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All bank accounts are not created equal, and what works for some when managing their money may not work for teens and young adults. Student checking accounts are designed for those just getting started with their financial lives, and come with tools that may be beneficial to high school and college students. Here's how to open a student checking account.
What Is a Student Checking Account?
A student checking account is exactly what it sounds like: It's a checking account designed for students, generally those who are in high school or college. You can use a student checking account to receive automatically deposited paychecks, deposit and cash checks, and pay for transactions using checks or a debit card.
While you can do all of these things with a checking account that isn't geared specifically toward students, many student checking accounts come with features that help you begin building your financial life, such as no fees or low minimum balance requirements.
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Pros and Cons of Student Checking Accounts
Student checking accounts come with a variety of benefits and drawbacks.
Pros of Student Checking Accounts
If you're thinking about getting a student checking account, here are some pros to keep in mind.
- Low or no fees: All financial institutions handle bank fees differently, and some banks charge their customers monthly maintenance fees. Some may also charge you a fee if you overdraw your account. Banks that offer a student checking account, however, may not charge these fees.
- Low minimum deposits: You may find that you can open a student checking account without putting in any money, or less than other checking accounts require.
- Better ATM options: Many traditional checking accounts charge a fee if you use an ATM that isn't in their network to deposit a check or withdraw cash. However, because banks realize students may have limited ATM options—and may be living far from home—they may not charge ATM fees or may reimburse you for a certain amount of out-of-network ATM fees.
Cons of Student Checking Accounts
Student checking accounts do have some drawbacks to consider.
- May need a joint account holder: Some banks require an adult to serve as a joint account holder for a student under the age of 18 who wants to apply for a student checking account. This can be frustrating if you don't have anyone willing to open an account with you, or if you don't want a parent to see how you're spending your money.
- Account may convert: Some student checking accounts automatically convert to regular checking accounts after graduation or once you turn a certain age. This could mean you lose some benefits of having a student checking account, such as no or low fees.
- Age limits: Just because you're a student doesn't mean you're eligible for all student checking accounts; many have age limits. If you're a non-traditional student, you may be ineligible for a student checking account.
How to Open a Student Checking Account
Opening a student checking account is a pretty straightforward process.
- Choose a financial institution. You may be able to pick from an online bank, a traditional bank with branches nearby or a credit union for your student account. To choose the right checking account for you, decide which features are most important, such as having a branch on or near campus, low or no fees, a low minimum balance requirement or even a new member bonus.
- Gather documents. You'll likely need some form of primary identification, such as a driver's license or photo ID. You also will need to provide personal information, such as your address, Social Security number and date of birth. Depending on the financial institution, you also may need to provide proof that you are a student, such as a student ID, transcript or an acceptance letter from a college.
- Go to your bank's website or a branch. Some student checking accounts allow you to apply online, especially if you're over 18. You may also need to go in person—with a joint account owner if one's required—to apply for an account and present your identification.
- Make a deposit. If an initial deposit is required to open your account, you'll need to make that via cash or a check. Even if your student checking account doesn't require an initial deposit, you may want to have some funds ready to get you started.
FAQs
Here are answers to some common questions you may have about opening a student checking account.
Typically, you need documentation proving who you are, and you may need to prove that you're a student. Most banks require some form of photo identification, such as a driver's license, state-issued ID or student ID, as well as documents that prove your identity, such as a birth certificate. You may also need an acceptance letter or school transcript if your bank requires proof that you're a student.
Some banks allow you to open a student checking account without an initial deposit, but some may require a small deposit, such as $25. Check with your chosen bank to determine whether you need an initial deposit—and how much.
There are a lot of good reasons for a college freshman to consider opening a student checking account, but financial independence is certainly one of them. Even if you're living at home and not earning a paycheck, sooner or later, you'll be working and earning money and will want a place to keep it.
The Bottom Line
Young adulthood brings your first steps into independence, including financial independence. Opening a student checking account can help you get paid and manage your finances.
Establishing and building a credit history is another way to start your road to financial independence. You can get credit for bills you pay using your student checking account, including eligible cellphone, streaming services and even rent payments, with Experian Boost®ø. This free feature can give your Experian FICO® Scores☉ an instant lift and help you as you begin your financial journey.