What is a student checking account?
Student checking accounts are designed for students who are in high school, college or vocational school. Banks may require students to demonstrate enrollment with a student ID or other document, though many simply ensure individuals are in the age range for the account.
Student checking accounts are different from teen or youth checking accounts, which are designed to help a parent introduce banking to their child. In these cases, the adult needs to be a joint account holder.
Student checking account vs. regular checking account
Not every account summarized above is specifically a student checking account. These accounts for students were picked for their ease of access, low-to-no fee structure and potential perks for students. However, accounts specifically designed for students tend to offer perks that regular checking accounts don’t, such as cashback on college-related purchases and minimal fees.
Pros and cons of student checking accounts
How to choose the best student checking account
The best student checking accounts meet the account holders’ financial and money management needs.
To figure out if a student checking account might be right for you, consider these factors:
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Accessibility.?How will you access your account and money? Some people prefer a local branch, but many online student checking accounts offer debit cards that work at thousands of ATMs.
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Deposit and balance minimums.?Look for accounts that don’t require you to start with or carry a minimum balance to avoid fees.
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Fees.?Choose an account that doesn’t come with a monthly maintenance fee. Review other fees to ensure you don’t end up paying more for your account than you want.
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Customer service.?Make sure you can reach out to a real person when you need to about your account. Consider whether your account is backed by phone, chat or email customer service.
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Digital experience.?Can you manage your account from a mobile app or only an online portal with a computer?
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ATM network. How many ATMs are in the bank’s network and are any of them local to you? Find out if you will pay fees at ATMs in or outside the network.
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Check-writing ability. Not all checking accounts offer the same check-writing ability. Some student accounts may limit how many checks you can write every month or limit you to making payments with your debit card.
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Fraud protection.?Ensure you’re backed by fraud protection so you don’t end up on the hook for charges made on your account without your knowledge.
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Perks. Consider what type of perks, such as cashback or bonuses, an account offers.
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What happens when you graduate??Think about the future of your money management. Does the account automatically close when you graduate? Do you have options for moving to a different type of checking account with the bank later?
How to open a student checking account
To open a free student checking account with most banks, you will need to meet eligibility requirements.
These requirements include:
- Demonstrating your status as a student, if required, with a student ID or transcript.
- Showing you meet age and residency requirements with a government-issued photo ID.
- Providing a funding source for your initial deposit, which might be cash, check or an electronic funds transfer, depending on how you set up your account.
Once you have all this information, you can apply online in many cases for a student checking account. In some cases, such as if you are a younger student or don’t have a Social Security number, you may need to apply at a branch location.
You can open more than one student checking account, though not typically with the same bank.
When should I open a student checking account?
You need to be at least 17 years old — and many accounts require you to be 18 years old — to open a student checking account.
Otherwise, some indications it might be time to open a student checking account include:
- You have a job and are paid through direct deposit.
- You saved up cash through the years and you’re ready to put it in a bank account.
- You’re living away from home while attending college and are taking on more personal financial responsibility.
- You need a checking account for direct deposit of financial aid funds.
- You want a more private way to manage your money and are ready to move on from a teen checking account where an adult is a joint account holder.
Student checking account tips
The best checking account for college students only works well for you if you manage it correctly.
Here are some tips for getting the most out of your account:
- Choose an account that offers optimal convenience, especially when it comes to no-fee ATM access.
- Avoid overdrafts by keeping track of your charges and not overspending.
- Open an account that minimizes fees as much as possible.
- Create a plan for saving, whether that’s holding some money aside in your account and never spending it or opening a separate savings account to go with your checking.
Alternatives to student checking accounts
If you’re not ready to manage a checking account or want other options to back your spending, you might consider these alternatives:
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