Best Banks and Credit Unions for Students
Money management is an essential skill, and the right student bank account can help you learn the ropes. Many student bank accounts come with low (or no) fees and less stringent requirements.
To help you find the right bank for students, Money researched over 50 banks and credit unions. Based on their student offerings, fees and customer service, here are our choices for the best banks and credit unions for students in 2025:
- Chase – Best Overall
- Wells Fargo – Best for High School Students
- Bank of America – Best for Checking
- Bethpage Federal Credit Union – Best High-Yield Savings
- Capital One – Best Free Account
- SoFi – Best for New Account Offer
*Rates and APYs are subject to change. All information provided was accurate as of Oct. 8, 2024.
Chase is a full-service national bank with a college checking account for students between the ages of 17 and 24. The account comes with a $100 signing bonus and allows students to avoid a monthly service fee for up to five years while in school. Chase is also the largest bank in the U.S. by asset volume, with more than $3.5 trillion in consolidated assets. There are 4,700 branches with locations in each of the lower 48 contiguous states and 15,000 ATMs nationwide.
One of the few banks that offers a signing bonus on student bank accounts, Chase also provides perks like access to your credit score and the ability to create a credit-building plan. Students entering college or trade school can open an account at age 17, although they must physically go to a Chase branch to do so. Those 18 and older can open an account online. There’s a high school checking account option, but it doesn’t have a signing bonus.
While Chase has some attractive features for students, it doesn’t have an ATM network as extensive as some other banks. Additionally, once you graduate from school or have the account for five years, there’s a $12 monthly fee. You can waive the fee by making electronic deposits of at least $500 monthly or maintaining an average balance of $1,500. Finally, unlike some other banks and credit unions, there's no ATM fee reimbursement for transactions at a non-Chase ATM.
- $100 signing bonus with 10 qualifying transactions
- No monthly fee while in school (up to five years)
- Credit score monitoring and plans for building good credit
- Monthly fees start after five years
- Less extensive ATM network
- Doesn’t offer fee reimbursement for non-Chase ATMs
Wells Fargo's Clear Access Banking account is an ideal starter account for high school students. Available to those ages 13 to 24, it's also available to college students, only requires an opening minimum of $25 and you'll never have to worry about overdrafts because those services aren't available. Students as young as 13 can open an account with an adult co-owner, and Wells Fargo allows those older than 16 to open an account without an adult co-owner. However, anyone 17 and under must visit a branch to open an account.
Wells Fargo's Clear Access Banking is a good starter account because it doesn't come with overdraft services, meaning students can't develop the habit of overdrawing their account. Additionally, there's no minimum daily balance requirement. This account has a monthly fee of $5, but it's waived if the primary owner is 24 or younger. If you keep this account beyond age 24, avoiding the monthly fee is harder. The ATM network is limited to 11,000 locations — fewer than some other banks — and there's no fee reimbursement program if you use an ATM outside of the network.
- Students as young as 13 can open an account (with an adult)
- No overdraft fees
- Low initial deposit requirement
- Must open the account at a branch if under 17
- Limited ATM network
- No fee reimbursement for transactions at ATMs not owned by Wells Fargo
Bank of America — the second-largest U.S. bank by consolidated assets — offers the Advantage SafeBalance Banking account, which is designed to limit overdrafts. On top of that, the monthly maintenance fee is waived for students under age 25. This account comes with Bank of America's Keep the Change program, which rounds up purchases to the nearest dollar and deposits the difference in a savings account. There are no age restrictions on opening an Advantage SafeBalance Banking account, although those under 16 need an adult co-owner. You can keep the account beyond age 24, but you must start paying a monthly fee at age 25. The fee is waived by maintaining an average daily balance of $500.
This account doesn't offer overdraft services. However, you won't be charged a fee if you end up with a negative balance because of transaction amount changes, such as adding a tip at a restaurant. The Keep the Change program can help promote saving through roundups from debit card purchases. Bank of America's ATM network has 15,000 locations, but it doesn't reimburse for out-of-network fees.
- No overdraft fees
- Monthly fee waived for those under 25
- Automatic saving through roundups
- Fewer ATMs than some other networks
- No reimbursement for out-of-network ATMs
- Monthly fee after age 25
Bethpage Federal Credit Union can help students develop good savings habits with a competitive rate on balances of up to $1,000 for those 20 and under. Membership is national and open to anyone, and it only requires a minimum $5 share account deposit. The institution is part of a cooperative of credit unions, with access to banking operations at more than 5,000 branches and 30,000 network ATMs. Bethpage doesn't charge for transactions at out-of-network ATMs (although the ATM owner might charge).
With its wide field of membership, anyone in the country can open an account with a low initial share deposit of $5. Students can earn a competitive APY on their savings deposits, but the account is only available up to age 20, and the yield isn't as high on balances above $1,000.
- Competitive APY on savings account balances
- Wide field of membership for the credit union
- Low initial deposit
- Only available up to age 20
- Balances above $1,000 may not earn the higher APY
- $1,000 ATM withdrawal limit
Capital One’s MONEY account for those ages eight and above earns a modest yield while being completely fee-free. You don't have to worry about actions to waive fees or fees starting at a specific age. Additionally, the account comes with access to more than 70,000 surcharge-free ATMs. Capital One offers a truly fee-free account for students aged eight and above. At age 18, a student can open a Capital One 360 account and transfer their money, although keeping the MONEY account beyond age 18 is also possible.
This is one of the few student bank accounts that pay a yield on a checking product, although the APY is somewhat modest. You have access to over 70,000 surcharge-free ATMs with this Capital One account, making it easy for students to transact no matter where they're located. Even though Capital One doesn't reimburse for out-of-network ATMs, it's fairly easy to find a fee-free ATM. It's important to note, however, that there's a $500 limit on daily withdrawals and card purchases.
- Checking account earns a modest APY
- No monthly maintenance fee
- Access to a large fee-free ATM network
- Daily withdrawal limits
- Yield on the account is low
- No check writing
SoFi offers a $30 account bonus when you add $10 to the account within five days of opening it. Additionally, you can get up to $300 bonus by setting up direct deposit to the account. SoFi doesn't charge overdraft fees on amounts up to $50, and the account comes with a checking and savings component so students can practice all aspects of better money management.
SoFi is known for its opening bonuses, including up to $300 for signing up for direct deposit and a $30 bonus for opening a student bank account through its student webpage using a school email address. The $30 bonus is pretty easy to get: Deposit $10 into the account within five days of registration. The bonus amount for direct deposit might be lower if you don’t meet the requirements.
The student bank account permits you to save in up to 20 different "vaults," allowing you to set different goals for your money in addition to having a functional checking account. SoFi's network includes more than 55,000 surcharge-free ATMs, making it easy for you to access your money without worrying about extra costs. SoFi doesn't charge overdraft fees when the amount is under $50. Lastly, you can earn a competitive yield on your savings, but a high deposit is required to qualify.
- No monthly maintenance fees
- No-fee overdraft protection up to $50
- Multiple ways to earn bonuses as a new account holder
- Must be at least 18 to open an account
- Won’t receive the $30 bonus if you don’t open the account from a specific page
- Must sign up with a .edu email address
How we chose the Best Banks of 2025
To determine our list of Best Banks for 2025, Money staff evaluated hundreds of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 of the most popular online banks. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.
To determine the best banks and credit unions for students, we researched leading financial institutions, compared bank account options, rates, deposit minimums, fees and added benefits and features to select our top choices. We placed particular emphasis on banks that offer accounts to high school and college students. We also prioritized banks with broad ATM networks and low fees.
You can read our full methodology here.