Everyone looks forward to going to college because it shapes our lives and future in general. It also comes with a whole lot of responsibilities and managing your finance is one of them. If you are a college student, there are key things to look out for when choosing your bank, and the top on the list is to ensure that will help you build healthy financial habits. Because these habits will in time to come influence your living. Check out other key features to look out for as well as the best bank for college students.
What Is a Student Bank Account?
This is simply a bank account created with students’ requirements in mind. They often come with special features or benefits that favor college students. This includes no monthly maintenance fee, no ATM fee, and so on. Generally, these benefits encourage students to build healthy financial habits.
What Are the Benefits of a Student Bank Account?
Student bank accounts come with a number of significant advantages. Some of these are as follows;
- They are simpler to open and maintain because they have fewer minimum deposit requirements, to begin with.
- The accounts don’t charge monthly maintenance costs
- A good number of them do not charge ATM fees or penalize overdrafts.
- Gives free ATM
- Providers budgeting tools, applications, and educational content to holders of student accounts in order to aid students in developing their financial literacy.
Who Qualifies For a Student Banking Account?
A full-time student enrolled in a recognized post-secondary institution. However, depending on the bank you choose, the requirements may differ.
How Do I Choose a Student Bank Account?
In choosing a bank, college students should look keep an eye on the following features,
- No monthly maintenance fee
- No or low minimum deposit requirement
- Zero or low ATM fee
- Zero or low overdraft fee
- A good APY interest
- Budgeting tools
- Financial intelligence articles.
How Can a Student Bank Account Be Opened?
Opening a student bank account is simple, all you have to do is provide the necessary requirements to the bank. It’s quite similar to creating a conventional bank account. The following are some of the necessary documents you need to present;
- A valid student ID with a photo
- A letter of acceptance from the college
- A government-issued ID, such as a driver’s license or passport,
- Social Security number
Best Online Best Bank For College Students
The following are some o the best banks for college students in the United States;
#1. Chase
First on our list of the best banks for college students is Chase. Chase has a checking account for college students called a Chase Bank college checking account. This account has everything a student needs to do banking. One of the fascinating things about these students is that the company does not charge a monthly service fee to college students between the ages of 17 and 24 until they finish school. This just means that the account is meant to be used by a student for only 5 years.
Chase provides a $100 sign-up bonus, but to actually get it, students must meet some requirements within 60 days of opening the account. This includes completing and signing up for paperless statements. Another great thing about using the Chase Bank college checking account is that every withdrawal from a Chase ATM comes with no charges. With over 4700 branches and 16,000 ATMs, you’ll definitely be able to withdraw without stress.
However, Chase Bank’s college checking account charges a monthly service fee of $6 upon graduation, and this can only be waived if you have a daily balance of $5000 or make daily deposits. You’ll deal with your overdraft fee.
#2. Truist Student Checking Account
The Truist Student Checking Account is another excellent bank for college students. The Truist Student Checking Account, designed for students aged 23 and under, has several helpful features for people within this category.
It has a modern and simple-to-use, mobile app that naturally allows users to pay bills online. Aside from making online payments, the bank app allows college students to track due dates, set up email reminders, examine electronic versions of paper bills, and decide how frequently to make payments.
It costs nothing to keep money in this account because there is no minimum deposit requirement, no monthly fee, and no need for direct deposits. Truist also offers free resources for learning about money, a debit card that can be personalized, and fee-free transactions at more than 3,500 ATMs across the country. Overdraft fees are often expensive, but people can’t avoid them unless they give up their overdraft protection.
#3. Chime Free Checking
The last on our list of the best banks for college students is Chime Free Checking. Chime was and is still one of the best mobile banking platforms in the United States. They intended to keep costs as low as possible and began with a mobile-first strategy. It was made with college students in mind at first, but its services have grown over time.
Presently, anyone who doesn’t mind using a mobile banking option can enjoy all the top-notch free checking account benefits available to account holders. Chime does all of their banking online, through their app, and they don’t have any physical locations. Some of these benefits include no minimum opening deposit, no monthly maintenance fee, and 2% APY interest on your savings. Since its appearance, the bank has always intended to keep costs as low as possible, making it one of the best banks for college students.
#3. U.S Bank Student Checking Account
The U.S. Bank Student Checking Account is yet another great option for college students. The U.S Bank student checking account is one of the banks that allows college students to link their student IDs. This enables them to use the ID at ATMs and for PIN purchases, too. The bank also runs a banking program to provide financial intelligence education for students.
Holders of this checking account have full access to the same set of banking features as non-student accounts, including online and mobile banking, no-fee withdrawals at U.S. Bank ATMs, mobile check deposits, and Zelle payments. Additionally, account holders can use other banks’ ATM points without paying four times a month.
#5. Money One Capital Account
Next on our list of the best banks for college students is Capital One Money Teen Checking. This is actually one of the best banks for students under the age of 18, perhaps the best for teens. Account holders usually receive a debit card in their name, and it comes with a zero-dollar monthly fee and, of course, no minimum requirement attached to it. One of the fascinating things about this account is that it comes with a 0.10% APY, which is a great way to imbue saving habits in its holders. Moreover, the APY has no minimum requirement.
Another fascinating thing is that parents who desire to be joint owners can do so, thereby accessing the transaction data and text alerts. This is great for parents who want to teach their children healthy money habits.
#6. Bank of America Advantage Banking
Students in need of an account that helps build healthy savings habits can check out Bank of America Advantage Banking. It comes with customizable email and text account alerts and an interactive spending and budgeting tool that lets account holders make budgets and keep track of their spending. Once you are under the age of 25, you can go for Advantage SafeBalance or Advantage Plus. The first has a minimum deposit requirement of $25, while the second is $100. However, both accounts come with zero monthly fees. Users of this account benefit from BofA’s Keep the Change® program. This and other great features are the primary reason why it’s a great option for students who want to encourage savings habits.
BofA’s Keep the Change® program rounds up purchases made with debit cards to the nearest dollar and saves the rest. It provides overdraft insurance for account holders, but every overdraft above $1 comes with a $35 fee for Advantage Plus account holders. In terms of withdrawals, using other banks’ ATMs costs $2.50, and if you’ll be making your withdrawal outside of the United States, it costs $5. Also, if you keep the account after you turn 25 or finish college, you’ll have to pay a monthly fee to keep it open. For Bank of America Advantage SafeBalance, the monthly fee is $4.95, while Advantage Plus costs $12.
#7. Axos Essentials Checking
Axos Essentials Checking is yet another great bank for college students. Although Axos Bank is not well-known, it provides excellent options for college students. Account holders enjoy zero monthly maintenance fees, no minimum balance on their accounts, and no overdraft fees. One of the fascinating things about it is that it isn’t just for students. However, it doesn’t include interest in your savings.
#8. Discover Cashback Debit Account
The Discover Cashback Debit Account is a great choice for people below 18 or above who want all the benefits of a student account plus a debit card, even if it wasn’t designed with students in mind. This account includes perks that last long beyond graduation, such as no monthly fees, minimum deposits, overdraft fees, or ATM fees. One of the fascinating things about this account for holders is that it has a 1% cash-back reward on up to $3,000 in monthly debit card transactions. This may seem small, but it can accumulate up to $360 within a year.
Discover gives account holders free checks, free ACH payments, and free online bill payments to replace their ATMs. As of now, Discover has a lot of good features for account holders, but it doesn’t have any places where customers can go. You already know what this means, right? All complaints will be addressed online. Account holders can use direct deposits, mobile check deposits, and mail-in deposits as alternatives to online deposits.
#9. Current
Current is an online banking application with amazing features for its account holders. College students can take advantage of its numerous benefits as a bank. The free version is ideal for students because it has no overdraft fee, no minimum balance requirements, allows for free ATM withdrawals, and comes with 1x points for cash back. Aside from this, you can earn interest from your free Current Checking Account because it gives up to 4% APY once your balance is up to $6000. The premium version has more features, but it may not be ideal for college students.
#10. PNC Virtual Wallet for Students
Next on our list of the best banks for college students is the PNC Virtual Wallet Student Account. It has a lot of great features, like no minimum deposit and no monthly service fee. This feature can last up to 6 years, so long as you are still a college student. The PNC Virtual Wallet Student Account comes in three types. The first is Spend, which serves as a primary checking account. The second is Reserve, which offers interest, and the third is Growth, which serves as a long-term savings account. So the PNC Virtual Wallet Student Account also keeps track of your money habits using these three features. Besides, college students using this bank will easily manage their bills, set financial goals, and plan spending and savings with the help of these accounts, their interactive mobile capabilities, and PNC’s online educational articles.
What Happens to a Student Bank Account Upon Graduation?
When a student account reaches a certain point, like when the student graduates or when the student or the account reaches a certain age, banks usually change it into a normal account. Most courses take just 4-5 years, and the bank may demand proof of continuing enrollment if the student takes longer than the stipulated time.
Can a College Student Open a Bank Account?
Of course, college students need a bank account. These banks are mostly easy to main and encourage their holders to save. However, most of them have age limits, you can check and compare banks’ promo or features before you open one to ensure it’s favorable.
Can a College Student Open a Bank Account?
Of course, college students need a bank account. These banks are mostly easy to main and encourage their holders to save. However, most of them have age limits, you can check and compare banks’ promo or features before you open one to ensure it’s favorable.
How Much Should a College Student Have in Their Bank Account?
There is no fixed amount for a student’s account. It depends on their spending and savings habits, as well as on how much they earn or receive as an allowance.
What Is a College Savings Account Called?
A 529 account.
Which Bank is Best for College Students?
Different banks offer diverse features to be college students’ first choice when it comes to banking, so it depends on the student or their guardian to decide. However, the following are some of the most used banks by students;
- Chase
- PNC Bank
- Capital One
- Navy Credit Union Free Campus Account
- US bank
- Discover bank
- Bank of America
- Axos
FAQs On Best Bank For College Students
Is It Better For a College Student to Use a Credit Card Or a Debit Card?
Debit cards are frequently chosen by college students and those who have never had a bank account. This is because it’s so much easier to handle and helps you stay within your budget.
How Many Credit Cards Should I Have as a College Student?
One credit card. The majority of the time, students are better off using only one credit card, even though having many cards might help keep credit use low.
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