Should I Open a Student Checking Account or Student Savings Account?

College is exciting and FULL of new experiences. One of those experiences? Managing your own money. This means finding the best bank account for students. When you start searching, you might ask yourself: Do I need a student checking account? Or should I get a student savings account? Both options are worth considering. To help you decide, let’s compare student checking vs. student savings.

Why Do College Students Need Bank Accounts?

Students juggle schoolwork, social life, and new responsibilities. Money touches most of these areas. Here are the top reasons why you need a bank account in college:

• Somewhere to Put Your Funds: Whether it’s money from home or financial aid refunds, you should have a safe place to deposit and manage your money.
• Employers Require It: Since most part-time jobs and internships pay with direct deposit, a checking account ensures that your earnings come straight to you.
• Online Transactions: From paying rent to splitting bills with roommates, most transactions are digital, and a bank account gives you reliable way to handle them.
• Banking Reputation: Your good banking habits today will open doors to financial opportunities in the near future, like renting an apartment, getting a car loan, or applying for a credit card.
• Financial Independence: Managing your own accounts means you are learning to handle money on your own terms and no longer relying on parents for every transaction.

What is a Student Checking Account?

A student checking account handles your everyday money needs. It’s the account you use most often—the one connected to your debit card, helping you pay for food, gas, Amazon purchases, and more.

What’s the difference between student checking and regular checking? Student accounts typically come with perks like no monthly fees, lower minimum balance requirements, and features that simplify banking for young adults in their late teens and early 20s.

Main Student Checking Account Features:

• Debit card for easy purchases online or in stores
• Low or no monthly fees
• Direct deposit for paychecks
• Mobile banking apps for checking your balance, depositing checks, and transferring money with your phone

Student Checking Benefits: The biggest advantage? Convenience! Your money is available whenever you want it! Whether you are grabbing lunch between classes, paying rent, or buying textbooks, your checking account gives you instant access to your funds.

Keep in Mind:

• Student checking is built for spending, not long-term savings
• Easy access means it’s easy to overspend sometimes

Get a Student Checking Account

What is a Student Savings Account?

A student savings account is where you stash the money you don’t need right away. It’s your financial safety net: the place where you set money aside for emergencies or future goals (think tuition or even spring break trips).

What’s the purpose of student savings? While checking accounts are for spending, savings accounts are for…well…saving money. They keep your funds safe until you actually need them, whether that’s three months or three years from now.

Main Student Savings Account Features:

• Encourages good saving habits
• Your balance grows over time with savings interest

Student Savings Benefits: Having a savings account helps you build smart money habits. Plus, you create a buffer for those “just in case” moments—like when your laptop crashes during finals weeks or your car breaks down. The money you save earns interest, meaning your money makes money!

Keep in Mind:

• Student savings accounts are best for the money you don’t need right away
• You can only make a limited number of withdrawals each month
• Savings account interest rates vary depending on your bank

Get a Student Savings Account

Should I Choose a Student Checking or Student Savings Account?

Open a checking account if you need a place to oversee your day-to-day spending. Get a savings account if you want to save for something specific, build an emergency fund, or improve your financial management.

What’s the real power move? Open BOTH! Most students find this combination helps them balance everyday spending with future savings.

For example, you can handle your regular expenses (food, entertainment, and bills) with your student checking account. At the end of each month, or whenever you get paid, you can transfer whatever remaining amount to your student savings account. Even if it’s just $20 or $50, those small amounts add up!

When you use both student checking and student savings together, it does two important things: 1) Helps you avoid overspending by moving the “extra” money to your savings account. And, 2) It builds your savings without requiring extra thought. It’s like putting your money on autopilot!

Student Bank Accounts at Academy Bank

Young adults between 18 and 23 need student banking options that are easy-to-use and fit with their everyday lives. Academy Ban understands this, which is why we are considered the best bank for student checking accounts and student savings accounts. When you open both, you unlock these advantages:

• No monthly service charges
• Free debit card compatible with Apple Wallet and Google Wallet
• Convenient mobile* and online banking tools for managing your money from anywhere
• Free ATM access in the MoneyPass Network
• Overdraft protection when you link both accounts together

What happens to my student bank account after I graduate? Academy Bank’s Student Checking Account¹ automatically converts to the Simply Free Checking Account when you turn 23. Meanwhile, the Student Savings Account² converts to our standard Savings Account. That way, you ALWAYS have a bank account that changes with your needs.

Ready to open the best student checking account and best student savings account for college life? Create each bank account online or in person. Your future self will thank you for it!

STUDENT CHECKING

STUDENT SAVINGS