Student checking & savings
Many banks and credit unions offer student accounts with no monthly fee while you are enrolled. The terms that matter most are what happens when you graduate and how overdrafts are handled.
Compare these side by side
- Monthly fee during school and after graduation
- Age or enrollment proof required
- Overdraft and NSF fees, and whether overdraft coverage can be turned off
- ATMs near campus and out-of-network ATM fees
- Savings rate (APY) on the linked savings account
- FDIC or NCUA insurance
Ways to pay less
- Check your campus credit union as well as national banks
- Turn off overdraft coverage for debit card purchases so a short balance is declined instead of charged a fee
- Put the date your student status ends in your calendar and check the fee that starts then
- Keep refund checks from financial aid in a separate savings account until you have a semester plan (see Budget, Semester template)
Watch out for
- "Free" accounts that start a monthly fee automatically after a set age or graduation
- Accounts tied to a campus card program with fees you can’t avoid
Terms differ by bank and change often; read the account’s current fee schedule before opening. SpendySaver shows what you spend on student checking & savings today and ranks offers by your savings. Open the app