5 Bank Accounts That Waive Fees for Students
KEY POINTS
- Bank of America's Student Checking, Chase College Checking, and Bank Smartly® Checking waive monthly fees for eligible students under age 25.
- While a Capital One MONEY Teen Checking Account is designed for teenagers, any child aged 8 and up can be a joint account holder with their parent or legal guardian.
Being a student can be a financially challenging time, but it can also open up opportunities to learn about managing finances and setting good financial habits. One of the best ways to start is with a student bank account. The good news is that some banks are now waiving fees and offering additional benefits to students. Here are five bank accounts that waive fees for students.
1. Bank of America Student Checking
Bank of America's Student Checking account is designed exclusively for eligible students under age 25. With Bank of America Student Checking, qualifying students have no monthly or overdraft fees. It also has a top-rated mobile app and online banking platform, taking the top spot in J.D. Power's 2023 U.S. Banking Mobile App Satisfaction Study.
If you want a bank that has branches across the country and a robust educational program, then Bank of America is a good pick. One of the largest banks in the country, it has over 3,900 branches and 15,000 fee-free ATM locations.
The account comes with various features, like mobile banking, mobile check deposits, overdraft protection, and access to online bill pay. Bank of America offers a "Better Money Habits" program, where members get access to free, easy-to-understand financial resources.
2. Chase College Checking
Chase offers the Chase College Checking account, which comes with several perks for students. This account is designed for students aged 17 to 24. The monthly service fee is waived for up to five years while in college.
Other benefits include: access to over 16,000 ATMs and 4,700 branches, mobile check deposit, mobile and online banking, and access to Zelle. You can also link the account to a Chase savings account to protect against overdrafts, and keep track of your savings goals.
3. Capital One MONEY Teen Checking Account
While this checking account is designed for teenagers, any child aged 8 and up can be a joint account holder with their parent or legal guardian. There is no monthly fee for this account, and once they turn 18, your teen can choose to open a Capital One 360 Checking account and transfer their balance from their MONEY account.
Parents and teens can each have their own mobile app logins for the Capital One MONEY Teen Checking Account. Teens can manage their money, while parents have visibility and controls, including the means to lock the debit card. Capital One also has over 280 locations and over 50 Capital One Cafes, where account holders can bank, get a cup of coffee, and get advice from a certified money coach.
In addition, there are no minimum deposit and balance requirements, no foreign transaction fees, early direct deposit, and no overdraft fees with the Capital One MONEY Teen Checking Account.
4. Bank Smartly® Checking
The Bank Smartly® Checking account offers special benefits and features to young adults ages 18 through 24 and youths ages 13 through 17. There are no fees for customers under age 24.
U.S. Bank has a Campus Banking Program at 34 schools in 15 states (primarily in the West, Midwest, and South). Students on these campuses can link their student ID with their checking account. The participating schools offer on-campus branches, customer advisory centers, campus card programs, and convenient ATM access.
Students at other schools can open accounts at more than 2,000 physical locations in 26 states, and access over 40,000 fee-free ATMs. Account holders are automatically enrolled in the free U.S. Bank Smart Rewards Program when they open a Bank Smartly® Checking account.
5. PNC Virtual Wallet Student
PNC Virtual Wallet Student is a unique account that gives students a virtual wallet to manage their finances. With PNC Virtual Wallet Student, you can waive the monthly service charge if you are a student for six years.
Additionally, you also get access to mobile and online banking, virtual wallet features, mobile check deposit, and online bill pay. PNC will reimburse the first two domestic or international non-PNC Bank ATM transaction fees.
If you're a student and want to start managing your finances, consider opening a student bank account. These five bank accounts mentioned in this article offer numerous benefits that can help you manage your money, avoid fees, and start building your credit history. Don't miss out on the opportunity to take advantage of these financial benefits and become better equipped for your future.
Our Research Expert
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of West Point and a Lieutenant Colonel in the Army National Guard. He has an MBA from the UCLA Anderson School of Management.
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