What you need to open a student bank account
Most banks let you open an account at 13 or 14 with a parent or guardian present, though some require you to be 18. You will need a government-issued ID — a driver's license, state ID card, or passport. If you do not have one yet, a school ID plus a birth certificate often works, but call ahead to confirm what the specific bank accepts.
Bring proof of your current address: a utility bill, lease, or recent mail from the bank or a government agency addressed to you or your parent. Some banks also ask for a Social Security number, which you can find on tax documents or your Social Security card. A few banks will let you open an account online if you are 18, but most require you to visit a branch in person if you are under 18.
You do not need an opening deposit at most student accounts, though some banks ask for $25 to $100. Check the bank's website or call before you go — this varies by institution and sometimes by branch.
Key Takeaways
- You can open a student account at most banks starting at age 13 or 14 with a parent present, though some require you to be 18.
- Bring a government-issued ID, proof of address, and your Social Security number; a school ID plus birth certificate may work if you do not have a driver's license yet.
- Most student accounts have no monthly fee, no minimum balance, and no opening deposit required.
- If you are under 18, a parent or guardian must be present at the branch; they may need to co-sign or be listed as an account owner.
- Online-only banks often have lower fees but fewer ways to deposit cash, so consider whether you need a physical branch nearby.
Student accounts versus regular checking accounts
A student account is a checking account designed for people under 25, usually with no monthly maintenance fee and no minimum balance. The bank typically waives overdraft fees for the first year or two, though this varies. You get a debit card and online banking, just like a regular account.
The main difference is cost: a regular checking account often charges $10 to $15 per month if you do not keep a minimum balance (usually $500 to $1,500). A student account costs nothing as long as you stay enrolled in school and under the age limit — often 21 to 25. Once you age out, the bank converts you to a regular account and begins charging the monthly fee unless you meet the balance requirement.
Some student accounts also offer perks like cash back at any ATM nationwide, no foreign transaction fees, or a small interest rate on savings. Compare what your bank offers before you open the account.
Where to open an account: banks, credit unions, and online options
A traditional bank (Chase, Bank of America, Wells Fargo, or a local bank) has branches where you can deposit cash, withdraw money, and talk to someone in person. Most have student accounts. The downside is that they may charge fees for things like overdrafts or out-of-network ATM use, even on student accounts.
A credit union is a nonprofit owned by its members. Credit unions often have lower fees and better customer service than large banks, and many offer student accounts with no fees. You must live, work, or study in their service area to join. Search for credit unions near you at CO-OP or Allpoint to see which ones you can access.
Online-only banks (Ally, Charles Schwab, Discover) have no branches but charge almost no fees and often pay interest on checking balances. The catch: you cannot deposit cash at a branch. You can deposit checks by phone camera or mail them in, but if you need to deposit cash regularly, an online bank may not work for you. Some online banks partner with ATM networks so you can withdraw cash for free, but depositing is harder.
For most students, a local bank or credit union is the easiest start because you can walk in, deposit cash, and get help if something goes wrong.
What happens if you are under 18
If you are under 18, a parent or guardian must come to the bank with you. They will need to show ID and may need to provide their Social Security number. The bank will ask whether they want to be a co-owner (meaning they can see and control the account) or just an authorized signer (meaning they can make deposits and withdrawals but you own the account).
Most parents choose co-ownership so they can monitor spending and help if there is a problem. Some banks let you switch to sole ownership once you turn 18; others require the parent to remove themselves. Ask the bank what the process is before you open the account.
Your parent's credit score and banking history do not affect your account. The bank is mainly checking that an adult is present and responsible for the account until you are old enough to manage it alone.
Setting up online banking and your debit card
Once your account is open, the bank will give you a debit card and show you how to set up online banking. You will create a username and password, and the bank will send you a temporary PIN or a link to set one up. Write down your username and password somewhere safe — not on a sticky note at your desk.
Enable two-factor authentication if the bank offers it. This means the bank sends a code to your phone or email every time you log in from a new device, making it much harder for someone to hack your account. It takes an extra 30 seconds but is worth it.
Your debit card usually arrives in 7 to 10 business days. You can use it to buy things online or in stores, withdraw cash from ATMs, and sometimes get cash back at the register. Do not share your PIN with anyone, and do not write it on the card. If your card is lost or stolen, call the bank immediately — they can freeze it and send a replacement.
Depositing money into your account
You can deposit money in several ways. At a physical branch, you can hand cash or a check to a teller or use an ATM. Most ATMs let you deposit cash and checks 24/7, though the money may not show up in your account until the next business day.
If you have a check, you can deposit it by taking a photo with your phone through the bank's app — this is called mobile check deposit. Take a photo of the front and back of the check, and the bank will deposit it within one or two business days. You can also mail a check to the bank's address, though this takes longer.
If someone sends you money through a peer-to-peer app like Venmo or PayPal, you can transfer it to your bank account. This usually takes one to three business days. Some apps charge a small fee if you want the money faster.
Protecting your account and avoiding overdrafts
An overdraft happens when you spend more money than you have in your account. If you try to buy something for $20 and you only have $15, the bank may let the transaction go through and charge you an overdraft fee (usually $25 to $35). You now owe the bank $40 instead of $20.
Most student accounts waive overdraft fees for the first year or two, but this protection ends. To avoid overdrafts, check your balance before you spend money. Set up a low-balance alert in your online banking so the bank texts or emails you when your balance drops below a certain amount — $50 or $100 works for most students.
Never share your debit card number, PIN, or online banking password with anyone. If you see a charge you did not make, contact the bank immediately. Most banks will reverse fraudulent charges within a few days if you report them quickly.
Frequently Asked Questions
Can I open a bank account without my parent if I am under 18?
No. Banks require a parent or guardian to be present and to sign documents if you are under 18. Some banks let you open an account at 13 with a parent; others require you to be 16 or 18. Call the bank first to ask what age they allow.
What if I do not have a Social Security number?
You can still open an account at most banks, but you will need an ITIN (Individual Taxpayer Identification Number) or another form of ID. Call the bank and ask what documents they accept. Some banks are more flexible than others.
Do I need a minimum balance to keep my student account open?
Most student accounts have no minimum balance. You can keep $1 in the account and it will stay open. However, once you age out of the student account (usually at 21 to 25), the bank may convert you to a regular account that requires a minimum balance or charges a monthly fee.
What if I lose my debit card or it gets stolen?
Call the bank immediately — most have a 24/7 fraud line. The bank will freeze the card so no one can use it, and they will send you a replacement in 7 to 10 days. If someone used your card before you reported it, the bank will reverse those charges.
Can I have two bank accounts at the same time?
Yes. You can open accounts at multiple banks. Some students keep one account for everyday spending and another for savings. Just make sure you can keep track of both and that you understand each bank's fees and rules.