Another 34% share a joint account with a parent, and 4% had one but closed it.
And as for high school students?
High school students can learn the hard lessons of banking when the stakes are so much lower.
Lots of banks offer bonuses for new clients. We’ve rounded up some that pay up to $500. Check out ourlist of best bank promotions.
No Interest Til Almost 2027?
Think of it as an introduction to banking.
A good place to start that search is our own ranking of the best banks for students in 2022.
Some, however, are technically not banks.
If this is the case, we will tell you in the synopsis of the institution.
They all offer savings and checking accounts which we believe is most important to novice bank customers.
When enrolled students turn 24, theyll have to start paying a $4.50 monthly fee.
A bigger win for this accountand a reason its our top pickis the lack of overdraft fees.
When the member turns 18, the account automatically rolls over into an Alliant Checking Account.
Parents remain joint owners until the primary owner (student) removes them.
And sorry, doctoral students, youll have to shell out for that monthly service fee.
(Most students should not keep $5,000 in their checking accounts, however.)
If you do not meet this criteria, the monthly service fee is $6.
Chase also offers aHigh School Checking account.
In addition, the national bank offers aChase Savings account.
It is not targeted specifically at students.
Another reason we recommend Chase for college students is thetypical sign-up bonus.
Though amounts and conditions vary, Chase almost always offers a new customer bonus.
Its $100 at the time of writing.
Not a bad deal at all!
It makes sense to leave it open but not use it often.
This will help build your credit score by lowering your credit utilization.
The app has all the typical features of online banks (account balance, mobile check deposit, etc.
), plus the new Low Cash Mode.
Fees are steep after that.
Access to ATMs is great, but the account only gets $5 a month in ATM fee reimbursement.
Other Virtual Wallet accounts get 4 times more ATM fee reimbursement.
If ATM usage is important, just opt for the regular account.
Whats not to love?
Even better, that linked savings account is the High Yield Savings account that earns 2.00% APY.
Chime also has SpotMeoverdraft protection up to $200.
- Certain conditions apply to the SpotMe overdraft protection.
Out-of-internet ATM surcharges apply with no reimbursement, but with 60,000 in-internet ATMs, youre usually in the clear.
Note: Chime is not a bank.
It is a financial technology, or fintech, company.
This makes customer service challenging and limits access to banking services.
Capital One MONEY Teen Checking
This Capital One MONEY Teen Checking account is for kids 8-18.
This account is super convenient with branches nationwide; thats ideal for the transition when moving away for college.
There are also no foreign transaction fees, which makes the account convenient for study abroad opportunities.
Weve answered some of the most common questions that students are asking.
This varies by bank.
Pay attention to what the terms are based on age and student status.
This really depends on your needs as a student.
Think about what you want most out of your student bank account before deciding.
Most banks allow you to open an account online.
Youll just need basic info, like a social security number.
However, there are a couple of caveats:1. International students who want to bank in the US generally must open an account in person.
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati.
Former contributor Jake Bateman also contributed to this report.
Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Additional terms and conditions may apply.
*Zelle is available in more than 1,000 banking apps in the U.S. Banking services provided by The Bancorp Bank, N.A.
or Stride Bank, N.A., Members FDIC.
The disclosed APY is accurate as of November 17, 2022.
No minimum balance required.
Must have $0.01 in savings to earn interest.
Your limit will be displayed to you within the Chime mobile app.
You willreceive notice of any changes to your limit.
Your limit may change at any time, atChimes discretion.
Although there are no overdraft fees, there may beout-of-online grid or third party fees associated with ATM transactions.
SpotMewont cover non-debit card transactions, including ACH transfers, Pay Anyonetransfers, or Chime Checkbook transactions.
See Terms and Conditions.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
