Which Bank Account Is Best For Students In USA? 

Students need to have an account with a good, and highly ranked bank. Having a bank account is very important for students in the United States of America. Before identifying the best accounts for students in the United States of America, it is important to lay a foundation on what a student account means. Lets see which bank account is best for students in USA?

Which bank account is best for students in USA 

What Is a Student Account?

The student account differs from the normal account. The student account is an account that is majorly for college students. It accrues little or no service fee. It does not involve rigorous processes like normal accounts.

Benefits of a Student Account

There are various benefits that are available to a student who opens an account. Lets see which bank account is best for students in USA?

  1. It will inculcate a saving habit in the student. Students who wish to save for long-term goals will be able to do that with ease.
  2. Student accounts are very easy to access and are straightforward. As I stated earlier, it does not involve rigorous processes.
  3. Most banks do not require a student to pay any fee while opening a student account. It is free.
  4. Some bank facilities give out student loans to students who are financially unstable or are unable to pay their tuition.

Types of Student Bank Account

There are two main types of accounts in the United States of America. They are the Checking and Savings accounts.

Checking Account: Simply put, the checking account is an account used for daily spending. Checking accounts offers easy access to funds that are used for daily transactional needs like payment of bills and buying of groceries among others. The checking account is designed for day-to-day operations. After opening a checking account, most banks give you a debit card and a checkbook so that transactions can be easily made.

Savings Account: The savings account, as the name implies is an account that is used to save money. When a student has money that they are not ready to use, it can be kept in their savings account. The savings account offers students a safe place to make it possible to achieve savings goals that a student might want to use in the future. The student could be saving for traveling expenses or emergency reasons or  even buying a house. Lets see which bank account is best for students in USA?

Banks for Students in the United States

Here is a list of some of the best bank student checking accounts with their service fee.

  1. Bank of America: The account is available to students who are under 24 years of age. It does not attract any monthly charging fee.
  2. Chase Bank: The Chase bank is available to college students between the age of 17 years and 24 years. It charges between $0 and $6.
  3. Santander Bank: The Santander bank is available to students who are between the age of 14 and 25 years of age. It does not attract any monthly fees for students.
  4. US Bank: The United States Bank is available to both international and United States students. The US bank does not attract any monthly fee except if you want to receive paper statements. 

Which Bank Account is Good for International Students

  First of all, as an international student, you need to understand that having a bank account creates a legal way to secure your money, and makes it easier for you to carry out transactions, especially payment of tuition. Some international students do not see any need to open an international bank account, but it is very important as it makes life easy. 

  The first bank on my list is the Wells Fargo student checking account.

  The second is the Keybank Student Checking account.

  The third is the US bank student checking accounts.

  The fourth is the Bank of America’s advantage of safe balance banking.

  The fifth on my list is the Capital One 360 checking account.

How Can a Student Open a Bank Account

Before a student opens an account, banks require that the student provides some documents, or fulfill certain requirements. Here is a list of some things you will need when opening a US account.

  1. You will need a passport
  2. If you are an international student, you will need your student Visa and your 1-94 card, and your 1-20 form.
  3. If you are an international student, you will need your debit or credit card from your country if you already have a bank account.
  4. You will need a government-issued document or utility bill of not less than three(3) months which must carry your address.

Required age to have a Bank Account

Every bank has a speculated age range that a student must attain to open an account. For example, for a student between the age of 14 and 17 years, some banks only allow them to open a joint account with an adult. Such a category of people is not allowed to open an individual account until they attain 18 years and above. Most banks in the US  have placed the minimum age to be 18 years and above.

What Students Must Consider Before Choosing A Bank Account

  1. The nearness of the ATM to campus: 

An emergency need can arise at any time and a student might need to make transactions, it is important to consider the closeness of the bank you are planning to choose.

  1. Service Charge:

Students must take into consideration the service charge of a bank. How often does the bank deduct money? Is it weekly, monthly, yearly, or free? All these must be considered.

  1. The type of Account:

You must take into consideration the kind of account you want to open. Is it a checking account or a savings account? Open an account that suits your purpose.

  1. Pay attention to the Customer Service:

The customer service of some banks is very poor. Students Consider the customer service and the ease of contacting a customer representative when the need arises. or in another place in the world 


 The Bank is a safe place where you can leave your home for years and you will be assured that your money is safe. To reduce expenses for students, banks have created student accounts that will serve university students.  

Frequently Asked Questions
  1. Can a student have both a saving and checking account?

Answer: Of course, they can. Both accounts serve different purposes.

  1. As an international student, can I open an account online?

Answer: Most banks allow you to open an account online but they also require that you go to their branch to submit relevant documents before you can have full access to the account.