Low or no minimum balance
Students don't often have a regular source of income, so it's important to make sure their balances can go low without penalty, says Ken Cyree, a professor of finance at the University of Mississippi.
Customers should look for a student checking account that doesn't charge fees if the balance drops below, say, $500, he says. Of course, all this assumes the account is never overdrawn. "If you bounce checks, the fees will add up," he says.
As an alternative, some banks will require a minimum balance to open an account -- such as $50 -- but then won't require a minimum amount to maintain the account, Cyree says.