Are student accounts safe?

Both banks and credit unions offer safe student accounts. Deposits may be insured by the FDIC (banks) or NCUA (credit unions), up to $250,000 per depositor.

Do college students need a bank account?

You probably want a bank account to manage money like most American adults. Perks include gaining insight into your spending habits -- where are you overspending? -- and easy access to your saved cash.

What accounts should college students open?

College students should open checking and savings accounts. Checking accounts give students the ability to receive money fast via direct deposits. Employers and parents can easily wire money to student checking accounts. Savings accounts let students quickly build up emergency funds to pay unexpected bills. An emergency fund is a safety net that keeps you from needing to take out big loans to pay for expensive things.

How to Open a Bank Account for Students

Opening a student account makes it easier to manage money. Parents of high schoolers get insight into their kids' spending habits. Minors get to spend money without lugging around cash. College students get top-tier rates and insight into their spending habits.

My first bank account let me earn money via direct deposit and receive money from my parents, who lived hours away from campus. If you need to transfer money quickly and easily, consider opening a student account.

Opening a student account is simple. Read more about perks and how parents and college students can open student bank accounts quickly and confidently.

Here's how to open a student account in five steps:

Choose a bank
Check account requirements
Gather necessary IDs and documentation
Apply online or in person
Make initial deposit

What is a student bank account?

A student bank account is one with perks that benefit students. Some cater to teens and parents; others appeal more to college students. Student accounts tend to offer zero monthly fees, account transparency, and online access. Some offer other student-specific perks. Both banks and credit unions offer student accounts.

Student bank accounts may lack features. They may offer low APYs, limit loans, and require minimum deposits. But their simplicity makes them easy to manage.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account	APY	Promotion	Next Steps
Open Account for Discover® Cashback Debit Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0% Min. to earn: N/A	Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')	Open Account for Discover® Cashback Debit
Open Account for Quontic High Interest Checking Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 1.10% Min. to earn: $1	High APY when you complete 10 or more qualifying debit card purchases each month	Open Account for Quontic High Interest Checking
Open Account for Axos Bank Rewards Checking Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0.40% (up to 3.30%) Rate info Min. to earn: Monthly direct deposits totaling at least $1,500	Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.	Open Account for Axos Bank Rewards Checking

Reasons to open a student bank account

Reasons to open a student bank account typically boil down to education and convenience.

Student accounts are educational. They let students learn about managing their money without making costly mistakes. Some accounts offer students optional educational content to study. The more they know, the more financially literate your teens become -- putting them ahead of the curve.
Student accounts can be more convenient than cash. Cash gives parents and students zero insight into spending. How can you budget properly without insight into spending? You can't. It's also easier to control debit and credit cards. Parents can limit spending on cards, and college students can cancel misplaced cards. You cannot cancel or reverse cash -- once it's gone, it's gone.

How to open a student bank account for your child

Minors cannot sign binding contracts. To open bank accounts, they must get proof of parental permission. Parents can travel to their preferred banking branch with their children to open student accounts for minors as young as 13 and as old as 17.

Read on for a brief guide to opening your minor's account, an overview of what documents you'll need, and which banks offer top-tier student accounts for kids.

1. Choose a bank for your teen

Not all banks offer student accounts for minors. Your choices will be limited. Furthermore, you may want to stick with top-rated banks. The best checking accounts for teens can help minors learn how to manage personal finances, and they're more affordable than alternatives.

To pick a bank with confidence, consider what you want most for your teen. Do you want a safe environment to manage money -- one you have ultimate control over? Do you want access to a physical branch near you, where you can speak to representatives in person?

Shop around a bit. Keep in mind brick-and-mortar banks typically guide you through the process of opening a student account. Online banks offer less hand holding. But you may prefer to open a bank account online for convenience.

2. Check account requirements

By now, you've narrowed your options to one, and you like what you see. Great! Double-check that you and your minor meet the bank's student account eligibility requirements. That way, you're less likely to waste time.

Typical requirements include age minimums/maximums and proof that your child is enrolled in a qualified educational institution. You can search the website or contact a bank representative via phone, email, or messaging service to check.

3. Gather necessary IDs and documents for yourself and your minor

To apply for an account, you'll need proper documentation. You'll probably need to prepare the following:

Government-issued IDs and Social Security numbers
Proof of address
Proof of student status

Parents may need a driver's license or passport. Students may need a copy of their birth certificate. Banks consider this proof you and your teen are who you claim to be.

Some banks require proof of address. Banks may accept a utility bill or lease agreement.

Students should bring proof of student status. Banks may want to see a student ID, enrollment letter, or report card. Not all banks require these, but it pays to be safe.

4. Apply online or in person

Once you have the necessary documents, you can apply for a student account on your teen's behalf. You must bring your documents to a bank branch or apply online to do so.

To apply in person, travel to the nearest branch and speak to a representative. They'll direct you to staff, who will help you fill out application forms and answer any questions. Since you're opening a joint bank account, you'll need your teenager with you.

To apply online, have scanned copies of the necessary documents. Your bank will link you to the appropriate application website. You'll complete application forms online and submit your IDs as image attachments. You may be able to contact the bank remotely with questions.

5. Make initial deposit

Some student accounts require an initial deposit of between $25 and $100. The best student accounts typically don't need these, but they're worth keeping in mind. Regardless, you want to have the money on hand when applying so you can fund the account immediately.

How to open a student bank account for college students

College students can open accounts for themselves, no problem -- assuming you're a legal adult. (Minors must open teen accounts with parental permission.)

Here's the thing. Some of the best bank accounts aren't student-specific. In other words, you may want to apply for general checking and savings accounts.

1. Choose a bank that meets your needs

Students typically want low fees, zero minimum balance requirements, and easy online access. They may also want an extensive ATM network, giving them access to cash on the go.

College students get to open checking and saving accounts. That means more choice and more flexibility. Savings accounts let students earn interest on balances. And some bank accounts for college students offer signing bonuses up to hundreds of dollars, enough to pay for textbooks.

The best banks for college students check all the boxes. See some of our top picks below.

Our top picks for college students may also be our top picks for non-college students. That's because these bank accounts are just that good.

2. Gather necessary IDs and documents

To apply for a bank account, you'll need proper documentation. This may include relevant IDs.

You'll probably need to prepare the following documentation:

Government-issued ID
Social Security number
Proof of address

Banks typically accept driver's licenses and passports as proof of identity. You'll need your Social Security number as well. Some banks require proof of address, so you can show a utility bill or rental agreement.

Some accounts are student-exclusive. These may require you to prove you're a student. Before applying, you should prepare a student ID, enrollment verification, or class schedule.

3. Apply online or in-person

Once you have the necessary documents, you can apply for a student account. You must bring your documents to a bank branch or apply online to do so.

To apply in person, travel to the nearest branch and speak to a representative. They'll direct you to staff, who will help you fill out application forms and answer any questions.

To apply online, have scanned copies of the necessary documents. Your bank will link you to the appropriate application website. You'll complete application forms online and submit your IDs as image attachments. You may be able to contact the bank remotely with questions.

TIP

The best student checking accounts

You can apply to many of the top checking accounts for students online. These offer low fees, great mobile apps, and the ability to withdraw money from ATMs.

4. Make initial deposit

Some student accounts require an initial deposit of $25 to $100. The best student accounts typically don't need these, but it's worth having the money on hand when applying.

Is a student bank account right for you?

We've waxed poetic about the benefits of student accounts and how to open them. But you shouldn't open a student account if you believe it will overcomplicate your finances. Student accounts should make money easier to manage, not harder.

Certificates of deposit (CDs) and money market accounts especially don't suit the needs of most college students. But they may suit your needs -- assuming you're not in school. Feel free to check out options that college students should probably avoid.

Start shopping for a student bank account

We've picked our favorite savings accounts for students. See our top picks here.

Best student savings accounts

FAQs

Both banks and credit unions offer safe student accounts. Deposits may be insured by the FDIC (banks) or NCUA (credit unions), up to $250,000 per depositor.
You probably want a bank account to manage money like most American adults. Perks include gaining insight into your spending habits -- where are you overspending? -- and easy access to your saved cash.
College students should open checking and savings accounts.
Checking accounts give students the ability to receive money fast via direct deposits. Employers and parents can easily wire money to student checking accounts.
Savings accounts let students quickly build up emergency funds to pay unexpected bills. An emergency fund is a safety net that keeps you from needing to take out big loans to pay for expensive things.

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