Best Banks for Students

While most older teens and young adults are focused on their academic education, it’s important they get schooled on personal finance as well. One of the first steps toward financial independence is opening a bank account. To help you or the student in your life get started, we researched the best banks for students, looking for accounts that are geared toward the student lifestyle. The banks that made our list include those with student-friendly features like no fees, online and mobile banking options, ample ATM access, and more. These are our picks for the best banks for students.

Best Banks for Students of 2020

Bank or Credit UnionWhy We Picked ItBest Account for StudentsMonthly Fees
ChaseBest Overall and Best for College StudentsCollege CheckingNone while in college, for up to 5 years
Bank of AmericaRunner-Up and Best for SavingsAdvantage SafeBalanceNone while under the age of 24
Capital OneBest for High School StudentsMONEYNone while under the age of 18 
DiscoverBest for RewardsCashback DebitNone, must be 18 or older
U.S. BankBest for No FeesStudent CheckingNone, must be 18 or older
TD BankBest for Customer ServiceStudent CheckingNone, must be 17 to 23 years old
AllyBest Online BankInterest CheckingNone, must be 18 or older

Chase: Best Overall and Best for College Students

Chase Bank


Chase stands out as the best bank for students overall, especially for college students aged 17 to 24. For starters, as long as you’re in college (for up to five years), you won’t have any monthly service fees to worry about with the Chase College Checking Account. Additionally, Chase often runs promotions that may make the account even more enticing. For example, in May 2020, Chase offered new customers a $100 bonus for opening a Chase College Checking Account (offer valid until July 9, 2020).1

And if you have a student in high school, you can be a co-owner on their Chase High School Checking account, too. Students age 13 to 17 can take advantage of this account, which comes with no monthly fees.2

Customers also have the best of both worlds as far as physical ATM access and branches, and online/mobile account features. Chase has a large bank footprint with access to 16,000 ATMs and almost 4,900 branches across the nation.3 Busy college students will appreciate the robust mobile banking app, too, which lets them make deposits, send and receive money, and manage their account.

If you’re happy with the checking account, you may be interested in other Chase accounts and services, including the Chase Savings account (which also waives the monthly service fee for students). There’s also the Chase Freedom Student Card, which comes with a sign-up bonus and cash back on purchases.4What We Like

  • Specific accounts for both high school and college students
  • No account fees while in college, up to 5 years
  • Ample branches and solid mobile banking
  • Opportunity for long-term banking relationship

What We Don’t Like

  • You can find better savings account interest rates elsewhere

Bank of America: Runner-Up and Best for Savings

Bank of America


Students under the age of 24 pay no monthly maintenance fees for Bank of America’s Advantage SafeBalance account while they’re enrolled in school. This is a great starter account for students because there are no overdraft fees to worry about. Transactions will simply be declined if you don’t have enough money in your account.5 

There are no paper checks, but you can make online payments, use a debit card for purchases, or send and receive funds with Zelle. Should you decide you want checks, you can make a seamless switch over to an Advantage Plus Banking account.

It’s also a great idea to add on an Advantage Savings account. This allows students to activate the Bank of America “keep the change” feature, which lets them round up their debit card purchase amounts and deposit the difference into the savings automatically. Again, students under age 24 will not have to pay any monthly fees for the savings account.6

What also makes Bank of America a solid choice all around is its large physical footprint (about 4,300 branches and 16,800 ATMs), as well as its intuitive mobile app, with lots of great features for managing and monitoring accounts.7What We Like

  • No overdraft fees to worry about
  • Keep the change feature
  • Solid mobile banking app

What We Don’t Like

  • Minimal opportunities to earn interest

Capital One: Best for High School Students

Capital One


For teens looking to get a jumpstart on banking, Capital One’s MONEY account is geared toward students under 18 years of age. This is actually a joint checking account with a parent, but it’s a good practice run for students who want to open a future account of their own. Note: Students will have to switch over to another account once they turn 18.

Teen account holders get a debit card in their name, and can access and manage the account via the mobile app. Parents have access, too, whether it’s to set up automatic allowance deposits or one-time transfers, or receive text alerts and notifications about transactions through the app. Teens will also earn an annual percentage yield (APY) of 0.20% on their account balance, which is much higher than what many traditional banks offer.

You can open a MONEY account either online or in person at a Capital One branch. Capital One also has a large free ATM network, totaling 39,000 Capital One and Allpoint ATM locations.8What We Like

  • Ability to earn interest on account balance
  • Free debit card in the student’s name
  • Text alerts for parents

What We Don’t Like

  • The account must be upgraded when the child turns 18

Discover: Best for Rewards

Discover Bank


The Discover Cashback Debit account makes our list of the best banks for students, even though it’s not technically a student account. That’s because it offers the unique opportunity to earn rewards on debit card purchases—a great perk. This can be beneficial to college students age 18 and older who pay for most of their expenses using their Discover card since they’ll get 1% cash back on up to $3,000 each month. That comes out to be a much higher rate than most student checking accounts would offer in interest.

One of the other student-friendly features is that there are no monthly fees or minimum balance requirements. And, there are 60,000 ATMs across the country that students can use without paying.9 The Discover app has a convenient ATM locator. It’s just like other checking accounts since you can get paper checks, too, or use the mobile app to deposit checks and pay bills. 

Of course, Discover is best known for its credit cards, and there are two earmarked for students: the Discover it Chrome for Students and Discover it Student Cash Back cards. Discover also offers a savings account, which earns a higher interest rate (1.01% APY as of June 26, 2020) than savings accounts at brick-and-mortar banks.10What We Like

  • Cash-back rewards
  • Very large fee-free ATM network
  • High-yield savings account

What We Don’t Like

  • No physical branches

U.S. Bank: Best for No Fees

U.S. Bank


U.S. Bank is a good bank for students who prefer a physical bank, but still want student-focused features and a digital banking experience. In fact, it’s the fifth largest bank in the nation. 

Especially appealing is that Student Checking account customers pay nothing for their first four non-U.S. Bank ATM transactions per statement.11 Because those fees can add up fast for students on the go, it’s good to know that there is some wiggle-room if you’re not near one of the 4,400 U.S. Bank ATM locations. 12

The account also features mobile check deposit, the ability to send and receive money via Zelle, and your first set of personal checks free.What We Like

  • Ability to use non-U.S. Bank ATMs for free
  • First set of paper checks free
  • Good mobile app and tools

What We Don’t Like

  • Minimum deposit of $25 required to open an account

TD Bank: Best for Customer Service

TD Bank


TD Student Checking is another solid choice when choosing from among the best banks for students aged 17 to 23. In particular, the bank is known for its top-notch customer service, longer branch hours, and being open even on the weekends. In fact, TD Bank is actually the highest ranked in J.D. Power’s 2019 U.S. National Banking Satisfaction Study.13 (Keep in mind, though, all of its 1,200 locations are located on the East Coast.)

TD Bank also has lots of customer-friendly mobile banking features for those who don’t want to always do their banking in person. The mobile banking app lets customers pay bills and deposit checks. Students can also load their TD Bank Visa Debit Card into their mobile wallet or use the card for tap and go contactless payments. TD Bank is set up for Zelle payments, too.

Student status also means that monthly maintenance fees are waived on both the checking and TD Simple Savings accounts (which, by the way, has a slightly higher APY than some other traditional banks).What We Like

  • Strong customer service, and convenient branch hours
  • No monthly fees on multiple accounts
  • Good online/mobile tools

What We Don’t Like

  • Physical locations limited primarily to the East Coast

Ally: Best Online Bank

Ally Bank


While this is another selection that doesn’t offer a student-specific account, Ally Bank has all of the features that students rely on. Ally is an online-only bank known for its interest checking and savings accounts with no monthly fees. Because there isn’t the overhead of branch expenses, interest rates on savings are typically higher than you’ll find at traditional banks.

Students who don’t care about physical bank branches can do all of their banking from their phones, including mobile check deposits and bill pay. Ally also uses the Allpoint ATM network, so you’ll have 43,000 free locations to use. Plus, Ally reimburses you up to $10 per statement period for outside ATM fees.14

Ultimately, it’s nice to know that your account features won’t change when you leave school, meaning this account can stay with you long after you get your diploma.What We Like

  • Savings interest rates are higher than at traditional banks
  • ATM fee reimbursement
  • Wide array of accounts and services

What We Don’t Like

  • No option for depositing cash

How Do You Open a Bank Account as a Student?

In order to open any bank account, you will typically need some form of photo ID (such as a driver’s license or passport) and your Social Security number. Many banks let you open accounts online, but you can also do so by visiting a branch.

Another requirement may be having a minimum starting deposit to open the account, which can be done with cash or with money transferred from another banking institution. For student-specific accounts, you may also have to show proof that you are indeed a student. 

For younger student/teen accounts, a parent or guardian will usually have to set up and be a co-owner on the account. Sometimes, this can be done online, but for certain banks or account types, you may both have to go in person to the branch.

Pros and Cons of Opening Your Own Bank Account


  • Establish good financial habits early
  • Get acquainted with banking practices
  • Have access to funds when you need them


  • Requires attention and account maintenance
  • Need to become more mindful about protecting your data and financial information

Pros and Cons Explained

Opening your own bank account while you’re a student can be a great first step toward financial independence that you need to develop before you graduate. It provides you with a way to save money, pay bills in your own name, and establish a relationship with a banking institution. This is especially useful if you have a part-time job and need a way to deposit your earnings, and/or if you pay for some of your own expenses, such as a cell phone or car insurance.

Eventually, you may be responsible for paying your own way, including student loans and other expenses related to moving out of your family home, getting your own vehicle, and more. Having your own bank account can help with all of that.

It’s also a good idea to get used to banking practices, balancing a checkbook, and monitoring a financial account for when you begin using credit cards. How you handle your early credit responsibilities will determine your credit score, which is a vital building block for your financial future. 

How Should You Choose the Best Bank Account?

Choosing a student-friendly bank is all about looking for perks and benefits that appeal to young account holders. For college students, especially those living out of state during the school year, having strong online and mobile account features can make banking more convenient. Along those lines, so could having a lot of fee-free ATM options. 

In addition, any time you consider a bank account, it’s a good idea to look at any fees that you might be charged, such as monthly maintenance fees. You should also check if there is a minimum amount of money you need to open the account or keep in there on an ongoing basis to avoid service fees. Having no service fees is always preferable, especially for young bank account holders who don’t typically carry high balance amounts. 

Be sure to sign up for e-statements—some banks may charge a fee for paper statements.

Finally, it’s always nice if you can earn interest or rewards when you have a bank account. That’s why some of the best banks for students offer such perks on their accounts. 

Best Banks

If you’re like most Americans, your bank lies at the heart of your personal finances. Your checking account is the place money comes in and goes out, and a savings account helps you stash funds away for an emergency or big savings goal. Choosing a bank is not always easy, and what’s best for you may be different than what’s best for someone else.

Look for the features that matter the most to you: If you’re a frequent traveler, you might want a bank that reimburses you for other banks’ ATM fees. If you work for tips, then you’ll want a bank that takes cash deposits. And in the era of online banking, some institutions don’t even exist as brick-and-mortar branches, so that’s a new factor to consider. 

For many people, online banking is the primary way they manage their accounts, so you may want to look for a bank that offers bill pay, remote check deposits and basic self-service from your computer or a mobile app. Instant transfer services are another convenient feature to look for—if you want a cash-free way to send money to friends, be on the lookout for banks that offer products like Zelle, which allow you to instantly transfer funds to other accounts without an extra app (even better if you can send and receive without paying any fees).

Speaking of which, fees are a very important thing to look for before you open a new account. Many banks charge monthly maintenance fees unless you meet specific minimum balance or activity requirements. Be on the lookout for accounts with no monthly fees so you don’t have to worry about these types of charges.

Whether you’re setting up a teen’s first checking account, or just looking for a way to up the interest rate on your nest egg, we’ve rounded up the best banks based on your potential needs and preferences. We partnered with the following banks to bring you the savings account offers in the table below. Under that, you’ll find our editors’ picks for the best banks and why we chose them. All of the banks and credit unions listed are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.

Best Banks of 2020

  • Ally: Best Bank Overall
  • Chase: Best Bank for Customer Service
  • Wells Fargo: Best Bank for Teenagers
  • Simple: Best Bank for College Students
  • Capital One: Best Bank for Millennials
  • USAA: Best Bank for Military Members
  • Charles Schwab Bank: Best Bank for International Travelers
  • Capital One Spark Business: Best Bank for Small Businesses

Ally: Best Bank Overall

Our pick for the best overall bank is Ally. Ally is an online-only bank with industry-leading checking and savings account options. Due to a combination of good customer service, low fees, and high-interest rates, Ally is a winner.

Ally’s online checking account charges almost no fees and is packed with useful features. It even pays interest. For savings, Ally’s high yield account offers among the best interest rates in the industry.

Ally customers get access to online banking, mobile check deposits, up to a $10/month refund for other bank ATM fees, quick transfers with Zelle, and 24/7 customer service with access to a human.

The only downside: like all online banks, you can’t deposit cash. If you regularly receive cash or work in a job that involves getting paid in tips, Ally probably isn’t the best choice for you. For everyone else, however, Ally offers some compelling accounts with great service.

Chase: Best Bank for Customer Service

Chase Bank ranked second in last year’s national J.D. Power National Bank Satisfaction Study and is one of two banks that received a perfect rating in the Power Circle Ratings. But for banks that operate in nearly every part of the country, Chase stands out as the best for customer service.

Unlike most of the banks on this list that have an online-only focus, Chase offers one of the biggest networks of branch locations in the United States with over 5,000 locations. And due to its size, Chase offers accounts for pretty much everyone. That includes checking, savings, mortgage, credit card, and investment accounts.

Chase is one of a few financial institutions that really let you do all of your banking under one roof, and that helps simplify your banking experience (a plus for many banking customers).

The biggest downside of Chase is that, like most large brick-and-mortar banks, it charges a lot of fees and offers pitifully low-interest rates on savings accounts. But if you keep a certain minimum balance or meet activity requirements, you can avoid most fees.

Want to learn more? Check out our full review of Chase Bank.

Wells Fargo: Best Bank for Teenagers

Teens are in a position to learn important lessons that can influence their long-term financial well being — and it starts with learning how to responsibly use a bank account. That requires access to a bank branch, a big network of ATMs, and a good place to keep money from part-time jobs.

Wells Fargo has certainly found itself in the midst of multiple scandals recently, but it still stands out as the best bank for teens thanks to its 6,000 branches and 13,000 ATMs.

Their teen checking account requires a $25 opening deposit, but has no monthly fee. However, beware of overdraft and other fees once you open the account. While it is a great account for new learners, it is still a real bank account with real fees.

You can also read our full review of Wells Fargo.

Simple: Best Bank for College Students

College students can easily fall into the trap of poor financial decisions, whether it’s racking up big credit card debt or student loans without a full understanding of the consequences.

Simple is great for college students because it has budgeting built into its online and mobile banking apps. It also doesn’t charge any fees. (Really!) The only fee you might pay is for using an ATM outside of the 40,000 ATMs in the Allpoint network and a small fee from Visa when using your debit card outside of the United States.

For digital natives, the mobile-first banking experience is easy to navigate and very user-friendly. And the goal-setting and safe-to-spend features should keep even distracted college students out of financial trouble.

Want some more information? Read our full review of Simple.

Capital One: Best Bank for Millennials

Capital One 360 Checking and 360 Savings are both best-in-class accounts. Low fees, good interest rates, and a focus on a high-tech experience all make Capital One a top overall bank, and our number one pick for millennials. This bank was also our runner-up for the best bank overall, so it may be a good choice beyond the millennial demographic.

If you have an overdraft, you can choose to have it funded from a linked account or turned down automatically for no fee. This bank also offers free ATM use at Allpoint and Capital One ATMs. And, like the 360 Checking account, 360 Savings offers among the best interest rates in the industry with no minimum balance or activity requirements. If you hate fees and want a bank account that just works, Capital One is a good choice.

USAA: Best Bank for Military Members

What started as the United Services Automobile Association is now the best bank in the country for military families and veterans. Because military members are likely to move often and have some unique needs and challenges, going to a military-specific bank may be a smart choice, particularly for anyone on active duty.

USAA also offers very good insurance, so if you do become a member for banking, don’t overlook options for home, auto, and other insurance you may need. You may be able to get a better policy at a better price than non-military can elsewhere.

For banking, USAA offers a range of checking and savings accounts to meet your needs. The basic free checking has no monthly fees or minimum balance requirements. Accounts also include some of the latest online banking features including mobile deposits, mobile wallet support, and fast transfers with Zelle.

Charles Schwab Bank: Best Bank for International Travelers

Charles Schwab is best known for its brokerage business, but this finance company does a lot more than stocks and bonds. Charles Schwab offers a full-featured online bank complete with checking and savings account options.

Schwab Bank is convenient for anyone with an existing Schwab relationship, but the checking account offers a big draw to anyone who loves to travel. Charles Schwab charges no ATM fees and reimburses all other bank ATM fees from anywhere in the world. You can use your card in New York or New Delhi without paying any fees.

Schwab Bank accounts charge no monthly fees and low fees for some irregular activity like sending a wire. Unlike most online banks, you can also visit any Schwab branch to deposit a check (although with mobile deposit, you probably won’t need to visit a branch).

Schwab is a top-rated low-fee brokerage as well, and a linked brokerage account is required to open an Investor Checking account. With the amazing customer service and a good selection of account options, you may want to consolidate all of your banking and investing under the Schwab umbrella.

You can also read through our full review of Charles Schwab Bank. 

Capital One Spark Business: Best Bank for Small Businesses

Business bank accounts tend to come with far more fees than personal accounts, but Capital One Spark Business changes that. Spark Business offers checking and savings accounts for businesses with almost no fees for its online banking.

There have been some known bugs in the signup process, so new checking accounts are temporarily suspended. Right now it is new savings only. But they should be re-opening new checking accounts any time, so keep an eye out regarding those changes.