A student checking account is exactly what it sounds like a checking account designed for students. Each bank has its own age restrictions, so “student” could include middle schoolers, high schoolers and college students, including those attending vocational school.
Unlike other youth accounts a parent or adult might open for a minor—with the adult often serving as a joint account holder—a student checking account offers a step toward independence, which means more flexibility and privacy for the young person.
Some of the best student checking accounts have these benefits:
- A sign-up bonus for new members
- Low- or no minimum deposit requirement to open the account
- No maintenance fees
- Waived ATM fees for any transactions outside the bank’s network
- Free fraud protection
- Ability to link to external accounts
- Online and mobile banking features, including peer-to-peer (P2P) transfers
When To Open a Student Checking Account
The best time to open a student checking account is when you’re the right age to qualify and enrolled in school. Different accounts have different age limits to consider. Chase College Checking, for example, is available to applicants ages 17 to 24, while Axos Bank Rewards Checking requires applicants to be at least 18—but there’s no upper age limit.
Pro Tip
You can always wait until you arrive on campus before opening an account. This can allow you to get a sense of your new routines and the checking account features you’ll find most useful.
What Do You Need To Open a Student Checking Account?
To open a student checking account, you’ll need to meet some basic criteria. First, you must be a student and hold a current and valid school identification card. You also need to be within a certain age range—be sure to check the financial institution’s requirements. Finally, you may be required to deposit funds into the account to open it, though this varies among institutions.