Best Banks for Young Adults [2025]: Start Building Your Own Wealth

When I was a teen, my parents helped me set up a bank account with the bank they had used for years. But after college, I started working, and I found that my account was inadequate. There wasn't an in-network ATM nearby, so I had to pay extra fees to get my cash, and there were no local branches in the area either. So, I had to switch, and finding a bank that didn't charge high fees that ate into my paycheck was tricky.

To help you avoid those same issues, we looked at dozens of banks and identified the best banks for young adults based on their fees, annual percentage yields (APY), and customer service options.

What to look for in a bank if you're a young adult

Fees and APYs can vary by bank, making it overwhelming to compare your options. As you shop around, these are key characteristics to look for.

• Account fees: Many banks charge monthly account or maintenance fees. The fees can be anywhere from $0 to $25 per month. When you're just starting out, keeping as much of your paycheck as possible is key, so look for a bank without monthly fees.
• APY: With a savings account, your money can earn interest and grow over time. The average APY on savings accounts is under 0.38% (as of 7/21/25). However, some banks offer significantly higher rates — some 10 times higher than the national average — helping your savings grow.
• Deposit minimum: Many banks require a minimum deposit to open an account, such as $100. If you're on your own for the first time, gathering enough cash to open a new account can be challenging, so a bank without a minimum deposit requirement can be helpful.
• Deposit options: When I was repaying my student loans, I had a side gig pet-sitting for extra money. I was typically paid in cash, so online banks that didn't allow cash deposits weren't a good match for me. If you have income that typically comes in cash, such as serving food, bartending, or providing childcare, make sure the bank you choose accepts cash deposits at branches or ATMs.
• Branch or ATM access: With most banks, there is no fee to withdraw money from a branch or an in-network ATM, but you'll pay an added fee if you use a non-network ATM. When selecting a bank, be sure to find out if there are in-network ATMs or branches near you to avoid added fees.

Red flags to avoid

When looking for the best savings or checking accounts, these are some of the biggest things to avoid.

• High monthly fees
• High minimum deposit amounts
• Low APYs
• Limited branch and ATM networks

Best bank accounts for young adults

	Best for …	Monthly service fees
SoFi Checking and Savings	Simple money management	$01 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Capital One 360 Checking	No fees	$0
Current2 <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p>	Building credit	$03 <p>Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.</p>
Discover® Cashback Debit	Rewards	$0
PNC Virtual Wallet Student	College students	$0
Chase College Checking	Bonus offers	$0

SoFi Checking and Savings

SoFi Checking and Savings

Visit SoFi Checking and Savings

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FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

• Earn up to a $300 bonus and up to 4.50% APY⁴ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money
• Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.⁵ <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁶ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million⁷ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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on SoFi's secure website

SoFi® made a name for itself as a student loan lender, but it's expanded to several areas of personal finance. Customers can open checking and savings accounts to simplify their money management, and they can take advantage of tools like free credit scores and spending trackers.

Its savings account pays a much higher-than-average APY, but to qualify for the highest rate, you need to enroll in direct deposit.⁸ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> And, SoFi doesn't operate physical branches, so you have to call customer support rather than visit a local branch for help.

Member FDIC.⁷ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Visit SoFi Checking and Savings | Learn more in our SoFi Checking and Savings review

Capital One 360 Checking

Capital One 360 Checking offers checking accounts without minimum deposit requirements or monthly account fees. It is highly rated for customer satisfaction in a recent J.D. Power survey, and users can manage their accounts online or with their phones thanks to Capital One's powerful mobile app.

But Capital One doesn't have much of a physical presence, so depending on where you live, you may have trouble finding a branch to visit with questions.

Learn more in our Capital One 360 review

Current

Current

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• High APYs on up to $6,000 in savings
• Online-only banking service² <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> offering individual and teen accounts
• Get paid up to 2 days faster with direct deposit⁹ <p>Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.</p>
• No monthly maintenance fees³ <p>Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.</p>
• FDIC Insured through Choice Financial Group

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Typically, you need a credit card or a loan to start building your credit history. But with Current, you can begin establishing a positive credit history by opening a checking account and using your debit card.¹⁰ <p><b>Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.</b> The Current Visa®️ Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa®️ secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa®️ secured charge card. Independent approval required.</p> ¹¹ <p>Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.&nbsp;</p> And, you can access your paycheck up to two days sooner, making it easier to stay within your budget.⁹ <p>Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.</p>

However, Current is only available online. And, though it does offer higher APYs on its Savings Pods, the APY only applies to balances when you meet direct deposit requirements; otherwise, the APY is lower than average.

Visit Current | Learn more in our Current review

Discover^® Cashback Debit

With Discover's Cashback Debit account, you can earn rewards on your routine expenses.¹² <p>See <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">Deposit Account Agreement</a> for details on transaction eligibility, limitations, and terms.</p> With the account debit card, you can earn 1% cash back on up to $3,000 of debit card purchases.¹³ <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p> The account has no minimum deposit, nor does it charge any monthly fees.

Discover has limited deposit options. Though it does allow for cash deposits, you have to visit a Walmart counter to make one. And, Discover doesn't have branches, so you can't get in-person help if you have questions.

*Details about Discover® Cashback Debit have been collected by FinanceBuzz editors. This information is accurate as of the date of the review and was not reviewed or approved by the issuer. FinanceBuzz does not receive commission for this product.

Learn more in our Discover checking review

PNC Virtual Wallet

The PNC Virtual Wallet gives students access to checking accounts and savings accounts in one package. And, PNC gives students extra tools, such as digital banking and financial education resources, to make it easier to manage your own money. PNC also operates 2,200 branches, so you can get in-person help if you need it.

PNC waives the fees for six years; after that, the Virtual Wallet charges a fee between $7 and $25.

Learn more in our review of PNC Virtual Wallet

Chase College Checking

The Chase College Checking Account is available to college students between the ages of 17 and 24. While you're in school, Chase doesn't charge a monthly fee (up to a maximum of five years). And, it's one of the few accounts without a monthly fee that has a bonus offer. Until October 15, 2025, you can get $125 when you open an account in a branch and complete 10 qualifying transactions within 60 days of account opening.

Chase is also one of the few options that accept cash deposits at ATMs, making it a useful option if you have a cash-based job while you're in college.

After graduation, the account does charge a $12 monthly fee, but there are several options for getting that fee waived. Only students between the ages of 17 and 24 are eligible, so older college students can't take advantage of this account.

Learn more in our Chase Banking review

FAQs

Bottom line

As you leave school, begin your career, and start building your savings, choosing the right bank account is a key step. A low-fee checking account paired with a savings account with a higher-than-average APY can allow you to establish a safety net and manage your money more effectively.

While there are many banks to choose from, prioritizing banks without monthly fees will help you hold onto more of your hard-earned money. And, many banks allow you to open a new account online, so you can get started right away from your sofa.

Methodology

We reviewed dozens of bank accounts to find the best ones for young adults. We looked for accounts with low to no fees, highly rated mobile apps, high rankings for customer service, perks for direct deposit, and high APYs so you can get started on the best financial footing possible.

Learn More

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

High APY of up to 4.50%⁸ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit

Paycheck access up to 2 days early⁶ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

No monthly maintenance or overdraft fees¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁴ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>