Bank Accounts for Students: What You Need When You Start College

When you start college and move to a new city, sooner or later you're going to need a bank account: to receive a scholarship, pay bills, make Bizum transfers, set up automatic bill payments, or simply split the bill for dinner among twenty people.

But not all “youth” accounts are the same. Before opening one, pay special attention to fees, Bizum, ATMs, documentation, and age restrictions.

• Account with no maintenance fee.
• Debit card.
• Bizum.
• Mobile banking.
• Transfers.
• A good network of ATMs.
• Simple and easy-to-meet conditions.

If an account requires a direct deposit of your paycheck or a certain monthly income to be free, make sure you'll actually meet those requirements.

The process is usually quite simple. Many financial institutions allow you to open an account online by verifying your identity using your cell phone.

Requirements may vary depending on the institution and whether you have a passport, NIE, proof of residence, or a previously verified address in Spain. If you still have questions about your application process, consult our guide to requirements for international students in Spain.

Don't assume that all banks require exactly the same documents. Check the bank's terms and conditions before starting the account opening process.

1. Maintenance Committee

Find out how much it actually costs to maintain the account and what conditions you need to meet to make it free.

2. Bizum

If you're going to be living in Spain during the school year, you'll probably end up using it quite a bit.

3. Cashiers

Check to see where you can withdraw money without a fee in the city where you'll be studying.

4. Age Limit

Youth accounts usually have a maximum age limit. Find out what happens when you exceed it.

5. Terms and Promotions

Welcome gifts can be appealing, but always read the terms and conditions that come with them.

Requirements vary by bank. You may be asked to provide your DNI, NIE, or passport; a Spanish address; proof of residence; or additional documentation, depending on your situation.

If you live in a student residence, ask your bank what documentation it accepts as proof of address. Your housing contract may be helpful, although some banks may request additional documentation.

Not necessarily in every case. It depends on the financial institution and the product you want to purchase.

If you need to prove your address, check out our guide: How to Register as a Resident While Living in a Student Dorm

• Choose solely based on the welcome gift.
• Commissions will not be paid if you no longer meet the conditions.
• Don't check which ATMs are available in your city.
• Open the first account you find without comparing other options.

It depends on the institution and your situation. Some may accept other forms of identification.

There isn't just one option. Choose an account with no maintenance fees, Bizum, and no requirements you can't meet.

It may be accepted at certain institutions, but you should check directly with the bank.

It depends on the specific financial institution and product. Be sure to review the current terms and conditions before signing up.

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