional charges of any sort or the regular stipulated minimum balance that gets almost everyone worried about owning a savings account.
#10 Radius Bank Rewards Checking
The rewards checking account is an outstanding account for college students because of its ability to pay interest aside from the solid-state of its mobile banking application.
Interestingly, it requires just a low minimum to have one. Currently, it offers 1% back on debit card purchases. What else would you have a student checking account be, if not mobile-friendly, unlimited ATM paybacks, and mobile check deposits?
#11 Chime Free Checking
Upon launching, Chime achieved a milestone concentrating on college students. Apparently, it was and still the first to create a mobile checking account for students.
Their services are top-notch and note that, all of its banking activities are done online.
#12 HSBC Student Checking
Did you not know that waivers on fees of any sort keep the account holder at peace? Such is the lot of any college student who banks with HSBC. Interestingly, this stays for up to 6 years.
Also, you do not have to be perturbed about a minimum balance. These checking accounts provided by the HSBC are mobile friendly and have a large network of automated teller machines.
#13 Capital One 360 Checking
This happens to be a long time free checking account that has gained a lot of popularity with the tons of original features it has which you rarely see at other financial institutions.
Furthermore, there is no foreign fees if you use your ATM card overseas.
#14 Discover Cashback Debit
The cashback debit checking account is the name of the discover’s offer to college students. This bank account allows students to earn up to 1% cashback on up to $3,000 purchases made with the debit card every month.
This checking account is mobile friendly and gives students access to over 60,000 free ATMs. There is absolutely no fee or minimum balance requirements attched to this savings account for college students.
The simple checking account for college students combines banking and budgeting, making it easy to manage your money and put extra funds into your savings goals. Here, there is no monthly maintenance fee charged or a minimum opening deposit.
Additionally, it helps you make smart spending decisions after you must have covered your monthly expenditures.
#16 Ally Bank Checking
This bank has a great free checking account to offer its customers. The customer service relationship it has made it outstanding. Having been a renowned internet only bank.
They also do not have the monthly fee maintenance charge.
#17 Citizen’s Bank
This savings account for college students does not bore you with ATM fees whether or not you use other machines. The bank promptly monitors savings for any purpose whatsoever and then provides extra tools to give you an amazing banking experience.
#18 Regions Bank
This bank provides students with a a checking account called the LifeGreen which allows students own an account that is void of monthly fees.
It is however important to note that once a student turns 26, such an account automatically turns to the standard LifeGreen checking account where all fees are fit.
#19 BBVA Free Checking
Apparently, maintaining a free checking account at BBVA requires no real requirements. This might not as much be a college student checking account but it sure is a great option for checking account.
The BBVA might not be popular as expected but its access to ATMs does speak for it.
#20 NKBC Bank
This checking account for college students is one that doesn’t place restrictions on how you run your account. You can open an account with NKBC with as low as $5 and it has a mobile friendly service.
There’s no joy greater than having to know that you won’t worry much about your finances. So, from the list of the 20 best checking account for college students, you canchoose one that will not milk your savings in the name of charges and maintenace fees.
Also, owning a checking account can equip you to strike a balance between your spending habits and your savings.
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I hope this article meets your immediate need. If you have any do questions, please drop them in the comment section below, and we will get back to you as soon as possible.