Checking Accounts @Money.com
Moving for school, paying rent, setting up a phone plan... once you arrive in the U.S., expenses add up quickly. A checking account that fits your needs is the first step to managing your daily spending.
A checking account typically helps international students pay daily bills, transfer money, and link to Venmo. Choosing the right account can also help you save on monthly fees and ATM charges, and you might even qualify for a sign-up bonus 💰
We've broken down and compared several popular checking account options for new students. Pick the one that best matches your habits:
1. SoFi: Best for students who have started internships or jobs
If you already have on-campus work, CPT, OPT, or other steady income, SoFi is worth a look.
Eligible new users who set up Direct Deposit can earn a $50 or $400 cash bonus. Your checking balance also earns 0.50% APY, and your paycheck can arrive up to two days early⁶. Bonus tiers and eligibility depend on the promotion terms.
**Best for: Students with a steady paycheck who prefer managing finances from their phone.
2. Chime®: Easy mobile experience with plenty of ATMs
Chime® has no monthly fees, offers access to over 47,000 fee-free ATMs**, and supports early Direct Deposit for eligible users (up to two days early)^. New customers can also earn up to a $350 bonus (terms apply, see the offer page for details).
Chime is a mobile-first account experience, so you can check your balance, transfer money, and manage spending all through the app.
**Best for: Students who mainly use their phone and debit card for daily purchases.
3. Current: Great for balancing daily spending and building credit
Current has no minimum balance requirement, offers access to about 40,000 fee-free ATMs, and can get your paycheck up to two days early when eligible.
The platform also offers the Current Build Secured Credit Card for users looking to start building credit.
**Best for: Students who want to manage spending in one app while starting to learn about and build their U.S. credit history.
4. Ally: Ideal if you dislike bank fees
Ally's Spending Account has no monthly maintenance fees or overdraft fees, and you can use over 75,000 fee-free ATMs in the Allpoint and MoneyPass networks. Your checking balance also earns 0.10%–0.25% APY.
Ally is primarily online, making it best for users who don't need in-person branches.
**Best for: Students who value low fees, ATM access, and a digital experience.
5. Wells Fargo: Best if you prefer in-person branches and face-to-face service
Many students feel more comfortable opening their first U.S. bank account at a physical branch. Wells Fargo offers both online applications and traditional in-person service.
Eligible new customers who open a qualifying checking account and meet deposit requirements within a set time frame can earn a $325 bonus. However, this bonus has specific tax status restrictions, so international students should carefully review the full terms before applying.
**Best for: Students who want access to physical branches and prefer speaking with a banker in person when issues arise.
6. Varo: Simple requirements, great for controlling daily spending
Varo has no monthly fees or minimum balance requirements, and in-network ATM withdrawals are free. Some extra services, cash deposits, and out-of-network ATM use may incur fees.
**Best for:** Students with fluctuating balances who don't want to maintain a minimum deposit to avoid monthly fees.
*Note*: Before opening an account, make sure to check these things!
· Do you need an SSN or ITIN?
· Can you open an account with your passport and I-20?
· Are there monthly fees, and how can they be waived?
· Are there fee-free ATMs nearby?
· Is it easy to pay rent, receive paychecks, and link to your payment apps?
· Does your visa and tax status qualify you for any bonuses?
Finally, bank requirements and offers can change at any time. Whether you can open an account ultimately depends on the bank's approval.
Click here to learn more about back-to-school checking account options >>
Disclosures:
SoFi:
1. Up to $400 Bonus Tiered Disclosure
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
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. 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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds 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.
7. Overdraft Coverage Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Chime:
*Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
*Terms apply. Click to learn more. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
**Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.
Varo:
1. Fees apply to loans and out of network withdrawals & cash deposits.
2. We give access to direct deposits from employer & government payers on the day we receive them, typically up to 2 days earlier than your scheduled pay date.
3. Varo Advance (VA) is a small dollar line of credit. Initial limits range from $20- $250. Fees range from $1.60 - $50 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App For full details see Terms and Conditions. Qualifications apply. Must set up direct deposit to Varo or link a qualifying account. Subject to evaluation of consumer reports and Varo account activity. Add’l qualifications may apply. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit
