Which bank is the best to open a student account?
Low fees, low minimums and a large ATM network put Axos Bank's Rewards Checking account on the board as one of the best student accounts.
| Checking account | Best for | Minimum deposit for new accounts |
|---|---|---|
| Chase College CheckingSM | Banking in person | $0 |
| Axos Rewards Checking | Free ATMs nationwide | $0 |
| Chime®Checking | Low fees | $0 |
| Discover® Cash Back Debit Account | No minimum account balance | $0 |
- 2.1 IndusInd Bank.
- 2.2 RBL Bank Savings Account.
- 2.3 HDFC Bank.
- 2.4 State Bank of India's Pehli Udaan and Pehla Kadam.
- 2.5 ICICI Students Savings Account.
- 2.6 Kotak Mahindra Bank's Junior Savings Account.
- 2.7 Karur Vysya Bank.
HSBC is a great choice for students, offering free unlimited chequing. Students get unlimited transactions and free Interac e-Transfers with no monthly fee and no minimum balance required.
| Sr.No. | Bank Name | Rates of Interest(p.a.) |
|---|---|---|
| 1 | State Bank of India | 2.70% - 3.00% |
| 2 | Union Bank of India | 2.75% - 3.55% |
| 3 | HDFC Bank | 3.00% - 3.50% |
| 4 | ICICI Bank | 3.00% |
There are very few fees attached to the Wells Fargo Clear Access Banking account. The monthly fee is waived for customers ages 13 to 24. There are also no overdraft or non-sufficient funds fees. It's also fairly easy to open—the minimum deposit requirement is a low $25.
Chase Savings℠
A savings account with no Monthly Service Fee when linked to Chase College Checking℠ for Overdraft Protection to help you save for your goals during and after college.
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
- 1 Valid ID (primary or secondary)
- Fully-accomplished Forms (Provide TIN and SSS/GSIS number, if applicable)
- Valid enrollment/registration form of the current school year.
Student bank accounts often pay less interest than regular accounts. That means it might not be the best option for you if you're always in credit and are hoping to gain interest on your money.
Is Bank of America good for student?
Bank of America Advantage SafeBalance Banking® SafeBalance Banking® is a smart choice for students and young adults with no monthly maintenance fee for SafeBalance Banking® accounts with an owner under 25 1 and this account has no overdraft fees.
A bank can help you access funds from your student loans faster and manage your money electronically, similar to using a mobile app to send money to your roommate. Signing up for a bank account now can save you headaches later. However, you do not have to have a bank account to access your student loan money.
Chase High School Checking℠
Partner to build money confidence using the tools and resources from Chase High School Checking: a checking account for teens (13-17 years old at account opening) with their parent/guardian as a co-owner and no Monthly Service Fee.
| BANK | BONUS AMOUNT | MINIMUM OPENING DEPOSIT |
|---|---|---|
| BANK OF AMERICA | $200 | $25 |
| BMO | $250 | $25 |
| CHASE | $300 | $0 |
| CIBC | $200 | $50 |
| Account | Approximate time to complete application | Monthly fees |
|---|---|---|
| Capital One 360 Checking Account: Best for ATMs | 3 to 4 minutes | $0 |
| Ally Bank Spending Account: Best for Automatic Savings | 2 to 3 minutes | $0 |
| Revolut: Best All-In-One App | 5 minutes | $0 to $16.99 |
| Financial Institution | APY | Minimum Opening Deposit |
|---|---|---|
| E*Trade | 1.50% | $0 |
| Customers Bank | 2.00% | $50 |
| Landmark National Bank | 1.25% | $50 |
| Schwab | 0.45% | $0 |
If you're looking for better rates and lower fees, Wells Fargo will likely be your best bet. Wells Fargo also has a wider variety of bank accounts to choose from. However, whether you choose Chase or Wells Fargo, you can rest easy knowing you'll always have quick and easy access to your accounts.
Wells Fargo student account fees
$10 - waived for students aged 17 - 24. Minimum opening deposit $25. If you're 25 or older, you can also have the fee waived if during each fee period you: Maintain a daily balance of at least $1,500 OR.
| Company | Forbes Advisor Rating | For Ages |
|---|---|---|
| Capital One MONEY Teen Checking | 4.8 | 8+ |
| Chase First Banking℠ | 4.3 | 6 to 17 |
| Alliant Credit Union Teen Checking | 4.0 | 13 to 17 |
| Connexus Credit Union Teen Checking | 3.7 | 10 to 17 |
Bottom line. The Chase College Checking account can help college students avoid pesky monthly maintenance fees and even let you earn $100. Account holders have the flexibility to bank online, with a top-rated mobile app and Zelle access, and at over 4,700 branches in over 30 states.
Is Chase free for college students?
Chase College Checking
For students 17–24 years old at account opening, enrolled in college or a vocational, technical or trade school. Proof of student status may be required. $0 Monthly Service Fee up to the graduation date provided at account opening (five year maximum).
Chase ranked well in the 2023 J.D. Power U.S. Retail Banking Satisfaction Study. Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid.
| Rank by Asset Size | Bank Name | Total Assets |
|---|---|---|
| 1. | Chase Bank | $3.38 trillion |
| 2. | Bank of America | $2.45 trillion |
| 3. | Wells Fargo | $1.7 trillion |
| 4. | Citibank | $1.68 trillion |
Most Chase deposit accounts don't have minimum opening deposit requirements. The bank's various fees and low savings account rates, compared to what some competitors offer, are drawbacks.
- Low interest rates on CDs, savings and checking accounts.
- Monthly fees with most accounts if you don't qualify for waivers.
- Out-of-network ATM fees with Chase's basic accounts.
