Top 3 Checking Accounts for Students

May 7th 2016

A good checking account allows students to make payments, manage finances, deposit checks and check their transaction records on a regular basis, getting them on the road to financial independence. Always look beyond the offer itself and read the fine print before opening an account to avoid hidden fees. Keep in mind that being a long-time customer of a bank has certain benefits, so think carefully before making a decision.

Finding the Best Student Checking Accounts

When hunting for a student checking account, look for banks with low minimum opening deposits, and avoid banks that require a minimum balance. Also keep an eye out for checking accounts with no monthly maintenance fees or excessive ATM fees. Choose a multistate bank with widespread availability, and make sure there are local branches and ATMs in your area.

The U.S. Bank Student Checking Account

U.S. Bank requires no minimum balance, asks for a small opening deposit and charges no maintenance fee when customers sign up for online statements. It also has more than 5,300 ATMs and upwards of 3,000 branches across the country. Students enjoy free unlimited withdrawals from U.S. Bank ATMs and four free withdrawals from unaffiliated ATMs each month, and a mobile banking app allows for easy bill pay and transfers. To open an account, students need the specified opening deposit, a Social Security number and an ID, and students under 18 must have a parent as a co-owner.

The Ally Bank Interest Checking Account

Ally is a popular option for all types of customers thanks to its lack of maintenance fees, free overdraft transfers and $0 minimum opening balance. Students also enjoy free ATM withdrawals nationwide as the bank reimburses non-Ally ATM fees. Pay a roommate for pizza using the Popmoney app, or deposit a check from your parents while sitting in your dorm room using Ally eCheck Deposit.

The TCF Bank Student Checking Account

A smart option for high school and college students in the Midwest, TCF Bank charges no maintenance fees and has no minimum balance, and students enjoy free online or paper statements, online bill pay, a TCF check card and mobile banking. Students who are currently enrolled in school and are under age 25 qualify for the account.


Students lie in the middle ground between childhood and adulthood, a place where they need to start taking control of their own finances but are usually working with limited resources. Starting a new checking account is a big step that shouldn't be taken lightly, especially when banks are known for tacking on hidden fees in unexpected places. U.S. Bank, Ally and TCF Bank are a few major banks that offer attractive checking accounts for students.

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