Many Young Adults Have a Checking Account: But Are They Choosing the Right Student Checking Account?

While many young adults today have a checking account, in some cases, the accounts that they are using may not be perfectly aligned with their needs.

A recent Pollfish study surveying a diverse set of Americans aged 18–25 with checking accounts reveals some important insights. According to the data, 33.3% of respondents expressed interest in a joining bonus when opening a checking account, while 28.4% said they would like to start earning interest on their balance. Furthermore, the study suggests that young adults value checking accounts with online banking, and are looking for accounts that offer more value, such as the chance to earn rewards or cashback.

Checking accounts play an important role in managing finances, but it's important to ensure that these accounts align with an individual's needs, goals, and spending habits.

What Defines a Student Checking Account: And Why It Matters

Student checking accounts are designed to meet the needs of young people. They generally include features such as low or no fees, mobile access, and fewer balance requirements, making them ideal for individuals just starting their financial journey.

According to the survey, 23% of respondents received help from their parents when opening their accounts. While these accounts may have met their needs at the time, student checking accounts could prove to be a more targeted solution. These accounts allow young people to enjoy the benefits of low fees and other digital features, which are essential tools for managing finances for many people today.

Switching to a student checking account can help young adults develop better financial habits early on, giving them the flexibility they need to grow and manage their finances without having to worry about unnecessary fees.

Students Want More Than Just the Basics: They Also Want Value

People throughout all stages of their lives want to get the most for their time and money, and young adults today are no different. Young people want rewards and cashback with their checking accounts, but many of them are not receiving them yet.

36% of survey respondents indicated that they want rewards or cash back, and 33.3% would like a joining bonus when they open their accounts. 28.4% of 18–25-year-olds also said that they would like to start earning interest on their balance. However, many young adults aren't receiving these perks yet, suggesting that there's a gap between what they want and what their current accounts offer.

For financial institutions, there is an opportunity to look to incorporate more features into student checking accounts, including rewards, cashback, or interest. Providing more benefits to student accounts may help meet young people's needs and build another level of trust.

Additionally, educating young people about the differences between checking and savings accounts could help them with money management. For example, while checking accounts are typically used for day-to-day money management, including paying bills, withdrawing cash, and direct deposit, opening a separate savings account could allow them to earn interest on their savings.

Digital-First Banking: More Than 70% Now Use Online and Mobile Features

Young Americans feel at home using cutting-edge technology, so it's no surprise that many of them have adopted digital banking. Gen Z, in particular, expects banks to provide digital solutions that help manage their financial lives.

The numbers show that young people expect digital features to play a major role in their account usage. 36.5% of young Americans opened accounts online, and 71.1% report having mobile banking access. At the same time, 48.2% of 18–25 year olds use their checking accounts daily, and 20.6% of them rely on online and mobile features.

Gen Z is using digital banking tools every day, so mobile and online banking are more than just conveniences for them; they're essential. Financial institutions that fail to offer robust digital features risk alienating this demographic.

Many Young Adults Keep Less Than $500 in Their Accounts

At the beginning of their financial journeys, many young adults struggle to maintain higher account balances.

A high percentage of survey respondents (30.9%) have under $500 in their bank accounts. And only 3.1% have more than $25,000. Since they are just starting in the workforce and may have larger debt obligations like student loans, these low balances may reflect where they are in their careers and life journeys.

For young adults with limited funds and tight budgets, choosing a checking account that offers low fees or no fees could be a smart move. It could help them stretch their funds further, since they won't have to worry about unnecessary charges.

Parental Influence Is Still Strong: But Independence Is Rising

As young people embark on their financial journey, many of them still rely on their parents for financial support and advice. While parental guidance may be a useful resource for young Americans, it's possible that financial institutions may be able to step in as educators to bridge the gap from parental guidance to independence.

Many 18–25 year olds (23.1%) had parents help them open their bank accounts, but 87.9% of those surveyed said that starting their bank accounts was "easy" or "very easy." This may indicate that parental assistance is not as necessary as it may seem, and that financial institutions are simplifying their onboarding experience. At the same time, 40.1% of young people report relying on friends or family for advice, while 19.5% use Google as a resource and 16.1% consult bank representatives for help.

While parental support remains significant, young adults are becoming increasingly confident in managing their finances on their own. Financial institutions that can offer educational resources, digital tools, budgeting support, and clear terms can help to fill the gap and earn their trust and loyalty.

Bottom Line: Choosing the Right Student Checking Account Is More Important Than Ever

While checking accounts are nearly universal, the quality and fit of these accounts may vary significantly. For many young adults who are still developing their financial habits, choosing an account that aligns with their needs is important.

Financial institutions may want to consider increasing the digital access and rewards of their student accounts. Young people want accounts that are easily accessible online and on the go, and they're looking for ways to earn more with their accounts. Providing them with these resources can help to develop trust and give young adults the tools that they need to build their financial future.

Disclaimer: Article content is intended for information only and may not reflect the views of the publisher or its employees. Always consult a financial professional before making financial decisions. Publishers or platforms may be compensated for access to third-party websites. Survey findings featured in this article were conducted via the Pollfish platform, with data collected from 600 people across the U.S., ages 18–25 in 2025, using stratified sampling to ensure demographic balance. A focus was placed on respondents aged 18 to 25, as this age group is more likely to be students or recent graduates. The survey screened respondents to ensure they had relevant financial experience, especially with checking accounts. Only individuals who currently have a checking account were qualified to participate; those who selected "none of the above" for financial products were disqualified. All qualified participants had opened their checking accounts at least six months ago, with over half holding theirs for more than two years. This ensured responses came from people actively engaged in personal banking and capable of offering informed insights.