8 Best Bank Accounts for College Students
The best bank accounts for college students have easy opening requirements, low or no fees and high interest rates.
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A bank account can help college students manage money and build good financial habits. The best bank accounts for college students don’t charge monthly fees or require direct deposit, and they have forgiving overdraft policies and well-rated mobile banking apps, and offer multiple customer support options.
Note that college students under 18 typically need an adult to be a joint account owner.
Nerdy Tip
The White House has announced plans to eliminate so-called junk fees on college-sponsored bank accounts. Read more about these fees and President Biden's plans.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Summary of the best bank accounts for college students
PNC Virtual Wallet Student
Discover® Cashback Debit
Alliant Credit Union High-Rate Checking
Ally Bank Spending Account
Varo Bank Account
Alliant Credit Union Ultimate Opportunity Savings Account
Marcus by Goldman Sachs Online Savings Account
Wells Fargo Everyday Checking
Bank/institution | NerdWallet rating | Monthly fee | APY | Learn more |
---|---|---|---|---|
4.5/5 | $0 | N/A | Learn more at Varo Bank, Member FDIC | |
4.5/5 | $0 | N/A | Read review | |
4.8/5 | $0 | 0.25% With $0 min. balance for APY | Learn more at Alliant Credit Union, Federally insured by NCUA | |
4.8/5 Best for Overdraft-friendly Bank | $0 | 0.10% With $0 min. balance for APY | Read review | |
4.9/5 | $0 | 3.10% With $100 min. balance for APY | Read review | |
4.5/5 | $0 | 4.10% With $0 min. balance for APY | Read review | |
4.1/5 | $10.00 Waived with direct deposit or $500 minimum balance | N/A | Read review | |
5.0/5 | $0 | N/A | Learn more at Discover® Bank, Member FDIC |
APY
N/A
Bonus
N/A
Monthly fee
$0
Overdraft star rating
5.0/5
APY
N/A
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
APY
0.25%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
5.0/5
APY
3.10%
With $100 min. balance for APY
Bonus
$100
Requirements to qualify
APY
4.10%
With $0 min. balance for APY
Bonus
N/A
APY
N/A
Bonus
$300
Requirements to qualify
Monthly fee
$10.00
Waived with direct deposit or $500 minimum balance
Overdraft star rating
4.0/5
APY
N/A
Bonus
$360
Up to $360 per year. See website for details.
Monthly fee
$0
Overdraft star rating
5.0/5
Our pick for
Overdraft-friendly Bank
APY
0.10%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
5.0/5
Last updated on March 21, 2024
Methodology
Methodology for the Best Bank Accounts for College Students
To determine the best bank accounts for college students, we took a close look at accounts that are specifically designed for students as well as accounts with features and benefits that are helpful to students but not specifically designed for them. We compared the accounts based on monthly fees and requirements, overdraft policies, ATM network size, number of branches, mobile and online banking capabilities and customer support options.
Financial institutions and providers surveyed are: Affirm, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, City First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Republic Bank, First Tech Federal Credit Union, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
NerdWallet's Best Bank Accounts for College Students
Frequently asked questions
- What is the best bank for college students?
The best bank for college students offers accounts with no fees and low or no minimum balance requirements. For young adults beginning to manage their money, other useful bank features include a forgiving overdraft policy, easy access to customer support and fee-free ATMs.
» Learn more about how to choose a college bank account
- What happens to a college bank account after graduation?
Some banks transition college bank accounts into regular accounts once the account holder graduates. Other banks might let graduates keep their existing accounts but start charging a monthly fee after the account holder loses their student status.
» MORE: Learn how to choose a bank after college