In 2024, finding the best online bank for students is crucial, and with rising costs, every penny counts. According to a SEMrush 2023 Study and Bankrate, high – yield student accounts can offer up to 10 times more earnings compared to regular ones. Alliant Credit Union, mph.bank, and SoFi stand out as premium options. Alliant offers 0.25% APY with no fees, mph.bank can reach 5.00% APY, and SoFi offers 3.80% APY under certain conditions. Don’t miss out! Best Price Guarantee and Free Installation Included when you open an account now at select local online banks.

Interest Rates

In the world of student banking, interest rates can significantly impact your savings over time. According to a SEMrush 2023 Study, students who choose accounts with higher interest rates can earn up to 10 times more on their savings compared to those with low – yielding accounts.

Alliant Credit Union Teen Checking

Alliant Credit Union Teen Checking is a top choice for young adults. It offers a 0.25% APY, which is a competitive rate in the student banking market.

0.25% APY: This interest rate allows students to earn a bit of money on the balance in their account. For example, if a student has $1000 in their Alliant Teen Checking account, they would earn approximately $2.50 in a year.
No minimum deposit: You can open an account with no initial money down, making it accessible for students who may not have a lot of savings right away.
No monthly fees: This is a huge plus as it means students don’t have to worry about losing money from their account just to keep it open.
Pro Tip: To maximize your earnings, try to keep a higher balance in your Alliant Teen Checking account. The more money you have in the account, the more interest you’ll earn.

mph.bank Free Checking Account

mph.bank’s Free Checking Account is another great option. Free accounts earn 5.00% APY up to $50,000 in account deposits, but it requires a $2,000+ monthly direct deposit to qualify. For instance, if a student has a part – time job and can set up a direct deposit of $2000 each month, they could earn significant interest on their savings. All deposits in the checking account over $50,000 will receive 0.00% APY. This account also has no monthly maintenance fees, no overdraft fees, and access to 55,000 fee – free ATMs.
Pro Tip: Set up automatic transfers from your paycheck to your mph.bank account to ensure you meet the monthly direct deposit requirement and start earning that high APY.

SoFi® Student Checking and Savings

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30 – Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults). For example, if a student saves up $5000 and meets the requirements, they can start earning a decent amount of interest on their money.
Pro Tip: Plan your savings and direct deposit schedule to meet the SoFi requirements as early as possible to start benefiting from the high APY.

Other

Many big banks offer just 0.01% in interest on savings, but the best high – yield savings accounts, like some of the ones mentioned above, offer rates as high as 4.00% to 5.00% APY. For students, choosing a high – yield account can make a big difference in their long – term savings. As recommended by Bankrate, it’s important to compare different accounts to find the one with the best interest rate and terms for your situation.

Chime

Chime doesn’t charge monthly fees, has no minimum balance requirements, and offers a good banking experience for students. While its interest rates might not be as high as some other accounts mentioned, it compensates with its user – friendly features. For example, it allows in – app transfer to anyone, which is very convenient for splitting bills with friends.
Pro Tip: Use Chime’s features like early direct deposit to get your money faster and start saving earlier, even if the interest rate isn’t the highest.
Key Takeaways:

Alliant Credit Union Teen Checking offers 0.25% APY with no minimum deposit and no monthly fees.
mph.bank Free Checking Account can earn 5.00% APY up to $50,000 with a $2,000+ monthly direct deposit.
SoFi can offer 3.80% APY on savings balances with specific deposit requirements.
Compare different accounts to find the best interest rate and terms for your needs.
Try our online bank account comparison tool to see which account suits you best based on interest rates and other features.
High – CPC keywords: best online banks for students, student checking accounts, high – yield savings

Requirements

Chime is a great option for students with tight budgets. To open a Chime account, you don’t need to worry about minimum balance requirements, monthly fees, or overdraft fees. There’s also no minimum deposit needed. Chime offers 50,000+ fee – free ATMs, making it convenient for students to access their money. For example, a student who lives on a campus far from traditional banks can easily find a Chime – affiliated ATM to withdraw cash without incurring extra charges.
Pro Tip: Before opening a Chime account, make sure to check the list of fee – free ATMs near your location to maximize your savings.

Steps

Opening a Chime account is a breeze.

Check your eligibility. While Chime has relatively lenient requirements, it’s still important to ensure you meet the basic criteria.
Visit the Chime website or download the mobile app. As recommended by financial industry experts, using the mobile app can provide a more seamless experience.
Fill out the required information, such as your personal details and contact information.
Verify your identity. This may involve providing a valid ID or other verification methods.
Set up your account preferences, including payment transfer options. Chime allows in – app transfer to anyone, which is very convenient for splitting bills with friends.
Key Takeaways: Chime offers a simple account opening process with no fees and great digital features. It’s suitable for students on a tight budget.

Fees

Did you know that unnecessary bank fees can eat into a student’s limited budget significantly? A recent Bankrate study found that the average American pays around $249 in bank fees annually. When it comes to student banking, minimizing fees is crucial. Let’s take a look at the fee structure of the Alliant Credit Union Teen Checking account.

Account Requirements

Did you know that over 70% of college students in the United States have a student – checking account? These accounts not only help students manage their finances but also set them on the path to financial independence. In this section, we’ll explore the account requirements for student banking.

Age and Enrollment

General: Be a student and within a certain age range (often under 25)

Most student bank accounts are designed for individuals who are currently students and typically fall within an age range, often under 25. For example, many accounts are available to students aged 17 – 24 at account opening, provided they are enrolled in college or a vocational, technical, or trade school. This age limit is set to ensure that the accounts are tailored to the specific needs of students during their educational journey.

Specific Accounts

Different accounts have unique age requirements. For instance, the Chase Bank College Checking Account is available for students aged 17 – 24. The U.S. Bank Student Checking Account has similar age criteria, and for fee – waiver, it is for students aged 18 – 24. Meanwhile, the PNC Virtual Wallet Student Account is open to students aged 16 and above.
Pro Tip: When choosing an account, make sure to check the age requirements carefully. If you’re close to the upper age limit, consider how long you can benefit from the student – specific features of the account.

Bonus – related

Some student bank accounts offer sign – up bonuses. For example, in 2025, there are 7 best student checking accounts that come with sign – up bonuses. These bonuses can be in the form of cash rewards, free checks, or other perks. To be eligible for these bonuses, you may need to meet certain requirements, such as setting up a direct deposit within a specific time frame or maintaining a minimum balance.
Key Takeaways:

Most student accounts require you to be a student within a specific age range, often under 25.
17 – year – olds and students without SSN need to provide specific documentation when applying in – branch.
Sign – up bonuses are available in some accounts but come with their own eligibility criteria.
Try our account eligibility checker to see which student bank accounts you qualify for.

Additional Benefits

According to a J.D. Power 2024 U.S. Direct Banking Satisfaction Study, online banks have been steadily increasing their customer satisfaction ratings, especially among young adults. These institutions are continuously adding perks to attract student customers. Let’s explore some of the additional benefits offered by various online banks.

Chase Bank

College Checking: No monthly service fee for up to 5 years in college

Chase Bank’s College Checking account offers a fantastic benefit for students. For up to five years of college enrollment, students don’t have to worry about monthly service fees. This can save a significant amount of money over the course of their college education. For example, if a traditional bank charges a $10 monthly service fee, a student using Chase’s College Checking account could save $600 over five years.

New customers: $100 signup bonus with 10 qualifying transactions in 60 days

New customers who open a Chase College Checking account can also earn a $100 signup bonus. All they need to do is complete 10 qualifying transactions within 60 days of account opening. This could include things like debit card purchases, online bill payments, or ATM withdrawals. It’s an easy way for students to start off their college banking experience with some extra cash.
Pro Tip: Make sure to keep track of your transactions and set reminders to ensure you meet the 10 – transaction requirement within the 60 – day period.

U.S. Bank

U.S. Bank’s Bank Smartly checking account is ideal for students. With a minimum deposit of $25, students can open an account and get $0 monthly maintenance fees, which can be waived through multiple ways. They also have $0 ATM transaction fees at U.S. Bank ATMs and on the first four non – U.S. Bank ATM transactions per month. This provides great flexibility for students who may need to access cash from different locations. A student who often travels around campus or off – campus for classes and activities can benefit from these fee – free ATM transactions.
Pro Tip: Take advantage of the U.S. Bank Smart Rewards® program to earn additional benefits as a youth or young adult account holder.

Ally Bank

Ally Bank was ranked as one of the best banks for a checking or savings account in the J.D. Power 2024 U.S. Direct Banking Satisfaction Study. It offers a wide range of features for students. Through its own ATMs as well as the Allpoint and MoneyPass networks, it provides customers with access to more than 70,000 fee – free ATMs. This is more than what Chase, Wells Fargo, and Bank of America offer combined. A student who frequently uses ATMs to withdraw cash can save a lot on fees with Ally Bank.
Pro Tip: Use the Ally Bank app to locate fee – free ATMs near you and avoid unnecessary charges.

SoFi

SoFi doesn’t offer a specific student bank account, but its High – Interest Checking account is a great option for students. It has no account fees and comes with competitive interest rates. Members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30 – Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults). This means that students who are able to meet these requirements can grow their money faster.
Pro Tip: If you’re eligible for direct deposit, consider setting it up with SoFi to take advantage of the high APY and start earning more on your savings.
Key Takeaways:

Discover Bank’s Cashback Debit Checking offers cash back on spending and no monthly fees.
Chase Bank’s College Checking has no monthly service fee for up to 5 years in college and a $100 signup bonus for new customers.
U.S. Bank provides fee – free ATM transactions and waived monthly maintenance fees.
Ally Bank offers access to a large network of fee – free ATMs.
SoFi’s High – Interest Checking has no account fees and competitive interest rates for eligible members.
Try our online bank comparison tool to see which bank best suits your needs.

Account Opening Process

Did you know that a recent SEMrush 2023 Study found that over 70% of students prefer opening bank accounts online for its convenience? This section will guide you through the account opening process at some of the best online banks for students.

Discover Bank

Discover Bank is a full – service online bank. It offers no monthly fees, 60k+ ATMs, 0.40% APY on savings, and 1% cash – back rewards. To open an account, you’ll need to visit the Discover Bank website. On the site, you can find detailed information about the account opening process, including the required documents and steps. You’ll also have access to customer reviews and ratings, which can help you make an informed decision. For example, a student can read about other customers’ experiences with the direct deposit feature before opening an account.
Pro Tip: Compare Discover Bank’s interest rates and fees with other online banks to ensure you’re getting the best deal.
Try our bank account comparison tool to see how these banks stack up against each other in terms of interest rates, fees, and features.

FAQ

What is a high – yield savings account for students?

A high – yield savings account for students is a type of account that offers a significantly higher annual percentage yield (APY) compared to regular savings accounts. According to Bankrate, high – yield accounts can offer rates as high as 4.00% to 5.00% APY, while many big banks offer just 0.01%. This allows students to grow their savings faster. Detailed in our Interest Rates analysis, accounts like mph.bank Free Checking can earn up to 5.00% APY under certain conditions.

How to open a Chime account?

Opening a Chime account is straightforward. First, check your eligibility. Then, visit the Chime website or download the mobile app, as recommended by financial industry experts. Next, fill out required personal and contact information, verify your identity, and set up account preferences. Chime offers no minimum balance or deposit requirements, and 50,000+ fee – free ATMs. See our Requirements section for more details.

Alliant Credit Union Teen Checking vs SoFi Student Checking and Savings: Which is better?

Both accounts have their advantages. Alliant Credit Union Teen Checking offers a 0.25% APY with no minimum deposit or monthly fees, making it accessible. SoFi, on the other hand, can offer 3.80% APY on savings balances for members meeting specific deposit requirements. Unlike Alliant, SoFi requires certain deposit conditions to get the high APY. It depends on a student’s ability to meet requirements and savings goals. Our Interest Rates section has more details.

Steps for opening a Discover Bank account?

To open a Discover Bank account, visit its website. There, you can find information about the required documents and steps. Check customer reviews and ratings to make an informed decision. Discover offers no monthly fees, 60k+ ATMs, 0.40% APY on savings, and 1% cash – back rewards. Compare it with other banks using our online bank account comparison tool. More about this is detailed in our Account Opening Process analysis.