An adult co-applicant is not required, but many students still choose to have one. This link takes you to an external website or app, which may have different privacy and security policies than U.S. We don’t own or control the products, services or content found there. Refer to Your Deposit Account Agreement (PDF) and the Consumer Pricing Information (PDF) disclosure for a summary of fees, terms and conditions that apply. If you are handling an overdraft for the first time and are struggling, do not hesitate to seek advice. You can ask for financial advice from your bank’s designated financial adviser.
Online & mobile banking
But an account that doesn’t have a monthly fee or a minimum balance requirement while you’re a student doesn’t have to be a student account for it to be the perfect fit. Look for accounts with these features instead of only focusing on the student checking accounts offered by your local bank. Unlike the best business checking accounts, student checking accounts have limited features and low fees.
Everyday Checking – another option for students
- More than 90 financial institutions surveyed by our team of experts.
- Current is a leading mobile banking app that has been endorsed by a huge range of personalities, including YouTuber Mr. Beast.
- Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to.
- ⁴ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time.
If either of these things happens, you’ll see a negative impact on your credit score. Even how they’re presented in your account makes it feel that way – laying out the overdraft as money that’s ‘available’ to you. Borrowing money should only be used as a last resort, if you’re really struggling. Student overdrafts can tend to normalise borrowing money – which isn’t necessarily a good thing. You’ll usually be able to keep your interest-free overdraft after you graduate (for up to three years) which can help you manage your finances in this transition period.
What is the minimum deposit to open a student checking account?
Bank, you can still take advantage of its fee-free banking, online payments and free withdrawals. The biggest drawback of this student checking account is the $25 opening deposit, which applies regardless of where you open your account. These features can make it easier to manage your money and help you maintain a positive balance. PNC Virtual Wallet Student is a combined checking and savings account. The account is free for the first six years for active students and you can access all the tools on PNC’s highly rated mobile apps.
The good, the bad and the ugly of student overdrafts
While choosing a bank to have an overdraft-protected account, make sure you read through all their overdraft terms and policies. Understand how the overdraft works in that specific bank, the overdraft limit they offer, and if you will be charged with any interest during repayment. However, you can spend more than your overdraft limit in an absolute emergency.
You need to have a student account in your bank to be eligible to apply for an overdraft. Working students can also get their paychecks early—direct deposit paychecks arrive up to two days early. This account is best for high school students who want their own interest-bearing checking accounts, especially those with savings goals.
Fifth Third Bank offers a more appealing checking account than Old National Bank. While you’ll have easy access to deposits, the money market account pays a pretty low interest rate even if you have a high account balance. The College Investor® provides the latest news and analysis for saving and paying for college, student loan debt, personal finance, banking, and college admissions. ⁴ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time.
Check with these banks directly before opening an account; fees and benefits may change frequently. Thus, they might not be as reliable as you wish them to be. With pre-set terms and conditions, most banks have the power to cancel an account’s overdraft at any given time. Most banks, however, avoid the overdraft cancellation of student bank accounts as much as possible.
For parents with kids and teens, explore Chase High School Checking℠ or Chase First Banking℠ as an account that helps parents teach good money habits. Our Chase College Checking℠ account has great benefits for students and new Chase checking customers student bank account overdraft can enjoy this special offer. Open a Bank Smartly checking account in minutes with a minimum deposit of $25. As a Youth or Young Adult, you’re automatically enrolled in the U.S. Bank Smart Rewards® program and will receive these and other benefits.
All checking accounts, including those for teens and students, are FDIC-insured up to the maximum applicable limit. Students can often get these same perks with general, fee-free online and mobile banking services. These services aren’t marketed specifically to students, but their features may meet students’ needs. They can also grow with you after you leave school, without tacking on additional fees or requirements. A savings account is meant to help you grow your money or set aside funds for a big purchase. It’s often beneficial to have both as part of your financial plan.
While there are no limits to how much you can have in a checking account, your money is only insured up to the FDIC insurance deposit limits. As such, you should be mindful of holding more in the account than the insurance limits allow for your account type. When you’re ready, it’s extremely easy to open a new checking account. While the process will vary, if you’re opening an account online, you simply click the link above and follow the directions. You simply need to fill out the personal information, including Name, Address, and SSN, and you’re set.
