A recent evaluation has identified 10 banks as the best options for college students. The assessment considered factors such as fees, account features, and customer service.
The top-ranked bank is Ally Bank. It does not offer a dedicated student account but scored highly due to its fee-free accounts, no minimum deposit requirements, and lack of overdraft fees. Ally provides a service called CoverDraft that offers overdraft protection up to $100, or $250 with qualifying direct deposits, at no charge. The bank also allows account holders to set up spending buckets for budgeting.
Discover Bank was noted for avoiding overdraft fees. It charges no monthly fees for basic accounts and has no minimum opening deposit. However, it offers fewer digital budgeting tools compared to Ally. Discover provides 24/7 customer support.
SoFi was highlighted for offering a bonus. It operates with a no-fee model, no minimum deposit or balance requirements, a large fee-free ATM network, and Zelle capabilities. New student account holders can qualify for a bonus of up to $30.
Axos Bank was recognized for early direct deposit. It is an online-only bank offering fee-free and interest-bearing accounts with 24/7 customer service. Its Essential Checking account provides early direct deposit. Axos is not partnered with Zelle but offers its own peer-to-peer payment service.
Capital One was selected for fee-free ATM access. It offers free accounts, overdraft protection, and no overdraft fees. It has a network of over 70,000 free ATMs. The 360 Performance Savings account offers a 3.3% APY with no fees or minimums. The bank also provides student credit cards and credit-building tools.
Chase Bank was chosen for student checking. Its Chase College Checking account is for students aged 17 to 24, with no monthly fee while in school for up to five years. After graduation, it converts to a Chase Total Checking account with a $15 monthly fee that can be waived. Chase offers overdraft protection, 24/7 support, a large ATM network, and budgeting tools.
TD Bank was noted for live customer support. It waives monthly fees and out-of-network ATM fees for accountholders aged 17 to 23. It offers overdraft protection with a grace period and Early Pay for receiving paychecks up to two days sooner. Live customer support is available 24/7.
Wells Fargo was highlighted for improving financial literacy. Its student and teen checking account for ages 13 to 24 has no monthly service fee and no overdraft fees, with access to about 11,000 ATMs. The CollegeSTEPS program provides free financial education.
PNC Bank was recognized for all-in-one banking. Its student checking account is free to open online, has no overdraft fees, and waives monthly fees for those under 25 or with qualifying direct deposits. It offers Zelle payments, budgeting tools, and access to about 60,000 ATMs.
Huntington Bank was selected for a variety of account options. It offers several checking accounts for students, including Asterisk-Free Checking, Huntington Perks Checking, and Huntington Platinum Perks Checking. Perks include a digital line of credit, an overdraft safety net, early direct deposit, and Zelle payments.
The evaluation used a grading system with nearly 180 data points. Categories included dedicated student accounts, minimum deposits, monthly fees, overdraft policies, waived fees, financial resources, Zelle availability, 24/7 customer service, and free ATM networks.