For example, if you only have 200 bucks in the account but make a transaction worth 300, your bank balance will reflect as -100. Thus, seeing a negative balance indicates that you have spent some of your overdraft money. This account is best for new college students who want minimal fees and the opportunity student bank account overdraft to bank in person. Chase High School Checking is a better choice for those under the age minimum. This account is best for students who need a second-chance banking opportunity or young teens who want a simple starter checking account. Chime customers get access to more than 60,000 surcharge-free ATMs³.
Best for High School Students
The account has a relatively low minimum opening deposit of $25. Student bank accounts at traditional banks tend to meet students’ needs for a fee-free account by stripping away banking perks like interest, bill pay options, and checkbooks. Also, they often include financial education features and safeguards like no overdrafts. Other helpful digital banking features include automatic bill pay, biometric authentication, and real-time account alerts. As a student, you’re not just learning in the classroom—you’re also learning life skills outside of school, like how to manage your money. Student checking accounts offer a low-cost way to start your financial life on the right foot.
- We like that Discover has a well-rated mobile app for iOS and Android, and it keeps fees to a minimum.
- Upgrade Rewards Checking Plus is a newer checking account that is delivering some solid options with no monthly fees.
- If you’re under 18, you will need a parent or guardian to open a joint account in your name.
- While there isn’t a Bank of America student account, the bank recommends the SafeBalance account for students, as it comes with overdraft protection and doesn’t charge a monthly maintenance fee.
Clear Access Banking details
A cash bonus shouldn’t be the only reason for choosing a bank. But sometimes a reward is worth opening an account for, especially if it’s a good fit for your banking needs. The account also doesn’t have overdraft fees if your account has a negative $50 balance or less.
Earn Unlimited 2% Cash Back on Purchases
Thus, students are charged a very insignificantly minimal amount to use the student overdraft. Generally, there aren’t many downsides to opening a student checking account. But certain limitations, restrictions or terms may not be the best fit for your specific situation.
Part 2: Your Current Nest Egg
Managing your own bank account also helps you build a banking history and gives you the skills you need to avoid overdrafts and pay bills on time. While student bank accounts may have great perks tailored to your needs, you can also open a general account. Just make sure you understand the fee structure and other requirements. Opening a student bank account can help you manage your money.
They also might not have a job yet (for direct deposit), or have other accounts at the bank. Also check out these great options for military checking accounts. Your $300 cash bonus will be deposited into your account within 60 days of meeting requirements. For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure.
Someone on our team will connect you with a financial professional in our network holding the correct designation and expertise. Our team of reviewers are established professionals with decades of experience in areas of personal finance and hold many advanced degrees and certifications. At Finance Strategists, we partner with financial experts to ensure the accuracy of our financial content. Discover our range of offers on shopping, dining, travel, experiences and much more. Get help on everything from prepping for university to borrowing money as a student. Enjoy a purpose-built card for existing HSBC Student Bank account holders.
If the Youth is under the age of 13 or if you wish to open any other joint account with a Youth, you must do so together in a branch. Students between the ages of can get a Student Value Checking account at Santander Bank. You have access to in-network ATMs at almost all CVS Pharmacy locations in the Northeastern U.S. and Florida. This could be a good banking option if there’s a CVS Pharmacy near campus. Calculate how much money you make monthly and how much you must spend to live a sustainable lifestyle.
Opening a student bank account usually takes less than a day. Depending on the bank you choose, you may be able to apply online or in person at your local branch. Make sure you have all the required documents on hand before you get started.
Additional forms of ID may be accepted when applying in-branch. Contact your local branch if you have questions about acceptable forms of identification. Schedule an appointment in a branch to apply with an adultover 18. For a better experience, download the Chase app for your iPhone or Android.
