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What Is a Student Checking Account?
Key takeaways
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Student checking accounts can help students manage money safely, track spending, and practice budgeting in everyday life
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Look for low fees, flexible minimum balances, and mobile tools that make monitoring purchases and bills easier
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If you’re under 18, a parent or guardian may need to open or co-own the account
Student checking accounts, with features and benefits geared to the needs of high school and college students, can be a helpful way to start learning how to manage your money — a skill that could be valuable all through your adult life.
In this article, we'll explore the benefits of checking accounts for students, how they differ from regular checking accounts, and how you can use the student financial tools as both a safety net and a learning opportunity.
How does a student checking account work?
A student checking account works just like a regular checking account: You (or your parents/guardians) deposit money from employment or other sources, which can be done through direct deposit, at a bank branch, or at an ATM.
Then, using your checks or debit card at stores, restaurants, or ATMs, you spend your money for a variety of needs:
- Daily purchases
- ATM withdrawals
- Paying bills
- Managing school-related expenses
Bonus: This might be safer than walking around with a pocketful of cash.
Who qualifies for a student checking account?
Different banks have different eligibility requirements for student checking, as well as different types of student accounts, such as parent or guardian joint accounts.
However, here are some general criteria you can expect, including:
- Be enrolled in high school, college, or another recognized educational program, such as a vocational, technical, or trade school
- Be within a certain age range, usually between the ages of 17 and 24.
- Be able to show proof of enrollment or student ID with photo
Key features of a student checking account
Look for these student checking account features when you're shopping around for a bank.
1. No monthly maintenance fee
Student accounts often don't have monthly maintenance fees, and some also waive ATM fees within the bank's network.
2. No or low minimum balance requirements
Look for a checking account that doesn't charge a fee if your balance drops below a certain amount. Also, student checking accounts don't typically require a minimum opening deposit, though requirements vary.
3. Free student debit card
Your checking account will likely come with a fee-free VISA or Mastercard debit card that can be used wherever those cards are accepted.
4. Mobile and online banking tools
You want to be sure that the features and capabilities of the bank's secure website and mobile banking for students match your digital lifestyle.
The features of mobile banking for students may include:
- Mobile check deposit
- Real-time account alerts and budgeting tools
- Online bill pay
- Paperless statements
5. Early direct deposit
Some banks provide early access to direct deposits, like those from an employer or state or federal agency—sometimes up to two days earlier than normal. Timing can vary based on the payer, the bank, and when the deposit information is received.
6. Fee-free ATMs and/or ATM reimbursements
Many student accounts can be accessed through extensive ATM networks with thousands of locations. If you stay in-network, there are generally no fees.
A select number of banks offer reimbursement of ATM fees if you use an out-of-network location.
7. Flexible overdraft options for student checking
Real-time account alerts for low balances can help you avoid overdrafts, and you might want to keep a little more in your account than you need.
Nonetheless, overdrafts sometimes happen. A student checking account may offer ways to reduce overdraft costs or give you a window of time to make a deposit before a fee is charged.
You might obtain free overdraft protection by linking a savings account or another eligible account. Be sure to understand student overdraft policies, opt-in options, and fees when opening an account.
8. Easy transition after graduation
After you no longer qualify for a student account, many banks will automatically graduate your account to a regular checking account. These accounts may come with more fees, however, so it pays to shop around before the transition occurs.
Benefits of a student checking account
The benefits of a student checking account can go beyond day-to-day money management. The account could help you build sound financial habits for the future.
1. It can support your credit goals
A student checking account can be a good place to practice day-to-day money management. This typically doesn’t build credit history on its own because checking activity usually isn’t reported to the major credit bureaus. Still, staying organized with bills and avoiding negative account issues may help you build healthier habits you can carry into future credit use.
2. It protects money securely
When cash is lost or stolen, it's gone. If your debit card is lost, you can freeze or cancel it to help keep your money safe. In addition, it's likely that your checking account is insured by the FDIC (Federal Deposit Insurance Corporation). Check with your institution to understand what coverage applies to your account.
3. It simplifies everyday spending
Your debit and ATM card transactions appear in the account quickly, letting you keep a close eye on your expenses. In addition, cards can sometimes be added to mobile wallets, letting your phone serve as a way to pay.
4. It supports good financial habits
Managing a checking account can help you learn how to set a budget and stick to it, monitor your accounts, put aside money for larger purchases — and recognize when it might be time to cut back on spending.
5. It's ideal for part-time workers
Most employers provide direct deposit, which can be easier than managing paper paychecks. Direct deposit for students means your money can shows up in your account on a predictable schedule.
How to open a student checking account
Opening a student checking account can be straightforward, whether you apply online, by phone or by visiting a branch. A student under the age of 18 may need to be accompanied by a parent or guardian.
Check with your bank on its specific requirements, but in general you may need:
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A government-issued ID with photo (driver's license, learner's permit, passport)
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Proof of student enrollment. This can be your student ID with photo, a class schedule, a letter of admission, or an enrollment number
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Your Social Security number. You don't necessarily need to provide the card, but the bank will need to verify the number, along with name, address, and date of birth
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An opening deposit, if required. Some student checking accounts, however, don't require a minimum opening deposit
FAQs
Students usually don't have a lot of money to throw around, so banks often offer low-fee student checking or no fees at all for monthly maintenance, minimum balance requirements, or in-network ATM usage. Some, however, may charge fees for overdrafts or other services.
Yes. Many banks allow students as young as 14 (or even younger) to have checking accounts, but a parent or guardian is often a joint owner. Age is only one factor, though. Not all high school students are ready for the responsibility of a checking account.
The student bank account features you've become accustomed to may transition into a regular checking account, which could have more fees (for example, monthly maintenance) and restrictions (like minimum balance requirements). You don't have to remain with that bank, however, so you might look at other options that fit your needs.
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