The Best Student Checking Accounts For 2020| North Loop Official Blog
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26 Jan 2020

The Best Student Checking Accounts For 2020

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Going to college can be a daunting experience. For most of us, it is the first time we have left our homes to live by ourselves. This new experience results in many firsts: learning how to maintain a home, fend for yourself and more. It is also likely the first time that you will have a bank account for yourself, and manage your own finances.
So, as you look to open a bank account, you may wonder - which is the best student checking account for me? Below we’ll analyze three popular checking accounts for students and tell you our choice as the best bank account for students in the US.

The Best Checking Accounts for Students

Here is an overview of the Best Student Checking Accounts For 2020:

North Loop
Fees: No monthly service fees. No account minimums. No ATM fees. No incoming wire fees. No foreign transaction fees. No card replacement fee. No local US transfer fee.
Ages: 18+
Overview:
The North Loop Checking Account stands out for students for many reasons, including the fact that it is the only digital bank account an international student can open. This no-fee account is the only student account that doesn’t charge any fees even after a student has graduated, meaning it is the cheapest bank account for students as well.
Specifically for students, CampusCashback is a unique feature that allows students to choose their favorite places and restaurants on/off campus to get cashback up to 5%. Along with national chains such as Starbucks (3% cashback), North Loop offers an incredibly generous cashback program for a debit card.
The North Loop account has a fantastic option of letting students with no credit history (and no SSN) get a credit card as well.
For international students in the US, North Loop offers them the option of signing up before they come to the US, ensuring they have a bank account from the moment they reach the US. It also offers a global money transfer platform for students and their families to send money from their home countries to the US.

Chase
Fees: $6 month service fee or $0 for up to 5 years while in college.
Ages: 17-24
ATM fee: $2.50 for non-Chase ATMs in the U.S., $5 for withdrawals abroad.
Overdraft Fee: $34
Incoming Wire Fees: $15
Overview:
The Chase College Checking Account is the college-focused bank account for the largest bank in the US. Free while you’re in college, the account has the benefit of a large branch network (should you want to go to a branch), and ATM network in some cities. However, hefty incoming wire fees as well as the fact that there is a monthly service fee (after 5 years) means that this account isn’t as cheap as other options.

Wells Fargo
Fees: $6 month service fee or $0 for up to 5 years while in college.
Ages: 17-24
ATM fee: $2.50 for non-Wells Fargo ATMs in the U.S., $5 for withdrawals abroad.
Overdraft Fee: $34
Incoming Wire Fees: $15
Overview:
If you are looking for the largest network of branches and ATMs, Wells Fargo has it. One of America’s oldest banks, Wells Fargo offers a bank account for students without charging any monthly service fees, but little else. However, a limited focus on students, and recent scandals over its illegal practices means that Wells Fargo comes in at 3rd place versus the other accounts on this list.

Enjoy unlimited no fee ATM withdrawals with a student account

Conclusion

Winner: North Loop
With a generous cashback program for a debit card (!) and no fees of any kind (saving you hundreds of dollars a year), North Loop is the clear winner for the best bank account for college students. As the only option for international students coming to the US, it stands out as well for offering a great service to them as well.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.