Having a bank account is an indispensable necessity today. While we can all have a bank account after becoming legally capable, student accounts have their own unique benefits. They act like savings and checking accounts with reduced fees and better benefits to meet a student's requirements. If you're a student, you should definitely look into registering for a student account.

How to Choose the Best Student Bank Account?

Before you go forward with opening the account for yourself, there are a few things that you need to keep in mind.

1. Location of the bank

The first thing to keep in mind is the location of the bank. Since you are a student, you should choose a bank that is close to your college or where you live. A student should prioritize in his or her studies instead of worrying about how to get to the bank.

2. Service fees

Banks charge fees for their services and as a student, you need to keep that amount to a minimum. An account with heavy fees is not a good sign for students. Always check for all services that a bank provides and what they charge for the student bank accounts.

3. Minimum balance

The minimum balance will play a major role in opening a student bank account. Students usually have a lot of transactions daily, so you have to make sure the balance in your account does not go below the minimum balance. If it does, a fee will be charged. Check the bank's policies about the minimum balance requirements.

Best Student Bank Accounts to Choose From

There are many banks that have great policies for students, and you should pick the one that fits your needs. If you don't know where to start, you can choose your bank account from the following list:

1. Chase

• Main advantage: $100 sign-up bonus
• Availability: Nationwide
• Monthly maintenance fee: $6
• Required age: 17-24
• Opening deposit: $0
• Mandatory requirements: Parent/co-owner if younger than 18
• Additional information: Maintenance fee is waived for five years
• Qualifying transactions: Debit card purchases, online bill payments, checks paid, direct deposits and quick pay
• Whether there is a branch or ATM nearby: 5,000 ATMs and 16,000 Branches

2. Bank of America

• Main advantage: Cashback rewards from each transaction
• Availability: U.S, U.S Virgin Islands, Puerto Rico and 35 more countries
• Monthly maintenance fee: $0
• Required age: 23 or younger
• Opening deposit: $25
• Mandatory requirements: No mandatory requirements
• Additional information: Keep the Change Savings Program rounds up your purchase to the nearest dollar amount and turns spare change into savings
• Qualifying transactions: Cashback rewards, online purchases and credit card transactions
• Whether there is a branch or ATM nearby: 16,000 ATMs and 4,300 retail financial centers

3. Capital One

• Main advantage: Good interest rate on savings
• Availability: New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia
• Monthly maintenance fee: $0
• Required age: 17-23
• Opening deposit: $0
• Mandatory requirements: Parent with an active Capital One account
• Additional information: Flexible overdraft options and a free first set of checks
• Qualifying transactions: Checking account, savings account, credit card and auto loans
• Whether there is a branch or ATM nearby: 39,000 ATMs

4. TD Bank

• Main advantage: Great customer support
• Availability: Northeast, Mid-Atlantic, Washington D.C., North and South Carolina and Florida
• Monthly maintenance fee: $0
• Required age: Maximum of 24 years old
• Opening deposit: $0
• Mandatory requirements: Parent/co-owner if a student is under 18
• Additional information: No minimum balance is required for operation
• Qualifying transactions: Prepaid card, checking account, credit card, auto loans and personal loans
• Whether there is a branch or ATM nearby: 1,250 branches across the country

5. Santander

• Main advantage: Free international transfers
• Availability: Eight states across the northeast
• Monthly maintenance fee: $0
• Required age: 16-25
• Opening deposit: $10
• Mandatory requirements: 10 debit card purchases within 60 days of opening the account
• Additional information: $50 bonus offer when you open a new checking account
• Qualifying transactions: Savings account, debit card, investment services and checking account
• Whether there is a branch or ATM nearby: 600 branches and 2,000 ATMs

6. US Bank

• Main advantage: Free ATM coverage for all
• Availability: Nationwide
• Monthly maintenance fee: $0
• Required age: 16-23
• Opening deposit: $25
• Mandatory requirements: Proof of active student enrolment
• Additional information: Four non-US Bank transaction fees are waived off per month
• Qualifying transactions: Debit card purchases, online payments, checks and investment help
• Whether there is a branch or ATM nearby: 3,000 branches and 5,300 ATMs

7. Wells Fargo

• Main advantage: Very low overdraft fee of $15 per transaction
• Availability: 37 countries and territories
• Monthly maintenance fee: $0
• Required age: 13 to 17
• Opening deposit: $25
• Mandatory requirements: An adult co-owner of the account
• Additional information: Two unpaid or returned transactions for every business day
• Qualifying transactions: Checking account, savings account, credit card, debit card and financial planning
• Whether there is a branch or ATM nearby: 7,950 branches and 13,000 ATMs

8. PNC Bank

• Main advantage: Three accounts in one go: checking, short term savings and long term savings
• Availability: Nationwide
• Monthly maintenance fee: $0
• Required age: 17-24
• Opening deposit: $25 if physically opened, $0 if online
• Mandatory requirements: Actively enrolled student
• Additional information: One free incoming wire transfer per month
• Qualifying transactions: Free overdraft protection and non-PNC bank transactions
• Whether there is a branch or ATM nearby: 2,600 Branches and 9,000 ATMs

9. BB&T Bank

• Main advantage: Personalized debit card
• Availability: Nationwide
• Monthly maintenance fee: $0
• Required age: Maximum of 24 years old
• Opening deposit: $0
• Mandatory requirements: Co-owner of the account
• Additional information: Fee-free regular savings account
• Qualifying transactions: Credit card and debit card transactions
• Whether there is a branch or ATM nearby: 1,800 financial centers

10. Key Bank

• Main advantage: Earn points every time you use your debit card
• Availability: Nationwide
• Monthly maintenance fee: $0
• Required age: 16-24 years
• Opening deposit: $50
• Mandatory requirements: Co-owner if under 18
• Additional information: $6 off on non-key bank transactions
• Qualifying transactions: credit, debit and overdraft
• Whether there is a branch or ATM nearby: Yes

Why Should Every Student Have a Checking Account?

Whether you are a student studying abroad or simply trying to learn how to manage money, having a student bank account is a mandatory step to becoming a financially literate adult. With this guide, it will be easy to choose the best student bank account for you. For more in-depth information and guidelines, you can refer to the video: