The best bank accounts for college students in 2022

The best bank accounts for college students in 2022

                                                                         

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

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

If you're a college student that's looking to open your own bank account, we've researched dozens of options. Below, you'll find our top picks for bank accounts for college students.

Comparing the best bank accounts for college students

Alliant High-Interest Checking Account

Ally High Yield Savings Account

Bank of America Advantage SafeBalance Banking® Account

Capital One 360 Performance Savings™

Chase College Checking℠

SoFi Checking and Savings

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Best for a fee-free checking account

Editor's rating

4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Best for budgeting/savings tools

Editor's rating

4.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Best for earning a bank account bonus

Editor's rating

3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Best for a strong mobile app

Editor's rating

4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Best for easy branch/ATM access

Editor's rating

3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Best for an all-in-one bank account

Editor's rating

4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Alliant High-Interest Checking Account

Annual Percentage Yield (APY)

0.25% APY

Minimum Deposit Amount

$0

Alliant High-Interest Checking Account

Annual Percentage Yield (APY)

0.25% APY

Minimum Deposit Amount

$0

On Alliant Credit Union's website

On Alliant Credit Union's website

Deposit Details

Annual Percentage Yield (APY)

0.25% APY

Minimum Deposit Amount

$0

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn interest Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. $20/month in out-of-network ATM fee refunds Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. No incoming wire transfer fee

Cons

Dash icon A dash. It often indicates an interaction to shrink a section. Compounds interest monthly, not daily Dash icon A dash. It often indicates an interaction to shrink a section. $25 outgoing wire transfer fee Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)

Earn a cash bonus of $100 and Alliant will donate an additional $100 to the Alzheimer's Association, American Cancer Society, or Easterseals; To qualify you meet the following requirements: 1) Open the High-Rate Checking account by October 7, 2022, with a minimum opening deposit of at least $100; 2) Sign up for online statements, make at least one electronic deposit per month, and maintain a $100 account balance through the end of February 2023

80,000+ free ATMs

Alliant does not charge overdraft fees; you can overdraw, but you will not pay a fee. You may also link checking to a savings account and select for funds to automatically transfer to cover overdrawn amount.

Interest compounded monthly

Federally insured by the NCUA

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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 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. 

Ally High Yield Savings Account

Annual Percentage Yield (APY)

2.25% APY

Minimum Deposit Amount

$0

Ally High Yield Savings Account

Annual Percentage Yield (APY)

2.25% APY

Minimum Deposit Amount

$0

Deposit Details

Annual Percentage Yield (APY)

2.25% APY

Minimum Deposit Amount

$0

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings buckets help you save for different goals Check mark icon A check mark. It indicates a confirmation of your intended interaction. Surprise savings transfers help you save extra money from your checking account

Cons

Dash icon A dash. It often indicates an interaction to shrink a section. No physical branch locations Dash icon A dash. It often indicates an interaction to shrink a section. No way to deposit cash Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

Create separate savings buckets in a savings account

Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week

Interest compounded daily, paid monthly

FDIC insured

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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 Bank of America or another brick-and-mortar bank.

Best for earning a bank account bonus: Bank of America

Bank of America Advantage SafeBalance Banking® Account

Annual Percentage Yield (APY)

N/A

Minimum Deposit Amount

$25

Bank of America Advantage SafeBalance Banking® Account

Annual Percentage Yield (APY)

N/A

Minimum Deposit Amount

$25

On Bank of America's website

On Bank of America's website

Deposit Details

Annual Percentage Yield (APY)

N/A

Minimum Deposit Amount

$25

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. 4,600 branch locations and 16,000 ATMs Check mark icon A check mark. It indicates a confirmation of your intended interaction. $0 monthly fees when requirements are met Check mark icon A check mark. It indicates a confirmation of your intended interaction. May receive a cash bonus

Cons

Dash icon A dash. It often indicates an interaction to shrink a section. $25 opening deposit Dash icon A dash. It often indicates an interaction to shrink a section. $2.50 out-of-network ATM fee Dash icon A dash. It often indicates an interaction to shrink a section. Doesn't reimburse out-of-network ATM fees charged by providers Dash icon A dash. It often indicates an interaction to shrink a section. No paper checks Dash icon A dash. It often indicates an interaction to shrink a section. No interest earned Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

New Bank of America customers may receive a $100 bonus until 12/31/2022 when you open a Bank of America Advantage Banking account with a Bank of America associate who enrolls you in offer, and set up direct deposit for $1,000 or more within the first 90 days of opening the account

Students (an account owner under age 25 and enrolled in a school or an educational or vocational program) can earn a $50 bonus until October 31, 2022; To earn the bonus, you must 1) Open a Bank of America Advantage SafeBalance Banking account with the offer code and notify Bank of America of your student status, and 2) Request a debit card and make 10 qualifying debit card transactions of any amount during the first 60 days of opening your account

Access to 4,600 branch locations and 16,000 ATMs

Waive $4.95 monthly fee as a student under age 24, OR as a Preferred Rewards client

The minimum deposit required to open a SafeBalance Banking account is $25

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Why it stands out: Bank of America (Member FDIC) has over 4,200 branches and 16,000 ATMs nationwide. You may be able to access a branch/ATM when you're at school, visiting home, or going on a trip.

There are no monthly fees with this account if you're a student under age of 25. You'll also qualify to earn a $50 bonus if you open an account online and notify Bank of America of your student status. To earn the bonus, all you have to do is request a debit card and make 10 qualifying debit card transactions during the first 60 days of opening an account.

What to look out for: This account is a checkless bank account, which means you won't be able to write paper checks. If you use an out-of-network ATM, Bank of America also won't reimburse you.

Capital One 360 Performance Savings™

Annual Percentage Yield (APY)

2.20% APY

Minimum Deposit Amount

$0

Capital One 360 Performance Savings™

Annual Percentage Yield (APY)

2.20% APY

Minimum Deposit Amount

$0

Deposit Details

Annual Percentage Yield (APY)

2.20% APY

Minimum Deposit Amount

$0

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to save for various goals Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 live chat

Cons

Dash icon A dash. It often indicates an interaction to shrink a section. Limited access to customer service by phone Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC

Interest compounded daily, paid monthly

FDIC insured

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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.

Best for easy branch/ATM access: Chase

Chase College Checking℠

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$0

Chase College Checking℠

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$0

Deposit Details

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

$0

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly maintenance fee for a Chase savings account linked to this account Check mark icon A check mark. It indicates a confirmation of your intended interaction. No required opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. Over 4,700 branches Check mark icon A check mark. It indicates a confirmation of your intended interaction. Relatively easy to waive monthly fee

Cons

Dash icon A dash. It often indicates an interaction to shrink a section. $6 monthly maintenance fee Dash icon A dash. It often indicates an interaction to shrink a section. $3 to $5 out-of-network ATM fee Dash icon A dash. It often indicates an interaction to shrink a section. No out-of-network ATM fee reimbursements Dash icon A dash. It often indicates an interaction to shrink a section. 3% foreign transaction fee Dash icon A dash. It often indicates an interaction to shrink a section. $34 overdraft and non-sufficient funds fees Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

Enjoy $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.

Access to more than 16,000 Chase ATMs and more than 4,700 branches

No Monthly Service Fee for up to 5 years if you're a student between the ages of 17-24 at account opening with proof of student status.

Manage your money, see your accounts, and pay your bills using the Chase Mobile® app

Send and receive money in moments using Zelle®

Students ages 18-24 can open an account online or at a Chase branch. 17-year-olds must open at a Chase branch.

Start planning for your future by using the budget tool in the Chase Mobile® app to set, track, and adjust your spending to help you save more.

Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

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.

Best for an all-in-one bank account: SoFi

SoFi Checking and Savings

Annual Percentage Yield (APY)

1.20% to 2.50% APY

Minimum Deposit Amount

$0

SoFi Checking and Savings

Annual Percentage Yield (APY)

1.20% to 2.50% APY

Minimum Deposit Amount

$0

Deposit Details

Annual Percentage Yield (APY)

1.20% to 2.50% APY

Rates as of 9/30/22.

Show more

Minimum Deposit Amount

$0

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a higher interest rate if you set up direct deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $300 bonus Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn up to 15% cash back at local retailers if you use a SoFi debit card Check mark icon A check mark. It indicates a confirmation of your intended interaction. No-fee overdraft coverage if you overdraw up to $50 Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings tools Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark icon A check mark. It indicates a confirmation of your intended interaction. Joint account available

Cons

Dash icon A dash. It often indicates an interaction to shrink a section. Declined purchase if you overdraw by more than $50 Dash icon A dash. It often indicates an interaction to shrink a section. Doesn't reimburse out-of-network ATM providers' fees Dash icon A dash. It often indicates an interaction to shrink a section. May deposit cash at Green Dot locations but there's a $4.95 fee Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

Free access to 50,000+ Allpoint ATMs worldwide

Hybrid checking/savings account

Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking

Earn 2.50% APY with direct deposit

Earn 1.20% APY if you do not have direct deposit

Earn up to a $300 bonus from 10/1/2022 to 12/31/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days;

Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation

$4.95 fee each time you deposit cash at a Green Dot location

To get no-fee overdraft coverage you must have at least $1,000 in direct deposits

FDIC insured

Additional Reading Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

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.

Other bank accounts we considered for college students

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.

BB&T Student Checking Account (Member FDIC): This is a worthwhile option for a student account, but there are only branches in 16 states.

US 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:

Ally, Chase, and Capital One have the lowest BBB scores on our list.

The BBB cites the banks' high number of customer complaints for Ally's grade. The BBB says the Chase rating is due to government action taken against the businesses.  Meanwhile, Capital One 360's rating is due to a high volume of customer complaints.

The banks on our list with the most scandals recently are the national brick-and-mortar banks: Chase and Bank of America.

Here are a couple of conflicts from Chase over the past few years:

And here are recent settlements involving Bank of America:

In 2020, the Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans. 

In 2019, the Department of Labor required Bank of America to pay $4.2 million to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.

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.

Methodology: How did we choose the best bank accounts for college students?

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.

Why trust our recommendations?

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.

Frequently asked questions

Brick-and-mortar banks typically waive monthly fees for students under a certain age — however, not all banks do this for regular accounts. With a student account, you can be sure your fees will be waived. Plus, some student accounts include perks that might not be available for regular accounts, like no minimum opening deposits or waived ATM fees.

For online banks, there usually isn't much benefit to opening a student account over a regular account — and many don't even offer student accounts. Most online banks already don't charge monthly fees and don't require minimum balances (or the minimum balance is very low), so you're already getting the perks of a college account.

Most student bank accounts become regular accounts after a certain point. This may be when you graduate, when you turn a certain age, or after a certain number of years.

You'll likely need to show proof you're a student, such as a student ID or acceptance letter. If the bank requires you to be under a specific age, then you'll probably need an official document that shows your birthday, like a driver's license or birth certificate.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Sophia Acevedo, CEPF

Junior Banking Reporter