Best Banks in Minnesota for Students in 2025 — 2025 Update

Best Banks in Minnesota for Students in 2025 — 2025 Update

As students prepare for their academic journey in Minnesota, selecting the right bank is crucial. The right banking institution can provide essential services, lower fees, and convenient access to funds. This article offers a comparative review of the best banks in Minnesota for students in 2025, including account types, pros and cons, and typical fees.

Quick Summary

In Minnesota, several banks offer student-friendly accounts. Notable options include:

- U.S. Bank: Offers a Student Checking account with no monthly maintenance fee.
- Wells Fargo: Provides a Student Checking account with a low balance requirement.
- Chase: Features a College Checking account with easy access to ATMs.
- Bank of America: Offers a SafeBalance Banking account designed for students.

Each of these banks has unique features tailored to meet student needs, including minimal fees and online banking options.

Eligibility & Requirements

U.S. Bank

- Eligibility: Must be a student aged 16-24.
- Requirements: Valid student ID or proof of enrollment.

Wells Fargo

- Eligibility: Students aged 17-24.
- Requirements: Must provide proof of student status.

Chase

- Eligibility: Students aged 17-24.
- Requirements: Proof of enrollment in a college or university.

Bank of America

- Eligibility: Students aged 16-25.
- Requirements: Must provide a student ID or proof of enrollment.

Each bank may have specific documentation requirements, so it’s advisable to check directly with the institution for the latest requirements.

Step-by-Step Opening Process

1. Choose the Bank: Research the features of each bank's student account.
2. Gather Documentation: Collect necessary documents such as a student ID, Social Security number, and proof of enrollment.
3. Visit the Bank or Apply Online: Most banks allow online applications, but students can also visit a local branch.
4. Complete Application: Fill out the required forms and provide necessary documentation.
5. Initial Deposit: Some accounts may require an initial deposit, which can range from $0 to $100, depending on the bank.
6. Set Up Online Banking: After account approval, set up online banking for convenient access.

It is recommended to verify the specific process as it may vary by institution.

Typical Fees & Timelines

U.S. Bank

- Monthly Fee: $0 if enrolled in the student account.
- ATM Fees: Free at U.S. Bank ATMs; $2.50 for out-of-network ATMs.
- Overdraft Fee: $36 (may vary).

Wells Fargo

- Monthly Fee: $0 if requirements are met; otherwise, around $10.
- ATM Fees: Free at Wells Fargo ATMs; $2.50 for out-of-network ATMs.
- Overdraft Fee: $35 (may vary).

Chase

- Monthly Fee: $0 for five years while in college; otherwise, $6.
- ATM Fees: Free at Chase ATMs; $3 for out-of-network ATMs.
- Overdraft Fee: $34 (may vary).

Bank of America

- Monthly Fee: $0 if requirements are met; otherwise, around $4.95.
- ATM Fees: Free at Bank of America ATMs; $2.50 for out-of-network ATMs.
- Overdraft Fee: $35 (may vary).

Students should verify current fee structures and conditions as they can change over time.

Alternatives & Digital Banks

In addition to traditional banks, students may consider digital banks that often offer lower fees and more flexible account options. Notable digital banking options include:

- Chime: Offers a no-fee checking account with early direct deposit.
- Ally Bank: Provides an online checking account with no monthly fees and competitive interest rates.
- Aspiration: Features a spending account with no monthly fees and the option to earn interest.

These alternatives may provide benefits such as fewer fees and user-friendly mobile apps, making them suitable for tech-savvy students.

FAQs

1. What is a student bank account?

A student bank account is a checking or savings account designed specifically for students, often with lower fees and special features.

2. Can I open a student account if I am not currently enrolled in school?

Most banks require proof of enrollment; however, some may allow account opening for recent graduates.

3. Are there any fees associated with student bank accounts?

While many student accounts have no monthly fees, some may charge fees for overdrafts or out-of-network ATM usage. Always check with the bank for specific fees.

4. How can I avoid monthly maintenance fees?

Maintaining a minimum balance or enrolling in direct deposit are common ways to avoid monthly fees.

5. Can I manage my student account online?

Yes, most banks offer online banking services, allowing you to manage your account, pay bills, and transfer money easily.

6. What should I do if I lose my debit card?

Contact your bank immediately to report the lost card and request a replacement.

7. Are there any age restrictions for opening a student account?

Typically, student accounts are available for individuals aged 16-24, but this may vary by institution.

8. How do I close my student bank account?

To close your account, visit your bank’s branch or contact customer service to initiate the process.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles