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2025-07-24
Financial Health
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Three Bank Accounts Every College Student Should Open

Group of students discussing their college bank accounts.

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College looks different for everyone. But regardless of your chosen path—whether you are enrolled in ROTC, attending a military academy, preparing for OCS, or part of a military family—college is the perfect time to build money habits that actually stick. With the right tools, you can stay financially prepared for education costs and whatever mission comes after. Keep reading! Here are three student bank accounts that every college student needs:

1. Student Checking Account: Your Banking Basecamp

A student checking account is your main operational base for managing daily expenses like class supplies, meals, and transportation around campus or base.

What to look for in a student checking account:

  • No (or low) monthly fees
  • Mobile* and online banking tools for wherever life takes you
  • Direct deposit options for drill pay or part-time jobs
  • Free access to ATMs

Extra Tip: Don’t skip overdraft protection! When your checking account is linked to savings, it can automatically transfer funds if your balance runs low. This rescues you from overdraft fees and awkward moments at checkout.

2. Student Savings Account: Ready for Anything

Even with a tight student budget, a little savings can go a long way. A student savings account gives you a buffer for unexpected costs (like replacing a lost textbook or fixing a broken laptop), and it helps you work toward short-term goals (ex: spring break travel) and long-term goals (ex: moving after graduation).

What to look for in a student savings account:

  • Competitive interest rates to help your money grow
  • Low minimum balance requirements
  • Automatic transfers to make saving money easier

Plus, when your savings account is linked to your checking account, it can also prevent overdraft fees if your checking falls short.

3. Secured Credit Card: Start Building Credit

Secured credit cards are among the best credit cards for college students because they are easier to qualify for. You provide a cash deposit upfront that sets your credit limit. From there, responsible use helps you build a credit score—essential reaching countless financial milestones in the future.

What to look for in a secured credit card:

  • No annual fees
  • Low interest rates
  • A credit limit you can actually manage
  • Reports to major credit bureaus to improve your score

The best part? With your regular credit use and on-time payments, you can upgrade to an unsecured credit card with perks and bonuses.

Explore why you should start building credit in college in our recent article: “Top Reasons Why College Students Should Start Building Credit.”

Best Advice for Managing Money in College

Keep your budget on track with these quick financial tops:

  • Set financial goals, both short- and long-term
  • Use budgeting apps and tools to track spending (try My Finance360 from Armed Forces Bank)
  • Learn how credit works and keep an eye on your credit score regularly

Banking for Students: Your First Step at Armed Forces Bank

You may be juggling classes, exams, and maybe even a part-time job, but setting up the right bank accounts can make your life a whole lot easier. At Armed Forces Bank, we offer student-friendly banking options built for students, including:

Ready to take the next step? Get started with student banking at Armed Forces Bank!

Open Student Checking
Open Student Savings
Apply for Credit Builder Credit Card

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* Message and data rates charged by your mobile phone carrier may apply.

1 $25 opening deposit required. Must be enrolled in Online Banking and eStatements, otherwise a $5 monthly service charge applies. Closing new accounts within 90 days of opening will result in a $25 early closure fee. You must be a full-time student under 23 years old who is enrolled in a high school, college, university, or vocational program.

2 $25 opening deposit required. No minimum balance required until age 23. $5 monthly service charge is waived until age 23. $5 paper statement fee applies. Closing new accounts within 90 days of opening will result in a $25 early closure fee. After the age of 23, the Student Savings account will automatically convert to a Savings account. The minimum balance requirement is $100 or a $5 monthly service charge will apply. Enrollment in the Savings Cents program will waive the monthly service charge for the first 12 months of the Savings account. Free eStatements or $5 paper statements. Statements for electronic transfers are sent monthly. A statement showing compounded interest will be provided at the end of each quarter: March, June, September, and December.

3 Subject to credit approval. Penalty fees and restrictions may apply. Credit limits are set between $300 and $3,000, depending on the amount deposited into a Credit Builder Savings account. $5 quarterly fee charged to the Credit Builder Savings account if not enrolled in eStatements. Improved credit score is not guaranteed. Credit score is determined by credit reporting agencies based on multiple factors, but satisfactory performance on a credit card product can improve your credit score. Default on a credit card, including missed or late payments can damage your credit score. Once added, funds cannot be withdrawn from the Credit Builder Savings Account and the Credit Builder Credit Card without closing the savings account and the credit card.