There are dozens of different student checking accounts available across the nation. However, how do you know which one is best for you? US Bank offers a student checking account – dubbing it “The smart, easy way to manage your money.” Does it live up to it’s name? Continue reading below to learn more.
If you’re interested in exploring other student checking accounts, be sure to check out our compiled lists of Best Student Checking Accounts. This handpicked list showcases the best student checking accounts available to you – such as the Chase Student Checking Account below.
Requirements
- $25 opening deposit – can be funded with a credit or debit card, including a parent’s card.
- Parent co-owner, if you’re younger than 18.
- Must be a student enrolled in high school, technical college, trade school or university.
Pros
- No Monthly Maintenance Fees or Minimum Balance: And when we say no fees or minimum balance, we mean it. They will never be a requirement on a student checking account.
- Wide Network + MoneyPass Network ATMs: Students will have access to over 3,000 branches and 5,300 ATMs across the nation. Additionally, any transaction made within the network of 24,000 MoneyPass ATMs nationwide are free of charge.
- First 4 ATM Fees Waived: If there is ever a situation where you have to withdraw from a non-US ATM, US Bank will waive the first 4 fees per monthly billing cycle.
- Online Banking & App: Do all your banking online or on a mobile device app. Checking your balance, paying back a friend, and depositing a check, can all be done from your laptop/smartphone.
- Tips: US Bank wants to help student learn budgeting and saving. They offer hundreds of tips to help students save money and build their wealth as well as starting the foundations to good credit.
- First Box of Checks Free: If you want checks, US Bank offers the first box of checks ordered for free.
- Customer Service: Customer service is always available 24/7 over phone, email, and social media.
Fees
Be wary of fees. Even though US Bank offers no monthly maintenance fees or minimum balances, there are fees that you should still be considerate about.
- Monthly Maintenance: $0 – There will never be a monthly maintenance fee on a student checking account
- Non-US Bank ATM (Domestic): $2.50 per transaction – first 4 are waived.
- Non-US Bank ATM (International): $2.50 per transaction plus 3%
- Debit Card Foreign Transaction: 2%/3% USD/foreign currency
- Overdraft (NSF): $36 For paid or returned items over $5, max 4 items per day.
- Extended Overdrawn Balance: $25 If your balance is in the red for 8 consecutive days + an additional $25 per week
- Debit Card Cash Advance: $2
- Paper Statement: $2 per billing cycle. Online statements are free
- Replacement Card (Express): $25 – Takes 2 – 3 days
Cons
- Overdraft Fees: You’ll be charged a considerate $36 per transaction of more than $5, up to four times a day, for both paid and returned items.
- No Interest: Although it’s rare to find a student checking account with interest, it’s still a notable con
Conclusion
The highlights of the US Bank Student Checking account are definitely the no monthly maintenance fees, no minimum balance, and the considerable convenience.
By convenience, we mean that you’ll have access to over 3,000 branches and 5,300 ATMs, as well as 24/7 customer service. If you ever need help, they’ll be there for you. But be careful, always watch out for any fees that may sneak up on you.
