Benefits of Student Checking Accounts for New College Students

A young black female college student checks her student checking account with online banking.

Written by:

Back to blog

Starting college is a thrilling milestone, packed with new experiences, newfound independence, and plenty of challenges. For new college students, this time brings significant life changes as they may be leaving home for the first time, stepping into the world of higher education.

With the whirlwind of new classes, social activities, and growing responsibilities, managing finances can quickly become overwhelming. That’s where a student checking account comes in, offering essential support throughout the college journey.

Keep reading to learn more about student checking accounts, how they work, their benefits, and about Armed Forces Bank’s student checking account.

What are Student Checking Accounts?

Student checking accounts are specifically designed for college and university students, offering convenient mobile and online banking features for easy money management anywhere. These student checking accounts serve as an excellent tool for college students to gain control over their finances as they become more financially independent during their college years.

How Student Checking Accounts Work

Student checking accounts offer an easy and affordable solution for college students to handle their finances. These accounts typically feature minimal or no monthly maintenance fees, ensuring accessibility for students with tight budgets.

Typically, student checking accounts include essential banking features such as a debit card for everyday transactions, free access to a network of ATMs, and robust online and mobile banking services. These digital tools allow students to check their balances, transfer money, pay bills, and deposit checks remotely, providing the convenience needed for busy academic schedules.

Beyond convenience, student checking accounts can help teach financial responsibility to college students. By regularly using their checking accounts, students can gain hands-on experience with financial tasks such as understanding bank statements and making informed spending decisions. This real-world financial education helps them build responsible money management habits that will benefit them throughout their lives.

What are the Benefits of Student Checking Accounts?

As students transition to college life, managing finances is often a major new responsibility. Student checking accounts offer a variety of benefits that make this transition smoother and more manageable.

Low or No Fees: Student checking accounts often have minimal to no monthly maintenance fees, helping students save money.
Mobile and Online Banking: With mobile and online banking options, students can manage their accounts from their smartphones or computers anytime, anywhere.
Debit Card Access: A debit card linked to the student checking account allows for easy and secure transactions, both in-person and online.
Free ATM Access: Many student accounts provide free access to a network of ATMs, reducing the risk of incurring fees from using out-of-network machines.

How Armed Forces Bank’s Student Checking Accounts Can Help College Students with Transitions

Are you getting started in banking? Ready, set, kick it off with us. We treat you right while you learn the basics of banking and set yourself up for success. Here are the features of the Armed Forces Bank Student Checking Account.

1. No Monthly Service Charge & No Overdraft Potential

Say goodbye to pesky monthly fees. Our student checking account comes with no monthly service charges, ensuring your hard-earned cash stays where it belongs – in your pocket.

2. Overdraft Protection & Assistance

Accidents happen, but with overdraft protection, you're covered. You can avoid overdraft fees by linking your checking account to a savings account. This feature provides a safety net if you accidentally overdraw your account.

3. Visa® Debit Card with Card Controls

Experience the convenience of cashless transactions with our Visa® Debit Card. Manage your spending effortlessly with built-in card controls, putting you in charge of your purchases.

4. Free Mobile Banking with Check Deposit^1,2

Banking on-the-go has never been easier. With our free mobile banking app, you can deposit checks with just a few taps, ensuring your money is always at your fingertips.

5. Online Banking with Bill Pay

Stay on top of your bills with ease. Our online banking platform allows you to pay bills conveniently, giving you more time to focus on your studies and social life.

6. Account Alerts²

Stay informed and in control with account alerts. Receive notifications about account activity, ensuring you're always in the loop when it comes to your finances.

7. Free Financial Education

Knowledge is power. Take advantage of our free financial education resources, designed to empower you with the skills and knowledge needed to navigate the financial world confidently.

8. Refer Friends & Family. $50 for You, $50 for Them.^2,4

Spread the word and reap the rewards. Refer friends and family to open a student checking account, and both of you can enjoy a $50 bonus - it's a win-win!

What Else You Need to Know

You can consider partnering your Student Checking Account with our Student Savings Account and take advantage of our Saving Cents program, which rounds up your Debit Card purchases and applies the change directly into your Savings Account.

To open a student checking account, a $25 opening balance is required, and you must be a full-time student under 23 years old enrolled in a high school, college, university, or vocational program. The account converts to a Access Digital Checking Account at age 23.

There is no monthly service charge if you enroll in Digital Banking and sign up for eStatements; otherwise, a $5 monthly fee applies. You can choose free eStatements or pay $5 for paper statements, and use Cash2Debit³ to add cash at numerous retail locations. Note that closing new accounts within 90 days will result in a $20 early closure fee.

Ready to get started? Apply for your student checking account online in just minutes.

Member FDIC

$25 opening deposit required. $5 monthly service charge applies. The $5 monthly service is waived if enrolled in Digital Banking AND signed up for eStatements. $5 paper statement fee applies. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

¹ Deposits are subject to verification and not available for immediate withdrawal. Deposit limits and restrictions apply.
² Message and data rates charged by your mobile phone carrier may apply.
³ A $4.95 fee may apply. Deposit limits and restrictions apply. Not available in Vermont. Ask an Armed Forces Bank associate for details. Not available at self-checkout.
⁴ Terms and conditions apply. Receive a $50 Visa® Reward Card when your friend registers, opens a new Armed Forces Bank Access Rewards, Access Freedom, Access Investment, Student or Safe Spending checking account, and completes the following within 60 days of account opening:

Enrolls in Digital Banking, AND
Has at least one (1) or more direct deposits or mobile deposits that total $300 within 60 days of opening the checking account.