Opening a checking account is a great way for a young person to learn financial responsibility. Many banks offer student accounts with special perks if you're enrolled in high school, college, a vocational school or other education program.
If you're a minor, you'll probably have to open the account with a parent or guardian. But once you're 18, you can take sole ownership.
CNBC Select analyzed more than two dozen student checking accounts to find the best ones, focusing on features like waived fees, deposit requirements, ATM access, educational tools and customer service. For more on how we made our picks, see our methodology.
Best student checking accounts
- Best for teens: Capital One Money Checking Account
- Best for saving: Bank of America Advantage SafeBalance Banking®
- Best for college students: Chase College Checking℠ Account*
- Best for rewards: Discover® Cashback Debit Checking
*The Chase College Checking℠ Account is no longer available for new account openings.
Best for teens: Capital One Money Teen Checking
Who's this for? Anyone 8 to 18 can be a joint account holder on a Capital One Money Teen Checking account, which offers a 0.10% APY on all balances. Parents or legal guardians who want to stay on top of their kids' spending can set up text and email notifications about debit card transactions and account activity.
Standout benefits: Money Teen Checking comes with no monthly fees or minimum balance requirements.
Capital One MONEY Teen Checking
Annual Percentage Yield (APY)
0.10% APY
Minimum deposit/balance
None
Monthly maintenance fee
None
Overdraft fee
None
Offers debit card?
Yes
ATM access
70,000+ fee-free ATMs nationwide; no ATM fee reimbursement
Parental controls
Parents can lock or unlock their kid's debit card, but can't set spending limits or block certain transactions
Terms apply.
Pros
- Ideal for all young ages (ages 8+ eligible)
- Parent or guardian on teen checking account doesn't need a Capital One account; can link external bank accounts outside of Capital One
- 0.10% APY
- No minimum deposit/balance requirements
- No monthly service fee
- No overdraft fee
- No foreign transaction fee
- Large fee-free ATM network
- Parents can set up alerts, lock/unlock kid’s debit card, schedule automatic allowance, reward kids for savings goals
- Capital One has physical branches (but not nearly as much as other big banks)
Cons
- No ATM fee refund
- Daily limits apply on debit card purchases and withdrawals (including ATM withdrawals)
Best for saving: Bank of America Advantage SafeBalance
Who's this for? With the Bank of America Advantage SafeBalance's Keep the Change® feature, debit card transactions are rounded up to the nearest dollar and the difference is transferred to a linked savings account.
Standout benefits: The opening deposit requirement for Advantage SafeBalance is only $25 and the $4.95 monthly maintenance fee is waived for account holders under 25. Through the SafeBalance for Family Banking program, kids as young as 6 can have debit card access. you can become the sole owner of the account starting at age 16.
Bank of America Advantage SafeBalance Banking®
Monthly maintenance fee
$0 for eligible students under 25
Minimum deposit to open
$100
Minimum balance
None
Annual Percentage Yield (APY)
None
Free ATM network
16,000+ ATMs
ATM fee reimbursement
None
Overdraft fee
None
Mobile check deposit
Yes
Terms apply. Bank of America, N.A. Member FDIC.
Pros
- Top-rated mobile app
- No overdraft fees
- Savings program that rounds up debit card purchases and transfers the difference to your savings account
Cons
- $25 minimum deposit to open an account
- No APY
- No reimbursement for out-of-network ATM fees
Best for college students: Chase College Checking
Who's this for? With the Chase College Checking Account, students 17 to 24 enrolled in college or a trade school get their monthly maintenance fee waived. After that, you can avoid the fee with an average daily balance of at least $1,500 or one direct deposit each month.
Standout benefits: Chase is known for offering new account holder bonuses and currently, new Chase College Checking℠ account customers can earn $125 after completing 10 qualifying transactions within 60 days of coupon enrollment. (Offer ends 10/15/2025).
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power's 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
- No APY
- Monthly fees, but there are options to waive
- No reimbursement for out-of-network ATM fees
Best for rewards: Discover Cashback Debit Checking
Who's this for? If you want to earn cash-back rewards on your debit card purchases, the Discover Cashback Debit Checking Account offers 1% cash back on up to $3,000 in debit card purchases each month.
Standout benefits: There are no monthly maintenance fees or minimum deposit requirements and overdraft protection is free.
- Top-rated mobile app
- No minimum deposit to open an account
- 1% cash back on up to $3,000 in debit card purchases each month
- Opt-in to free overdraft protection
- No overdraft fees
- No reimbursement for out-of-network ATM fees
How to choose a student checking account
Most banks and credit unions offer checking accounts tailored specifically to high school and college students. When comparing options, consider the following factors:
Age restrictions: Many student accounts are available starting at age 13, though minors typically must open them jointly with a parent or guardian. Check the age at which you can take sole ownership of the account and when the bank considers you to have "aged out."
Other requirements: Some institutions require proof of enrollment to qualify for a student checking account. Minors may also need to visit a physical branch with a parent or guardian to complete the application.
Benefits: Student accounts often have waived monthly maintenance fees, reduced overdraft charges and unique budgeting tools. Some, like Capital One's Money Checking account, even earn a modest APY.
Conversion: Student accounts typically convert to standard checking accounts once you graduate or age out. Review the bank's other options so you know what features (and fees) you'll encounter later on.
How old do you have to be to open a student checking account?
Most student checking accounts have a minimum age requirement of 13 and remain available through about age 23–25 (or until graduation). Features and access vary by age:
- Under 13: Some banks allow children as young as 6 to have a debit card tied to a joint or custodial account managed by an adult, but access is highly restricted.
- Ages 13–17: Teens can open a student checking account with a parent or legal guardian.
- Age 18+: Students can open and manage their accounts independently while still enjoying perks like waived fees and low or no minimum balance requirements.
- Ages 23–25: Once students age out or graduate, most banks transition student accounts into standard adult checking accounts.
Student checking FAQs
What is a student checking account?
A student checking account is designed for young consumers (typically ages 13 to 25) who are still learning to manage financial products. In many cases, monthly maintenance fees and account minimums are waived, but a parent or legal guardian may need to be added as custodian if you're under 18.
How old do you have to be to open a student bank account?
Most student accounts have a minimum age limit of 13 for joint ownership with a parent or guardian. Students can have sole ownership starting at 18 but are typically no longer eligible once they reach 23-25, or graduate.
What happens to my student bank account when I graduate?
Typically, when you graduate (or age out) your student account will automatically convert into a standard checking account with the same institution. You may have to start paying monthly maintenance fees or meet specific balance requirements, but check with your bank before for details
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine which checking accounts are best for students, CNBC Select analyzed dozens of U.S. checking accounts offered by banks, credit unions and online providers.
We narrowed our focus to checking accounts with no monthly maintenance fees for students and compared each on a range of features, including:
- Low or no initial deposit
- No minimum balance requirement
- Nationwide availability
- Physical branch locations
- Large ATM network
- Ease of use and account accessibility
- Independent ratings and customer reviews, when available
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
All accounts on this list are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) up to $250,000.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
