Opening a student bank account is essential for managing finances effectively. However, with many options available from multiple banks, choosing the best bank account for students can be challenging. One should look for features like no minimum balance requirements, free funds transfer, and complimentary add-ons such as dining discounts and travel perks. International bank accounts also help study-abroad aspirants in easy money management. Let’s explore the best bank accounts for students in this blog.
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What is a Student Bank Account?
A student bank account is a service offered by banks which are specifically designed for university students. They offer multiple benefits like zero or low monthly fees, higher interest rates on savings, and access to online banking services.
Students can avail of other benefits like interest-free overdrafts, student discounts, budgeting tools, and mobile banking apps. All these features enable students to manage their finances better, especially for study-abroad aspirants.
- To open a student bank account, you need to provide proof of enrollment in higher education institutions.
- Age limits typically range from 18 years and above. However, some banks allow 16-year-olds to open bank accounts without parents.
Best Indian Bank Accounts for Students
Popular Indian Banks like the State Bank of India, Union Bank, HDFC Bank, Bank of India, and others offer student bank accounts. They help students build savings habits and teach financial management. Various benefits like zero balance accounts, online banking, debit cards, cash withdrawals, and user-friendly mobile applications allow you to enjoy convenient banking services.
SBZER Account by Union Bank of India
Union Bank of India offers the Savings Bank for Students (SBZER) with a hassle-free Union Bank online account opening process. It is available for students above 10 years and up to 25 years of age. Here are the benefits that are offered-
- No requirements to maintain a Quarterly Average Balance (QAB).
- Access to free classic platinum Debit card.
- Allows eligibility to avail of Union Bank education loan at competitive interest rates.
- Free Personal Accident Insurance (Death) cover with debit card up to INR 2 lakh.
Also Read: Planning to pursue overseas education? Check here for some of the best banks offering education loans to study abroad.
BRO Savings Account by Bank of Baroda
Bank of Baroda (BoB) offers BRO Savings accounts for students. It is one of the best Indian bank accounts for students with no minimum balance and other benefits like the RuPay Platinum debit card. Students can easily make free RTGS/ NEFT IMPS/ UPI transactions. Check out the other features of this account-
- Collateral-free education loans up to INR 40 lakhs for premier institutes.
- Zero processing fee and concessional interest rates on the education loan availed.
- Zero balance account with the auto-sweep facility.
- Offers free chequebook, 1 free DD, free SMS alerts, and free transactions.
To be eligible, you must be aged between 16 to 25 years and have a joint account with your parents. All you need to do is submit KYC documents and fill out the account opening form.
ICICI Bank Campus Account
The ICICI Bank Campus Account is specifically designed for students, providing a range of features and benefits tailored to meet their banking needs. The account does not require a minimum balance, making it accessible for students. You receive a complimentary debit card, allowing easy access to funds and facilitating online transactions. Explore other benefits-
- Competitive interest rates are offered on the savings balance, helping students grow their savings over time.
- Access to Internet and mobile banking for convenient management of finances, including fund transfers and bill payments.
- You can withdraw cash from ATMs without incurring charges up to a certain limit.
- This bank account provides easier access to education loans with favourable terms and conditions.
The account is available to students who are enrolled in recognized educational institutions, typically within the age range of 18 to 25 years.
Best International Bank Accounts for Students
An international bank account for students is essential when you are planning to study abroad. This helps you manage finances effectively. By preparing the necessary documents and choosing the right bank, you can ensure a smooth banking experience during your studies.
Popular banks like HSBC, Wells Fargo, Barclays, Chase Bank, etc. have branches across the globe. You can open savings accounts and earn interest over the years or choose a checking account for smooth everyday transactions without limits.
HSBC International Student Account
The HSBC International Student Account is designed specifically for full-time international students, offering a range of features to facilitate banking while studying abroad. You must be 18 years or older and be enrolled in a full-time course abroad, in a country where HSBC pirates its branch.
- This bank account for students has no monthly maintenance charges, making it budget-friendly for students.
- HSBC has a presence in over 60 countries, so you can easily manage your finances and access funds internationally.
- The account allows students to hold multiple currencies, facilitating easier transactions abroad.
- You can request additional debit or credit cards for family members.
To open the HSBC international student bank account, you can start the application online or visit a local HSBC branch. Make sure to keep the following documents handy- proof of enrollment, a valid passport, and proof of address.
Also Read: Check out the process of YES Bank account opening for international students. Learn about the eligibility, documents required and the benefits.
Wells Fargo Student Checking Account
Student Savings Account in Wells Fargo is one of the best accounts for international students. It helps college students manage their finances effectively while pursuing their education. The account can be opened by students aged 17 to 24 who are enrolled in college.
- The account has a USD 10 monthly service fee, which is waived for students within the eligible age range.
- You are required to make a minimum deposit of USD 25 to open the account.
- You can send and receive money quickly with Zelle.
- You can link their checking account to a Wells Fargo Campus Card, which functions as both an ATM card and a student ID at participating schools.
- Optional overdraft services are available, along with an Extra Day Grace Period for overdrafts.
Santander Bank Edge Student Account
The Santander International Student Account is designed specifically for students in the UK, offering various features and benefits to support their financial needs. Students aged 18 years and above and are enrolled in a UK university can open this bank account. The account does not charge a monthly maintenance fee, making it one of the budget-friendly and best bank accounts for students.
- You receive a free railcard valid for four years, providing a one-third discount on train fares across Great Britain.
- The account is paper-free and requires you to sign up for online banking to manage your finances efficiently.
- Upon completing their studies, the account automatically converts to a Santander Edge Grad Account, which continues to provide an initial overdraft limit of GBP 2,000, gradually reducing over time.
This was all about the best bank account for students. To learn more about the best bank accounts for students, education loans, forex, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQs
Banks like Santander, HSBC, and Wells Fargo offer excellent student bank accounts with features like interest-free overdrafts. Bank of Baroda, SBI, ICICI, and Union Bank of India also provide student accounts in India.
Many student accounts, such as those from HSBC and Kotak, offer zero-balance options, allowing students to manage their finances without maintaining a minimum balance.
Yes, some banks like Bank of Baroda offer accounts for minors, typically requiring a guardian or parent to co-sign or manage the account until the student turns 18.
Top international student accounts include the HSBC International Student Account, Chase College Checking in the US, and Santander Edge Student Account in the UK, all offering beneficial features for students.
Yes, students can open multiple student bank accounts across different banks if they meet eligibility criteria. This can help manage finances more effectively and access various benefits.
