Updated on Thursday, January 13, 2022
When you graduate college, you’ll also graduate from your student checking account. Your bank will likely transition your student account to a standard account, but you don’t have to stay there. It’s worth comparing the best banks for college graduates to find the one that best meets your needs.
After all, you don’t want to get stuck with unreasonable fees or high account minimums. To help you find the right bank, we’re going over what to look for in a checking account, along with our recommendations for banks for college graduates.
When you’re nearing graduation, start planning your bank transition.
Many banks send a letter in the mail a few months prior to your expected graduation date informing you that your student checking account is going to transition to a non-student account. If you’re not careful and you disregard the letter, you may be transitioned into an account that charges a fee should you not meet certain requirements.
You can always call the bank and ask to switch to a different account, or you can choose a new account that offers more benefits, like interest and ATM fee refunds. If you’re shopping around for a new bank account, here are some things to look for:
Account Name | Amount to Open | ATM Fee Refunds | APY |
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Best Overall Checking Accounts for College Grads |
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Chime | $0 | None | None |
Axos Bank Rewards Checking | $50 | Unlimited domestic | Up to 1.00% APY (if meeting certain requirements) |
Discover Bank | $0 | None | None, but 1% cashback on up to $3,000 debit card purchases per month |
Ally Bank | $0 | Up to $10 per statement cycle | 0.25% APY with a $15,000 minimum balance, 0.10% APY with balances under $15,000 |
Best High-Yield Checking Accounts for College Grads |
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Consumers Credit Union (IL) Rewards Checking | $5 | Unlimited ATM reimbursements | Up to 4.09% on balances up to $10,000 (if meeting certain requirements) |
Genisys Credit Union | $0 | None | 4.07% APY on balances up to $7,500 (if meeting certain requirements), 0.05% APY after that |
T-Mobile Money | $0 | None | 4.00% APY on balances up to $3,000 (if meeting certain requirements), 1.00% APY after that |
Evansville Teachers Federal Credit Union Vertical Checking | $25 | Up to $15 in ATM reimbursements per month | 3.30% APY on balances up to $20,000 (if meeting certain requirements) |
For the top overall checking accounts, we chose accounts that have no monthly service fees, no ATM fees, refunds for ATM fees from other banks, and interest earned on your deposited balances. These banks also have user-friendly mobile banking apps. While there is no all-inclusive account that contains every benefit, the accounts below are sure to provide value whether you want a high-interest rate, unlimited ATM fee refunds, or 24/7 live customer support.
The Chime Spending Account boasts an array of features that will likely benefit young adults who are just learning how to manage their money — including fee-free overdrafts up to $200, early direct deposit, no monthly fees, and no minimum balance requirements. Additionally, Chime offers the option to round up each transaction and deposit the difference into your linked savings account.
Note that Chime is not a bank itself — it’s a financial technology company — but it provides its banking services and FDIC insurance by partnering with the Bancorp Bank or Stride Bank.
The Axos Bank Rewards Checking account is a great option for college grads, as it offers low fees and generous rewards. There are no monthly service fees, no overdraft fees, and unlimited reimbursements for domestic ATM fees. Currently, you also can earn an APY up to 1.00% if you meet the following requirements:
Next up on our list of the best banks for college graduates is Discover Bank, which takes a unique approach to check account rewards. Instead of offering an APY on deposit balances, Discover opts for cashback as an incentive to get consumers to sign up for its checking product.
The Discover Cashback Debit account offers up to 1% cashback on $3,000 of debit card transactions per month. That coupled with its zero fees and free access to 60,000 ATMs nationwide make it one of the best checking accounts for college graduates.
Online bank Ally Bank offers a solid checking account with minimal fees, decent APYs, and other attractive perks. Its Interest Checking account charges no monthly maintenance fees and provides free access to Allpoint ATMs nationwide, as well as a $10 reimbursement per statement cycle for any other ATMs fees incurred.
Ally Bank’s APY isn’t too shabby, either: You can earn an APY of 0.25% with a $15,000 minimum balance or 0.10% with balances under $15,000. Other cool features include its Ally Skill for Amazon Alexa, which enables you to transfer money with just your voice.
Since most checking accounts offer little to no interest, high-yield checking accounts are a great way for you to maximize the money that would typically just sit in your account without earning interest. These accounts often offer interest rates that fluctuate depending on how much money you have in the account.
However, in order to earn interest, there are some requirements that you may have to meet, such as making a certain number of debit card transactions or enrolling in e-statements.
The Consumers Credit Union (IL) Rewards Checking account is just that: Rewarding. It offers a tier-based APY, which includes a 4.09% APY on balances up to $10,000, 0.20% APY on balances between $10,000 and $25,000 and 0.10% APY on balances over $25,000.
In order to earn the highest APY, you must complete at least 12 debit purchases each month, receive eDocuments and receive at least one direct deposit or ACH debit or pay one bill through their free bill payment system totaling $500 or more. You also must spend $1,000 or more with a Consumers Credit Union Visa credit card each month. This account has no fees and offers unlimited ATM reimbursements if requirements are met.
The Genius Checking account from Genisys Credit Union offers a 4.07% APY on up to $7,500 after you enroll in eStatements and use your Genisys Debit Mastercard at least 10 times per month for purchases of $5 or more, excluding ATMs. Any balance over $7,500 will earn 0.05% APY.
This account has no minimum required amount to open and has a mobile banking app.
Wireless carrier T-Mobile has forayed into finance with a checking account, T-Mobile Money. The account offers a generous APY of 4.00% on balances up to $3,000, with balances over that threshold earning 1.00% APY.
In order to receive the higher APY, you must meet the following requirements: Be enrolled in a qualifying T-Mobile wireless plan, be registered for perks with your T-Mobile ID, and have at least 10 qualifying purchases using your T-Mobile Money card posted to your account. T-Mobile Money does not reimburse for out-of-network ATM fees, but it does not charge any maintenance fees.
Evansville Teachers Federal Credit Union’s Vertical Checking account doles out a generous APY of 3.30% on balances up to $20,000 if you meet the following requirements per month:
This account boasts a low, minimum opening deposit of just $25 and no monthly service fee, as well as up to $15 in ATM fee reimbursements per month.