It is in the time of high school and college that individuals learn the value of savings. At this point in life, a bank account can be of great use. However, choosing the right bank to open your savings account can make a big difference. The bank account chosen should also fit well to your life and financial needs. Based on various fundamental factors and features, some of the best bank accounts available for students are as follows:
Chase college checking account
This is a checking bank account which is available for students between the age of 17 and 24 years. A valid student ID proof would be required to open this account. For the first 5 years of college, there would be no fee charged and also a $0 minimum deposit requirement. In addition to this, if a student enrolls in paperless statements and does 10 qualifying transactions in the first 60 days of opening the account, Chase will give the students an extra $100.

Ally Bank’s online savings and checking account
While these accounts are not specifically for students, they fit perfectly to their needs. No minimum deposit or maintenance fee is required as the accounts are online. The online accounts are connected to the Allpoint ATM network and Ally offers a $10 per statement cycle ATM fee reimbursement also.

U.S. Bank student checking account
U.S. Bank provides the students with a basic checking account for regular use. No monthly maintenance fee is charged on these accounts. However, if paper statements are required then a charge of $2 per month would be levied. All the apps and tools that are available for a non-student account such as mobile banking, online banking, etc., will be made available for this account also. A U.S. Bank Visa debit card is provided and the first order of checks is free. The first four ATM transactions are free when a different ATM is used.

Discover cashback debit account
This is an online checking account that charges no monthly fees and has no minimum balance requirements whatsoever. While this account is not specifically designed for students, it fits particularly in their college and even post-college needs. The no fee and no minimum balance policy can be taken advantage of even after leaving the student status behind. Discover, similar to Ally’s online accounts, has partnered with the Allpoint ATM network. The debit card also gives 1% cashback on all purchases up to $3000 every month which accounts for savings of about $360 annually.

SoFi Money
SoFi stands for Social Finance. SoFi money is a cash management account that provides an interest rate of 0.1% APY. In addition to that, it also adds $75 when an account is opened and two direct deposits of at least $500 are set. This cash management account is placed above a bank account that is maintained by SoFi’s partner banks. This makes sure that the students’ accounts would be FDIC insured. Similar to other accounts, this account also doesn’t have any account fees and has no minimum balance requirements.