The ideal bank for students will also appeal to parents who want to open an account alongside their child for quick and easy money transfers.
Our picks don't have many (or any) branches, but they charge low (or no) fees to maintain an account and withdraw cash, and they have strong mobile and digital features to make branchless banking more seamless.
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BEST: Bank of Internet
Free, no-frills Essential Checking is a good choice for students and parents who want to bank together. There is no fee to open the account, no monthly maintenance fees, and no fee for withdrawals at any ATM in the U.S. or to transfer funds from a linked account or line of credit to cover overdrafts. Otherwise, Bank of Internet covers overdrafts on a case-by-case basis, but it doesn’t charge a fee when it does.
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RUNNER-UP: Alliant Credit Union
If you don't live near one of Alliant's 12 branches located in five states, you and your family can bank using Alliant's strong online and mobile banking features. (You can join Alliant if you make a $10 donation to its partner charity, Foster Care to Success.) Kids between 13 and 17 are eligible for a free Teen Checking account, which yields 0.65% as long as they receive e-statements and have one electronic deposit per month—a direct deposit, monthly ATM deposit or transfer from another bank. Once your teen turns 18, the account automatically converts to a no-interest Free Checking account, or your teen can switch to High Rate Checking (0.65% yield) by meeting requirements similar to the teen account. Alliant covers the $5 fee to open the mandatory regular savings account, which pays 1.05% on daily balances of $100 or more. Overdraft fees are a reasonable $25, and covering an overdraft with funds from a savings account costs $3 per day an overdraft is outstanding.
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The Best Banks and Credit Unions for You, 2017
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