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 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
- Earns 0.10% APY on all balances, so your child’s money grows even in small amounts.
- No minimum deposit, no monthly fees, no overdraft fees and no foreign transaction fees
- Access to 70,000+ fee-free ATMs nationwide, giving your child plenty of options for cash withdrawals.
- Parents can monitor transactions, set alerts, schedule automatic allowances, and lock or unlock the card at any time.
- No Capital One account required, so parents can link an external bank account to fund the account.
- Rewards kids for hitting savings goals, making saving feel like an achievement rather than a chore.
Cons
- No ATM fee reimbursement for out-of-network withdrawals.
- Daily limits apply on debit card purchases and ATM withdrawals, which could be restrictive for older teens with bigger expenses.
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®
Annual Percentage Yield (APY)
None
Monthly maintenance fee
$4.95 (waived for eligible students under 25 or if you maintain a minimum daily balance of $500+)
Minimum opening deposit
$25
Minimum balance
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
- No overdraft fees
- No monthly maintenance fee for eligible students under 25
- Debit card purchases are rounded up and the difference is transferred to your savings account
- Access to 16,000+ ATMs nationwide
Cons
- $25 minimum opening deposit
- No interest earned
- No reimbursement for out-of-network ATM fees
Best for college students: Wells Fargo Clear Access Banking
Who's this for? The Clear Access Banking account is Wells Fargo's Student and Teen Checking option, and it's a solid pick if you're anywhere from 13 to 24. The monthly fee is waived automatically for that whole age range, no direct deposit or minimum balance is needed. Just know that 13-to 16-year-olds need an adult co-owner, 17-and-under have to open the account in person at a branch, and 18 and up can just do it online.
Standout benefits: There are no overdraft fees here. If a transaction would overdraw the account, it just gets declined instead of hitting you with a fee, which is a pretty forgiving setup for students who are still figuring out how to budget. You also get access to around 11,000 Wells Fargo ATMs and branches all over the country, plus free financial education through the bank's CollegeSTEPS® program, which walks through budgeting, credit and paying for school. Zelle is built in too, which not every teen account offers.
Wells Fargo Clear Access Banking
Monthly maintenance fee
$5, with options to waive
Minimum deposit to open
$25
Minimum balance
None
Annual Percentage Yield (APY)
N/A
Free ATM network
11,000+ Wells Fargo ATMs
Overdraft fee
N/A
Terms apply
Pros
- Four ways to waive the monthly maintenance fee
- Send and receive money with Zelle
- Easy-to-use mobile app
Cons
- $25 minimum deposit to open an account
- No APY
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Maintain $500 in combined minimum deposit balances,
- or make qualifying direct deposits totaling $500 or more,
- or be between 17 - 24 years old
- or have a linked Wells Fargo Campus ATM Card or Campus Debit Card (for college students)
Best for rewards: Happen Bank LevelUp Checking
Who's this for? If you're 18 or older and want to earn cash back without opening a credit card, Happen Bank, the digital bank formerly known as LendingClub, offers unlimited 1% cash back on debit card purchases at gas stations, grocery stores and pharmacies through its LevelUp Checking account. If you happen to have a personal loan with Happen Bank too, you'll earn 2% back on your on-time payments.
Standout benefits: No monthly fees, no minimum balance and no overdraft fees. Keep at least $2,500 in the account and you'll start earning 1.00% APY on top of everything else. Happen Bank also reimburses unlimited ATM surcharge fees from other banks, which is a nice perk for an account that doesn't ask you to keep any money in it.
Happen Bank LevelUp Savings
Annual Percentage Yield (APY)
4.00% (with monthly deposits of $250 or more), or 3.00%
Minimum balance
None
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- At least a $250 monthly deposit required to earn the highest APY
- No physical branch locations
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
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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.
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