Are you aware that as a college student, you can have access to a free checking account that offers all the benefits of a full-service account? Don’t let the misconception that banking will eat up your money deter you from enjoying the convenience of a checking account. Banks understand the financial constraints that students face and have created student-oriented checking accounts tailored to suit their needs, with features that appeal to the student demographic. While these accounts may not generate significant revenue for banks in the short term, they anticipate building lasting relationships that will be beneficial in the long run, especially as your income grows post-graduation. Research indicates that college graduates earn substantially more than their peers with just a high school diploma.
There are many advantages to using a student checking account, including no fees, access to ATMs, a debit card, free checks in some cases, and a user-friendly mobile app. Let’s explore some top banks that offer great student checking account options.
- Discover Cashback Debit: Discover’s Cashback Debit Checking Account enables you to earn up to 1% cashback on monthly debit card purchases of up to $3,000. With no fees, minimum balance requirements, and the added benefit of free overdraft protection, this account is an attractive option for students. Discover also offers a mobile-friendly interface, access to over 60,000 free ATMs, and free check ordering.
- Chime Checking: Chime revolutionized mobile banking with its mobile-first approach and low fees. While it operates solely through a mobile app, Chime provides an excellent free checking account option for students.
- Current: Endorsed by personalities like YouTuber Mr. Beast, Current offers hassle-free mobile banking. Their free checking account has no minimum balance requirements, overdraft fees, and provides fee-free ATM withdrawals at over 40,000 ATMs, along with cashback rewards and high-yield savings options.
- Chase College Checking: Targeted at students aged 17-24, the Chase College Checking account is a robust option with no maintenance fees for up to five years. Moreover, new customers can earn a $100 bonus by completing qualifying transactions.
- Cash App: Known primarily for money transfers, Cash App also offers a full-service banking product with free checking, a Visa debit card, no monthly fees, and free overdraft coverage for eligible customers.
- Axos Essentials Checking: Axos Bank’s nationwide free checking account is complemented by seamless access to ATMs, with no maintenance fees, minimum balance requirements, or overdraft fees.
- Step: Initially designed as a starter account for teens, Step has transitioned into a comprehensive college student checking account. With cashback rewards, high APY in savings, and various perks, Step offers a robust free checking option for students.
8 HSBC Student Checking: HSBC’s student checking product provides easy access to a vast ATM network and waives all fees for up to six years with no minimum balance requirements.
- TD Bank Convenience Checking: While not exclusively designed for students, TD Bank’s Convenience Checking account offers easy ways to avoid monthly maintenance fees, making it an excellent option for student banking.
- USAA Classic Checking: Suitable for those eligible for USAA accounts, the USAA Classic Checking offers free checking with online bill pay, free checks, and ATM reimbursement, among other benefits.
What Students Need In A Checking Account:
Students have unique banking requirements, such as no monthly maintenance fees, no or low monthly balance requirements, no direct deposit requirement, excellent online access, and no ATM fees. These criteria formed the basis for selecting the best student checking accounts on our list.
Designed to assist young adults in making informed financial decisions, this list of the best free college student checking accounts was crafted with careful consideration and meticulous research. Each account was selected based on its user-friendliness, cost, interest rates, bonuses, and other essential factors. Trust our recommendations to provide you with the finest student checking account options on the market.
In conclusion, these student checking accounts offer a perfect blend of convenience, affordability, and valuable features for college students. Be sure to take advantage of these opportunities while you’re in school, as some accounts may transition to different products post-graduation. Plan accordingly to make the most of these student banking options.
