Top Bank Accounts for College Students for March 2025

The best bank for college students has simple and straightforward accounts: no monthly fees, easy access to your money, and strong online features.

It’s good for college students to have both a checking and savings account. Whether they prefer online or in-person banking depends on their situation.

Best Bank Accounts for College Students

Student banking options aren’t the same at every bank. Some have specialized bank accounts for college students or young adults. Others might not have bank accounts specifically for college students, but they’re regular accounts still stand out because of other perks.

Compare the Top Bank Accounts for College Students

To find the best bank accounts for college students, we assessed 200 checking accounts and 230 savings accounts. The best bank accounts for students won’t charge you any monthly fees and don’t have minimum balance requirements. The top college bank accounts also have special perks, like good interest rates, notable savings/budgeting tools, or nationwide ATM accessibility.

Below, you’ll find our top picks. We have options from online banks, credit unions, and brick-and-mortar banks so you can explore a variety of accounts and decide the best fit for your circumstance.

Best for a Fee-free Checking Account

The Alliant Credit Union High-Interest Checking Account is one of the best checking accounts offered by a credit union. It provides access to over 80,000 fee-free ATMs. You’ll get up to a $20 per month in ATM fee reimbursements. There is no monthly service fee or minimum balance requirements.

Alliant also has significant interest rates for its checking accounts, paying 0.25% APY (Annual Percentage Yield) on your checking balance. You can also make mobile deposits.

Alliant only has one physical branch location, located in Chicago, Illinois, so if you prefer to do your banking in-person, it may not work for you.

Alliant Credit Union Review

Best for Savings/Budgeting Tools

The Ally High Yield Savings Account stands out because it has a $0 minimum deposit and no monthly service fee. You can also speak to a live customer service representative 24/7, either over the phone or via online chat.

Ally makes it easy to save for savings goals. Assign each account a nickname, like “Next Semester’s Tuition,” “Study Abroad,” or “Emergency Fund” to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.

If it’s more important to you to be able to visit a branch in person than to earn a high interest rate or have separate savings goals, then you may prefer saving with a brick-and-mortar bank.

Ally Bank Review

Best for a Strong Mobile App

Capital One 360 Performance Savings may be worth exploring if you want a strong mobile app.

The Capital One mobile app is rated one of the highest in customer satisfaction among national banks, according to a 2024 J.D. Power Online Banking Satisfaction Study. This study evaluates customer experiences with banking mobile apps and how banks are adopting mobile banking technology.

Capital One 360 also stands out because it makes it easy to save for various goals. You can set up separate accounts through Capital One 360 Performance Savings. The account also pays a competitive rate with no opening deposit, minimum account balance, or monthly charges.

Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don’t live near any of these areas, it might not be easy to deposit cash.

Capital One Bank Review

Best for Easy Branch/ATM Access

Chase College Checking could be worthwhile if you prefer banking in person over online.

Chase has over 4,700 branches and more than 16,000 ATMs nationwide. You’ll likely be able to find a branch/ATM when you’re at school, as well as when you visit home or go on a trip.

There’s no monthly fee during your first five years in school. If you’re enrolled in college for more than five years, you can waive the monthly charge by either setting up one monthly direct deposit or maintain an average daily balance of $5,000.

You can earn a $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment (offer expires 4/16/2025).

If you aren’t enrolled in overdraft protection, you may have to deal with overdraft fees. You’ll also pay a fee when you use a non-Chase ATM.

Chase Bank Review

Best for an All-in-One Bank Account

SoFi® Checking and Savings (Member FDIC) may appeal to you if you’re looking for an all-in-one bank account where you get a combination of checking and savings features. SoFi® Checking and Savings (Member FDIC) is a strong choice if you don’t want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees. It also comes with checking account features like a debit card and early direct deposit.

To earn the highest interest rate on SoFi® Checking and Savings (Member FDIC), you’ll need to set up direct deposit or deposit a minimum of $5,000 per month. If you deposit cash, you also might need to pay a fee.

SoFi Checking and Savings Review

Bank Trustworthiness and BBB Rating

We review the ethics of each bank so you can see if a specific financial institution aligns with your values.

We include the settlement history of the last three years so you’re aware of any recent public controversies involving the bank.

The Better Business Bureau grades companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Here are the BBB scores for each of our top picks:

In 2023, JP Morgan Chase was required to pay $75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein’s sex trafficking operation.

Key Features of Student Bank Accounts

No or Low Minimum Balance Requirements on Student Bank Accounts

The best bank accounts for college students have low or no minimum balance requirements. Many banks, including most of our top picks, let you open a checking or savings account with $0 upfront. That said, you might eventually need to deposit money within the first month or two, or the bank might close your account.

You generally don’t need to maintain a certain average or monthly account balance, either. Since you’re going to school, it isn’t expected that you’ll receive regular monthly direct deposits or maintain a certain cash flow.

Minimal Fees for Account Maintenance on Student Bank Accounts

Many national banks have fee-free banking for college students, so you shouldn’t worry about bank maintenance fees. Numerous online banks don’t charge any monthly services on bank accounts. Meanwhile, brick-and-mortar banks are more likely to have monthly service fees, but most will waive them for college students.

At a brick-and-mortar bank, you may need to provide documentation, such as a student ID or acceptance letter, to prove that you’re a college student. If the bank requires you to be under a specific age, then you’ll probably need an official document that shows your birthday, like a driver’s license or birth certificate.

Online and Mobile Banking Capabilities for Student Banking

If you’re an avid mobile app user, do research first. Check a bank’s mobile app ratings to see what the app’s highlights and downfalls are. You might also want to explore banks that are ranked highly in customer satisfaction in J.D. Power’s mobile and online banking studies.

Benefits of Choosing a Student Bank Account

If you are unbanked, it’s important to consider getting a bank account as soon as you can. It’s beneficial to open one as a college student so that you can manage your money and grow your savings. For example, with a checking account, you can set up online bills to automate payments. Meanwhile, with a high-yield savings account, you can earn interest on top of your savings.

Opening a bank account can also help you have access to other banking products and services in the future. If you have an established relationship with a bank, you might consider exploring other products, like auto loans, credit cards, or a mortgage. 

How to Choose the Right Student Bank Account

Here are a few tips to help you choose the right student bank account:

1. Determine if you want a bank account specifically for college students or a standard bank account.

Bank accounts that are specifically for college students are more likely to be found at brick-and-mortar banks than online banks. These bank accounts will waive monthly service fees for college students, and they might have other perks, like money management tools. You could also choose to open a free bank account from an online bank. One option isn’t necessarily better than the other — we have a mix of both in our top picks. It mainly depends on your preferred banking experience.

2. Assess the bank account agreement and fee schedule.

Banks often share their bank account agreement and fee schedules online. The bank account agreement shares details about the bank account, like the opening requirements, minimum balance requirements, and interest rate. A bank’s fee schedule tells if a bank charges common bank fees. Based on your habits, you can figure out which features and fees could impact your banking experience.

You can also look at other requirements needed to open a bank account. For example, not all bank accounts require a U.S. ID. The top banks for immigrants and non-U.S. Citizens allow you to provide a foreign passport or Matricula Consular instead.

Best Bank Accounts for College Students FAQs

Why You Should Trust Us: Our Expert Panel on the Best Bank Accounts for College Students

To learn more about what makes a good bank and how to choose the best fit, four experts weighed in:

Here’s what they had to say about banking for students. (Some text may be lightly edited for clarity.)

How can someone determine whether a bank is the right fit for them?

Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:

“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”

Sophia Acevedo, banking editor, Business Insider:

“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”

What should someone look for in an online bank?

Tania Brown, CFP® professional:

“With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?”

Roger Ma, CFP® professional and author of “Work Your Money, Not Your Life”:

“How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?”

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“When it comes to online banks, you want to be a little bit more strict about what type of interest rates they’re providing. That’s the biggest thing, because online banks are supposed to have the higher interest rate because they don’t have the overhead of the brick-and-mortar. You want to make sure that it’s well above the national average. What type of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”

What can a student look for in a bank account?

Sophia Acevedo, Business Insider:

“Students can look for features that can help them manage their money. For example, some savings accounts help you save for individual goals with budgeting and savings tools. If a student frequently withdraws, they might want to find a bank that has a large ATM network or reimburses ATM fees.”

Methodology: How We Chose the Best Bank Accounts for College Students

Business Insider’s personal finance team researched more than 200 checking accounts and 230 savings accounts to find the strongest bank accounts ideal for college students. We looked at both specialized bank accounts geared toward college students and everyday regular checking accounts as well.

Business Insider’s personal finance team is editorially independent. Our business team does not decide how we cover products and what we write about. Learn more about how we rate and review products on our editorial standards page.

Banking should be affordable for college students, so we narrowed down our top choices by picking accounts that do not charge fees or waive fees for students. We also looked at minimum opening deposits, and we chose savings accounts that don’t require a minimum balance to earn a high APY.

We also considered features that would really stand out and appeal to college students to determine our categories, such as the use of technology, perks, and functionality of an account.

See our bank account rating methodology to learn more about how we rate bank accounts. To provide a quick overview, we rate bank products on a scale from one to five stars. If a checking account has a rating of one star, that’s the lowest possible, and it means the bank account requires significant improvement. If a checking account has five stars, that’s the highest rating possible, and it’s considered a superior option. 

For checking accounts, we examine nine different features and get the weighted average to determine an account’s total score.