Top Student Checking Accounts to Boost Your Savings This December 2024!

Thinking about boosting your financial freedom? Opening a checking account as a student is a powerful step. But beware! Many banks sneak in maintenance fees that can hit your wallet for up to $15 a month if you don’t meet certain criteria!

Good news! If you’re a student in high school, college, or any eligible educational program, you could qualify for a sweet deal: monthly fees waived.

We dove deep into the world of checking accounts available at online banks, traditional brick-and-mortar banks, and credit unions that proudly offer zero monthly maintenance fees for students. Not only that, but our top picks also come loaded with perks: minimal initial deposit requirements, FDIC insurance, access to a vast network of fee-free ATMs, and the convenience of mobile check deposits. Ready to find the best student checking account? Let’s dig in!

Who’s this for? If you’re a college student aged 17 to 24 enrolled in a college or vocational program, you can enjoy zero monthly fees for up to five years with the Chase College Checking Account. After five years? The fee is $12 a month unless you set up a direct deposit or maintain a minimum balance of $1,500.

Standout benefits: Chase loves to roll out the red carpet for new customers. Currently, you can snag a $100 bonus after completing 10 qualifying transactions within 60 days of signing up. (Offer ends 1/22/2025).

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Who’s this for? This account is perfect for students under 18 who want to take charge of their finances. The Capital One MONEY Checking Account allows you to be a joint account holder with your parent or guardian.

Standout benefits: There’s no minimum to open this account and you’ll earn 0.10% APY on your entire balance. Parents can set alerts and manage their kid’s spending without hassle.

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Who’s this for? If you love earning cash-back rewards on your daily purchases, the Discover Cashback Debit Account is your go-to. Enjoy 1% cash back on up to $3,000 in monthly debit card purchases, making it feel just like a credit card!

Standout benefits: There’s no minimum deposit to open, and overdraft protection is complimentary. Plus, there are no monthly maintenance fees — a win-win, regardless of your age or student status!

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Who’s this for? The Bank of America Advantage Banking accounts offer a tailored experience to meet your needs.

Standout benefits: With the Bank of America Advantage SafeBalance Banking Account, you can enroll in the Keep the Change® program. It helps you save more effortlessly by rounding up purchases and transferring the difference to your savings account — a simple way to build your savings.

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The Chase College Checking account is perfect for students seeking a large bank experience with minimal fees while in school. No deposit is needed to open, and you’ll also avoid monthly maintenance fees on a Chase Savings℠ account linked for overdraft protection.

Welcome Bonus:

New Chase College Checking account holders can earn a $100 bonus after completing 10 qualifying transactions within 60 days of signing up. (Offer ends 1/22/2025.)

Fees:

• Monthly Service Fee: $0 to $12
• Overdraft Fees: $34
• ATM Fees at Chase ATMs: $0
• ATM Fees at Non-Chase ATMs: $3 for withdrawals in the U.S., $5 outside the U.S. (surcharge fees from ATM owners may apply).

With over 15,000 fee-free ATMs and 4,700 branches across the U.S., the Chase College Checking Account also offers mobile check deposits and overdraft protection without fees if you overdraft by less than $50, or gives you until the end of the next business day to correct it.

Monitor and manage your money easily through the Chase Mobile® app, and get help checking and building your credit score with Chase Credit Journey®.

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Capital One MONEY Checking Account, you can effortlessly switch to another Capital One checking account when you turn 18, like the Capital One 360 Checking® Account — which leads our list of the best no-fee checking accounts. The 360 Checking account has no monthly maintenance fees whatsoever, so you’ll never have to worry about meeting balance or deposit requirements. When you switch, the balance from your MONEY account will transfer automatically.

Welcome Bonus:

None

Fees:

$0 for ages 8 to 18

Notable Perks:

Capital One boasts over 450 branches and grants access to 70,000+ fee-free Capital One® and Allpoint® ATMs. While this account doesn’t come with paper checks, you can still deposit checks you receive, and there are no deposit requirements — meaning you’ll never worry about meeting a minimum balance to dodge fees. Once you hit 18, switching to the Capital One 360 Checking Account is a breeze.

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Though Discover operates as an online bank with no physical branches, they provide 100% U.S.-based customer service available 24/7 and access to over 60,000 fee-free Allpoint and MoneyPass ATMs.

Welcome Bonus:

1% cash back on up to $3,000 in debit card purchases each month

Fees:

$30 service charge for each outgoing wire transfer from your Discover bank account

Notable Perks:

The Discover Cashback Debit Checking allows customers to access funds from direct deposits up to two days early. The account also features the Discover® App, enabling you to manage your banking needs right from your smartphone. Comprehensive fraud protection and FDIC insurance up to $250,000 for individuals are additional benefits.

Cash back can be redeemed as a deposit into a Discover checking, savings, or money market account or transferred to a linked Discover credit card.

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The Bank of America Advantage SafeBalance Banking Account charges no monthly maintenance fees if you’re under 25 and enrolled in school. If you don’t meet these criteria, the fee is $4.95 per month, unless you maintain a minimum daily balance of $500 or enroll in the Preferred Rewards program, which offers perks like higher interest earnings for those with qualifying balances in Bank of America deposit and/or Merrill investment accounts.

Welcome Bonus:

None

Fees:

$0 for eligible students under 25

Notable Perks:

This account does not come with paper checks, but you can easily deposit checks you receive. With no overdraft fees, Bank of America will decline transactions exceeding your available balance instead of charging extra fees. There’s a $100 minimum deposit required to open this account, and you can visit over 4,200 Bank of America locations and access more than 16,000 fee-free ATMs. Plus, you get access to the Bank of America Spending & Budgeting tool to help manage your finances.

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Fees

When selecting your student checking account, keep an eye on potential fees! While our top picks are designed to feature no monthly fees or minimum balance requirements, some accounts may still have other fees like overdraft or ATM fees.

User Experience

If mobile banking is a priority for you, it’s crucial to find a bank with a strong app and online experience. While all listed banks have apps, some may offer more robust features tailored to your needs. Check for a user-friendly website that offers essential functions like bill payment and account monitoring.

Transferring Money

Consider the ease of sending and receiving money. Chase offers Zelle, integrated into their app and website, making it simple to transfer money among friends and family.

Our mission is to provide readers with high-quality service journalism and comprehensive financial advice, empowering you to make informed decisions with your hard-earned money. Each checking account review is based on meticulous reporting from a team of financial experts with in-depth banking knowledge. Rest assured that we pride ourselves on journalistic integrity and ethics, crafting content without outside influence. For details about our selection process, check out our methodology.

To determine the best checking accounts for students, we reviewed numerous U.S. checking accounts from both online and traditional banks, as well as major credit unions. We focused solely on accounts that charge no monthly maintenance fees for students.

While all the accounts featured here consistently offer no monthly fees for eligible students, we evaluated each based on various factors, including:

• No minimum balance requirement
• Low initial deposit of $0 to $50
• Accessibility nationwide
• Presence of physical branches and/or online accessibility
• Extensive ATM network
• User-friendly experience and account accessibility
• Customer reviews, when available

All accounts included are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) for up to $250,000. This insurance safeguards your funds in the unlikely event of bank or credit union failure.

Remember, rates and fee structures can change without notice, so it’s essential to stay informed. Your potential earnings depend on fees and your account balance. Some banks may require a new money deposit to open an account, but the accounts listed above currently do not.

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