Best Student Checking Accounts

Why We Like It: With no monthly fees or minimum deposit requirements, a $30 signup bonus and an 0.50% APY, SoFi Student Checking and Savings is today’s best option for students.

What We Don’t Like: SoFi requires an .edu email to start the application, which could potentially be a problem for some students. Plus, while it provides one of the best APYs for student checking accounts, it pales in comparison to the rates on the best general-purpose deposit accounts.

Who Should Get It: Students who want to earn interest on their money while avoiding fees should give SoFi Student Checking and Savings a try.

 

Why We Like It: With a 0.25% APY, no minimum deposit and no monthly fees, Alliant Credit Union Teen Checking is a great choice not only among offers aimed at students, but also among checking accounts in general. In addition, Alliant Credit Union Teen Checking has no out-of-network ATM Transaction fees, no fees for insufficient funds, and a $20 rebate for ATM surcharges.

What We Don’t Like: Alliant Credit Union Teen Checking requires Alliant Credit Union membership. While membership is very easy to get (simply join the nonprofit organization Foster Care to Success for free), it is an extra hoop to go through. Also, while an APY is always welcome, it is very low compared to most regular interest-bearing checking accounts.

Who Should Get It: If you’re looking for a simple student checking account with a decent APY, the Alliant Credit Union Teen Checking account is an excellent choice.

Why We Like It: Wells Fargo Clear Access Banking offers fee-free out-of-network ATM usage up to 5 times a month, along with $0 monthly fees, $25 minimum deposit, and unlimited in-network ATM withdrawals. Add helpful money management tools and a solid mobile app, and you’ve got yourself a great choice for students.

What We Don’t Like: Wells Fargo Clear Access Banking does not offer any interest, unfortunately. 

Who Should Get It: If you want to learn more about managing your money without having to worry about racking up a lot of fees, the Wells Fargo Clear Access Banking account is right for you.

Why We Like It: Valley Bank offers up to $150 for opening and using the Valley Bank My Choice Checking account, which has no monthly fees and requires just a $25 minimum deposit.

What We Don’t Like: Unfortunately, Valley Bank My Choice Checking does not pay interest on your money. Plus, Valley Bank is a relatively small bank, with branches only in Alabama, Florida, New Jersey and New York. You can of course apply online regardless of where you are in the U.S., but if you’re interested in physical branches and don’t live in the above-mentioned locations, then it might be a deal-breaker.

Who Should Get It: If you don’t mind the limited number of branches, are 17 to 25 years old, and want to start your banking experience with a reward, the Valley Bank My Choice Checking account is the perfect choice.
 

Why We Like It: Capital One Money Teen Checking offers an APY of 0.10%, but its rarest feature is the lack of foreign transaction fees on the debit card. Combined with no monthly fees and no minimum deposit requirement, the Capital One Money Teen Checking account is a great choice for students looking to travel.

What We Don’t Like: Unlike many other student checking accounts, Capital One Money Teen Checking does not automatically upgrade to an adult account once you turn 18 years old. Plus, there are plenty of general-purpose checking accounts with an APY much higher than Capital One’s offer.

Who Should Get It: Students looking to travel without paying extra should give Capital One Money Teen Checking a chance. Similarly, parents who want to start teaching their children about banking from an early age using a low-fee, simple checking account with a big bank behind it can benefit from this offer.

Why We Like It: Axos Bank First Checking comes with a 0.10% APY, no monthly fees, and no overdraft or non-sufficient funds fees. Plus, there are no out-of-network ATM transaction fees, and you'll get a rebate for up to $12 in ATM-owner surcharges per month.
 
What We Don’t Like: Unlike most student checking accounts, Axos Bank First Checking has limited parental controls, with only the ability to track spending and lock/unlock the account. Also, while it does offer an ATM-fee rebate, it is a bit on the low side with $12, compared to the usual $20 offered by most banks. And if you’re looking for a high interest rate, the Axos Bank Rewards Checking Account might be a better choice.

Who Should Get It: The Axos Bank First Checking is a great fit for teenagers who want the convenience of an online-only account, a solid mobile app and the opportunity to earn interest on their money.
 

Why we like it: The Axos Bank First Checking account offers a 0.10% APY, no monthly fees, no overdraft fees and only $1 minimum to open. Even for interest-bearing bank accounts, this is one of the best checking accounts on the market today.

What we don’t like: While offering a great product, Primis Bank is relatively small, with only branches in Virginia and Maryland. If you like to bank in person, this might be a deal-breaker.

Who should get it: Anyone looking to get a great APY on their checking account, alongside very low fees, should check the Axos Bank First Checking account out.