The Best Bank Accounts for College Students in March 2023

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Banking for college students should be simple and straightforward: no monthly fees, easy access to your money, and strong online features.

The Best Bank Accounts for College Students

We researched over a dozen banks to find the best checking accounts and savings accounts for college students. Below, you’ll find our top picks.

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The Best Bank Accounts for College Students

Our Expert Panel for 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:

Insider

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, certified financial planner at SaverLife:

“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, certified educator in personal finance, banking reporter, Personal Finance 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:

“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, certified financial planner with lifelaidout® 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, CEPF:

“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 Did We Choose the Best Bank Accounts for College Students?

At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of over a dozen accounts so you don’t have to.

We understand that “best” is often subjective, however, so in addition to highlighting the clear benefits of an account — no fees, for example — we outline the limitations, too. Learn more about how we rate products on our editorial standards page.

First and foremost, we wanted to provide you with options. We researched more than a dozen bank accounts at brick-and-mortar banks, online banks, credit unions, and online banking platforms to find the strongest bank accounts ideal for college students. 

Banking should be affordable for college students, so we either chose accounts that charge no 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.

Best Bank Accounts for College Students Frequently Asked Questions

Best for a Fee-Free Checking Account 

Alliant High-Interest Checking Account

Why it stands out: Alliant Credit Union 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. 

What to look out for: 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

Ally High Yield Savings Account

Why it stands out: Ally is an online-only bank that stands out because its bank accounts have a $0 minimum deposit and zero monthly service fees. 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 specific 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.

What to look out for: 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

Why it stands out: The Capital One mobile app is rated the highest in customer satisfaction among national banks, according to a 2022 JD 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 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.

What to look out for: 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℠

Why it stands out: 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.

What to look out for: If you aren’t enrolled in overdraft protection, you may have to deal with overdraft fees. You’ll also pay a $3 to $5 fee when you use a non-Chase ATM.

Chase Bank Review

Best for an All-in-One Bank Account

SoFi Checking and Savings

Why it stands out: 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 may appeal to you. SoFi Checking and Savings 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.

What to look out for: To earn the highest interest rate on SoFi Checking and Savings, you’ll need to set up direct deposit. If you deposit cash, you also might need to pay a fee.

SoFi Checking and Savings Review

Other Bank Accounts We Considered for College Students

• Bank of America Advantage SafeBalance Banking® Account: Bank of America has no monthly fees with this account if you’re a student under age of 25. However, you’ll find Chase branches in more states.
• LendingClub Rewards Checking Account (Member FDIC): LendingClub has a solid fee-free rewards checking account, but you’ll need to have at least $2,500 in your account to take advantage of the account’s cash-back perks.
• Quontic Cash Rewards Checking Account: Quontic (Member FDIC) has a great fee-free interest-earning checking account, but you’ll need at least $100 for a minimum opening deposit. To qualify for the high interest rate, you’ll need to make a minimum of 10 debit card purchases every month that are at least $10.
• Discover Cashback Debit Account
  (Member FDIC): You may like Discover if you want a cash back account and are comfortable banking digitally, but to get the most out of your cashback benefits, you need to spend $3,000 per month.
• Golden 1 Credit Union Student Checking (Member FDIC): This is a solid student account with no monthly fee, but there are only physical branch locations in certain parts of California.
• PNC Virtual Wallet Student Account (Member FDIC): This account comes with budgeting features, but they aren’t as robust as what you’ll get with Ally or SoFi.
• U.S. Bank Student Checking Account (Member FDIC): This is a good no-fee student checking account, but Chase has more branches.
• TD Bank Convenience Checking Account: TD Bank (Member FDIC) has solid a branch and ATM network, but Chase and Bank of America have more locations. 
• Synchrony High-Yield Savings Account (Member FDIC): Unlike most savings account, this one comes with a debit card, and Synchrony reimburses up to $5 per month in out-of-network ATM fees. But Synchrony’s features aren’t as robust as what you’ll get with Ally or SoFi.
• Chime Savings Account: Chime has a solid savings account, but Ally, Capital One, and SoFi offer higher interest rates. You’ll also need to open a Chime Checking Account to qualify for the Chime Savings Account.
• Wells Fargo Savings Account (Member FDIC): You might like Wells Fargo’s Way2Save program that moves a dollar from checking to savings each time you swipe your debit card. But depending on a) how often you swipe your debit card, and b) how strict your budget is, then moving over a dollar at a time could become overwhelming.

Bank Trustworthiness and BBB Rating

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:

The BBB cites the number of customer complaints on the BBB site for Capital One 360’s A- grade. Meanwhile, Ally received an A rating from the BBB because it has four unresolved complaints, and Chase has an A rating due to government action against the bank.

Chase and SoFi have also been involved in recent public controversies. Here are a couple of conflicts from Chase over the past few years:

• In 2021, JP Morgan Chase & Co. paid the SEC $125 million in a settlement that stated the company did not have proper recordkeeping for certain documents. JP Morgan Chase also paid the Commodity Futures Trading Commission $75 million in a settlement when accused of permitting unapproved communication, such as text messages and WhatsApp messages.
• In 2020, the Department of Justice required the company to pay $920 million for wrongful trading.

SoFi has one recent scandal. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.

If these scandals worry you, you may prefer one of the online banks on our list. Most of Ally’s customer complaints have been closed, and Alliant has a great BBB score.

Sophia Acevedo, CEPF

Banking Reporter

Evelyn He

Compliance Associate

Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.

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