Finding the right bank for a student is not always easy. The easy way out, such as joining your parents' bank or taking advantage of promotional offers, can be misleading and quickly put a strain on a student's already tight budget. Follow this guide to help you make the right choice.
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Our selection
"Without doubt the best offer that a bank can make to students! For 0 €/month, manage your account remotely and take advantage of a youth…"
"Eko allows you to manage your account with no surprises. For only €2/month, access the 5,974 CA branches in the UK, a mobile app, a…"
"N26 Metal will introduce you to a premium banking experience with no fees abroad. It offers an insurance package for your travel, daily life and…"
"With this MasterCard, no more bank charges abroad. You also benefit from coverage for hospitalization, medical assistance, repatriation and legal assistance abroad."
Without doubt the best offer that a bank can make to students! For 0 €/month, manage your account remotely and take advantage of a youth passbook which allows you, once your bank account is opened, to save at a very good rate: 1 600 € at 2%.
Read moreAt Hello Bank! students get a free bank card and free account fees for life, thanks to the Hello One Visa card. This card gives access to the CB and VISA payment networks. To take advantage of this offer, no proof of income is required and the online account opening process is quick and easy. All you have to do is attach a proof of schooling to the required documents (current bank details, ID and proof of address) when you open your Hello bank! account.
The offer is without commitment and can be cancelled at any time via your customer area on the hellobank.fr website or on the Hello bank! application. Your payments in the UK and abroad are free, as are withdrawals from BNP Paribas and all its subsidiaries. It should be noted, however, that after one year of inactivity, Hello bank! will close your card.
Eko allows you to manage your account with no surprises. For only €2/month, access the 5,974 CA branches in the UK, a mobile app, a card, and make unlimited withdrawals from Crédit Agricole ATMs.
Read moreEko is a mobile banking offer from Crédit Agricole. It gives access to all basic banking services for 2 €/month. In addition, withdrawals from branches are free, and it is possible to withdraw money from other banks for free, even in another European country, up to a limit of 25 withdrawals/year. Outside the Euro zone, you are entitled to 10 free withdrawals per year. However, in case of inactivity, 30 €/month will be deducted from your account.
Apart from that, no income requirement is required to access the Eko offer, perfect for students. Account management is facilitated by the Ma Banque du Crédit Agricole application, and by certain tools that alert you if you exceed your authorized withdrawals, for example. In short, Eko guarantees you a fast, simple and practical use of your card on a daily basis!
N26 Metal will introduce you to a premium banking experience with no fees abroad. It offers an insurance package for your travel, daily life and many other benefits that are just waiting for you.
Read moreThe N26 Metal is a MasterCard compatible with contactless and mobile payments. Via this card, your phone is insured up to €1,000 in case of theft or damage, whether you bought it with your N26 bank account or not. You'll also benefit from exclusive offers from N26 bank partners, including discounts on subscriptions to WeWork, GetYourGuide, Hotels.com, etc. Apart from that, even during long months of inactivity, N26 bank does not charge anything to the account holder.
If you travel a lot, especially for your studies, N26 Metal guarantees emergency medical coverage, trip cancellation insurance, self-service bike and scooter rental insurance, flight and baggage delay insurance, winter sports insurance, and car rental insurance of up to €10,000 when you rent a car far from home or abroad. In addition, your payments and withdrawals abroad are completely free and unlimited!
With this MasterCard, no more bank charges abroad. You also benefit from coverage for hospitalization, medical assistance, repatriation and legal assistance abroad.
Read moreThe MasterCard FOSFO from Fortuneo is a free international card with no account fees. With it, you can pay by smartphone and make instant transfers. It is open to everyone, including young adults and students, without income requirements. Practical for travel, it allows you to make payments and withdrawals in all countries (even outside the European Union) without fees.
When you open your account, once you have paid in €300 and after a few transactions with your card, you receive a bonus of €80 on your account. But in case of inactivity, 3 €/month are deducted from your account. A dedicated mobile application also allows you to remotely manage your Fortuneo account as well as your other bank accounts opened with other banks. Fortuneo has not skimped on the security of your purchases on the web either, via the implementation of virtual cards to avoid hacking.
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Best mobile bank with low fees
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| TOP OF THE LINE | CHEAP | TOP OF THE LINE | EXCELLENT | |
In accordance with our commitment, this buying guide does not contain any sponsored products. |
8/10 |
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7/10 |
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| OUR SELECTION |
Hello bank! - Hello One offer
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Eko - CB MasterCard
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N26 - The N26 Metal card
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Fortuneo - FOSFO MasterCard
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Without doubt the best offer that a bank can make to students! For 0 €/month, manage your account remotely and take advantage of a youth passbook which allows you, once your bank account is opened, to save at a very good rate: 1 600 € at 2%.
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Eko allows you to manage your account with no surprises. For only €2/month, access the 5,974 CA branches in the UK, a mobile app, a card, and make unlimited withdrawals from Crédit Agricole ATMs.
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N26 Metal will introduce you to a premium banking experience with no fees abroad. It offers an insurance package for your travel, daily life and many other benefits that are just waiting for you.
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With this MasterCard, no more bank charges abroad. You also benefit from coverage for hospitalization, medical assistance, repatriation and legal assistance abroad.
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Card cost
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Free
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2/month
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16,90 €/month
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Free
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Account maintenance fee
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No
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None
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No checkbook
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No
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Checkbook
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Yes
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On request - Subject to acceptance by your Regional Bank
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Yes
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Yes
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Mobile payment
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Yes
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Yes
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In euro zone : freeNon euro zone : free
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Yes
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Card withdrawals
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Free withdrawals only at BNP Paribas and all its subsidiaries and €1 per withdrawal outside BNP Paribas
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In the euro zone: freeNon-euro zone: chargeable
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In the Euro zone: freeNon-Euro zone: free
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To attract students, offering a welcome package has become the norm with online banks. This is a bonus that the bank will pay into your bank account once it has been opened. The amounts differ from one bank to another. Some offer up to €80 or more.
Generally, opening a student account is free. However, you should keep in mind that this is not a rule, and that you should always keep an eye on the minimum income requirements, the opening fees, the issuance of your bank card, or the management fees of your file to avoid unpleasant surprises.
You have the choice between online access or going to the branches of the banking establishments to access their various services. Mobile applications are often set up by banking establishments to facilitate the management of your bank account.
Since
a student's budget is often tight despite the various expenses, some banks like ING make available to their members, various free services (such as account maintenance for example.)
The
agio is free in some banks for young people aged 18 to 24 years.
Bank fees vary greatly from one bank to another and are an important criterion in choosing a bank. With an average of 49 € per year, they apply mainly to account maintenance fees, bank card fees and bank overdraft fees. Generally, students are exempt from account maintenance fees, or benefit from a reduction by subscribing to the young person's offer. In some banks, such as Hello Bank, it is possible to get a free bank card. In terms of the cost of intervention commissions, young people and students generally benefit from a 50% reduction on the normal cost.
Since students have many needs and projects, the student loan has become a fundamental criterion in the choice of a bank. Its rate can be more or less interesting depending on the bank and the situation of each student. Globally, the rate of student loans excluding insurance is between 0% and 2%.
With the increase in mobility of young people, especially internationally, the costs related to travel abroad are also expenses that weigh on students. Withdrawals or payments by bank card abroad outside the euro zone are quickly becoming expensive, especially if you take into account the other fees charged by the distributors. Some banks, such as Boursorama Banque Ultim, offer zero fees for transactions abroad. Others have opted for annual subscriptions accessible to young people and students, with a limited number of withdrawals and payments abroad.
Since students can take advantage of the youth passbook to save, it is important to choose the best rate. Institutions vary widely in this area, with the lowest rates ranging from 0.75% to 2.50%. Some banks offer interest rates well above the average to attract students. Such is the case of BNP Paribas which offers a rate of about 2%, or the youth passbook of the Banque Populaire Méditerranée which pays 2.5%.
Avoid banks with high banking fees such as Crédit Mutuel so that you don't find yourself in difficulty once the first year is over. Even if they offer student packs, you risk paying more than 50 €/year after the first year. An exorbitant amount of money for a student.
Young people usually join their parents' banks because they find it difficult to choose their first bank, and therefore prefer to take the easy way out. Also, some parents have already opened an account in the name of their children in their own bank, when they were still minors. There is also the question of loyalty. Indeed, being in the same bank from one generation to the next is worth the favourable treatment, or has become a habit.
Online banks for students have many advantages. They offer more attractive rates than traditional banks. No more monthly fees, no more account maintenance fees, no more bank card fees. The customer gains a great deal of autonomy in the management of his account. They can subscribe to a service online, make a transfer, add a beneficiary, etc. without having to contact their banker. A service available at extended hours also makes it possible to answer customers' various questions by telephone, chat or e-mail.
However, online banking is not necessarily a solution for everyone. The absence of a bank branch does not suit some people who prefer to talk to a physical person and have a dedicated bank advisor. In addition, opening an online bank account usually requires proof of a minimum net income, or a deposit of a certain amount as a down payment.
Young people usually join their parents' banks because they find it difficult to choose their first bank, and therefore prefer to take the easy way out. Also, some parents have already opened an account in the name of their children in their own bank, when they were still minors. There is also the question of loyalty, as being in the same bank from one generation to the next is worth the favourable treatment, or has become a habit.
Often parents have opened a bank account in a bank that accepted their credit application, or that was the closest to their home, and prefer to stay with that bank, either for fear of change, or simply to keep their habits. The bank of the parents can then be not at all adapted to the needs of a student because the proposed expenses are inevitably far from being interesting. Indeed, each person has his own projects, and the needs and profiles differ from one person to another. Not to mention the fact that needs change depending on the situation and the context. Choosing your parents' bank by default is not a good idea, even if it can help at first.
In conclusion, it is important to ask yourself the right questions before choosing a bank and not to take the easy way out. If your parents' bank meets your expectations and needs, you can go there. If not, online banks are excellent alternatives to traditional banks. In any case, do not hesitate to inform yourself about the different offers and services of the banking institutions before making your decision.
Banks want you
Being young with good prospects for a paid career, college students are a very lucrative customer base for them. The vast majority stay with one main bank throughout their lives. And since they will have to manage their budgets on their own, banks offer services that are more tailored to their needs.
The cost of the bank card
Most student banks often offer a free bank card with no strings attached or no account maintenance fees, but some may have strings attached. Students can choose between the two depending on their expectations.
The welcome offer
Indeed, for the opening of a bank account, there is the welcome offer which can amount from 40 to 120 €. In addition, the fees when opening an account are not to be neglected, some banks will ask you for an initial deposit that can amount to 300 €. In addition to the welcome offer, banks also offer packages that include several services. These packages are generally less expensive and more adapted to students.
Bank fees
Management fees offered, online banking or via a mobile application, a student bank knows how to adapt to the needs of a young person to make itself more accessible. There are ideal banks for students that offer their services without income requirements and allow free payments and withdrawals, even abroad.
Expenses abroad
A student may be studying and traveling abroad for a few months or years, for an internship or even to continue his or her studies. Some banks for young people offer free withdrawal and payment fees and do not charge any commission on these transactions, even outside the euro zone.
Be well informed about the health insurance offered by the bank
Some banks include in their offer for students an insurance that allows students to benefit from a good quality of international health insurance at a very interesting cost. This option is important if you like to travel the world, or if you often have to travel as part of your studies.
Be able to transfer money internationally without breaking the bank
If
you need to make international payments often, opt for a bank where you can make these transactions without fees like the neo-bank Revolut's offer. Don't forget to ask about the currencies the offer supports.
The importance of a customizable formula
As a student, your situation is open to many changes and improvements. Choosing a plan with customizable add-on services is then more than interesting. You can add additional services to your original package according to your needs. Don't hesitate to compare the fees for the various additional services for students. Some banks offer more attractive discounts than others.
Keep your bank details in a safe place
Once
your account is opened, you will receive your bank identification statement (BIS). Keep it carefully as you will use it to receive or make transfers.
The best student bank depends on your needs and your budget. Read our buying guide to find out which products are best for you.
The functioning of a student loan is quite similar to that of a classic credit. The difference is that for the student loan, it is possible to repay the loan in deferred terms, usually once the studies are completed. The APR or fixed annual rate is the most important element taken into consideration. It is composed of the bank interest, the file fees, the compulsory insurance fees, and the guarantee fees.
It is an offer dedicated to students in the form of packaging. It allows students to know the different services offered with a rate that is more or less favorable to them. Often, a student pack includes: an insurance for loss or theft of bank card, a possibility of free agios during a limited time in case of overdraft, and a possibility of consultation of the bank account on line. However, beware of certain packs that contain hidden charges.
No. Even if the promotional offers are attractive, and are very interesting in terms of pricing or diversity of services, you should always keep in mind that these advantages are limited in time. Some services and operations may be free for the first year, but once the period is over, they can quickly become more expensive than the usual rates.
Online banks have attracted many consumers, including students. Their low fees and free premium bank cards have made an impact. Also, the terms and conditions can be more flexible than those offered by traditional banks. However, not all online banks are suitable for students, and some do not offer anything for students while others do.
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