Designed for students between 17 and 24 years of age, it waives monthly maintenance fees (typically $6) for college students up to five consecutive years. Now that you’ve committed to investing in your economic future by pursuing a college degree, perhaps it’s time to step out of your parents’ financial shadow and open your first real bank account. Bank of America Advantage Banking is a checking account with three settings: Advantage SafeBalance, Advantage Plus, and Advantage Relationship. Visit a TD Bank store to get started; TD Go Reloadable Prepaid Visa ® Card gives students freedom to spend responsibly within set limits; text and e-mail alerts help you and your student stay on top of card balance; Paying for college? These are the top FDIC-insured checking accounts for United States-based students. The Chase College Checking account is a fantastic choice for students ready to manage their... 3. Many people set goals to get physically fit at the New Year, but setting goals to get financially fit is a good idea too. For college students, find out which Citibank checking account is the best choice based on monthly fees and other account fees. While Ally is not specifically targeting college students, it’s one of the best online banks, because all of it’s standard features are just so good. Yes please. Pair your account with a maintenance fee-free HSBC Direct Savings account to maximize your return on deposited funds. Getting a bank account isn’t the most important money step you’ll take in college but it is one of the first. Best Wallet Hacks They let you pay money in and out, and offer additional benefits such as an interest-free overdraft. The Chase College Checking account is a fantastic choice for students ready to manage their money without help from their parents. USAA has a College Checking account product that has no monthly service fee, no minimum balance requirements, and they don’t charge a fee for the first 10 ATM withdrawals outside of their ATM network. 14 Best Cash-Back Credit Cards – Reviews & Comparison, 9 Best Low APR Interest Credit Cards – Reviews & Comparison, 18 Best Travel Rewards Credit Cards – Reviews & Comparison, 15 Best Hotel Rewards Credit Cards – Reviews & Comparison, 11 Best Gas Credit Cards – Reviews & Comparison, 12 Best Credit Cards for College Students – Reviews & Comparison, 22 Best Small Business Credit Cards – Reviews & Comparison, 10 Best Secured Credit Cards to Rebuild Credit – Reviews & Comparison. You get all the perks of a non-student account (mobile banking, direct deposit, ATM cards) minus the minimum balance requirements to avoid a fee. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors. Plus, Advantage SafeBalance charges no monthly maintenance fee for eligible college students under age 24. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Our campus banking programs include campus cards, on-campus branches and customer advisory centers. Learn More about Discover Cashback Debit Account. For more information on features and pricing, check out: Our online application process is fast and secure. What’s even better is that the debit card gives you 1% cashback on all purchases up to $3,000 each month – which is worth up to $360 in cash back each year. If you’re the sort of student whose most valuable assets tend to be technological, spend $4 per month to enroll in the ClearBenefits program and take advantage of useful services like identity theft restoration and cellphone protection. I also bet you probably know how to get…. Discounts and deals abound for frugal students who know where to look for them. Earn a $100 Account Opening Bonus With Qualifying Activities. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. We have a full review of SoFi Money. As an Amazon Associate, I earn from qualifying purchases. Is it better that I open a “checking” account so that he can withdraw money or another type of account. U.S. Bank also waives its fee on 4 ATM transactions when you use another ATM. There is no minimum balance requirement, no monthly maintenance fees, and there is no direct deposit requirement to get those fee waivers. Jim has a B.S. Student accounts are simply bank accounts made for those in higher education. Chime is a user-friendly money management app that offers an early payday option for eligible deposit account (checking) customers whose employers file with the Federal Reserve to begin the direct deposit process. The Bank of America Advantage Banking account is flexible as your needs change. A student bank account is a term that typically refers to a checking account, although a savings account might fall into this category as well. Do read up on fees you could potentially face as a BBVA account holder, such as the overdraft fee and out-of-network ATM fees. They have partnered with the Allpoint ATM network so you get access to 60,000 ATMs. They also offer free direct deposits, transfers and bill payments but that’s standard. My bank of choice was PNC Bank, one of the largest in the western Pennsylvania region, and I chose it because it had ATMs in our student union. HSBC is a national bank that has a solid student checking account … Discover offers a Discover Cashback Debit Account that isn’t specifically designed for college students but has all the features you’d want in one. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. Opening a student bank account is one of the first steps students headed to college can take toward their financial freedom. It’s a cash management account that sits on top of a bank account run by one of their partner banks so you’re FDIC insured. Ally Bank – Online Checking & Savings. If you’re a student and need to establish credit, the USAA Secured Card Platinum Visa is a good option because its $35 annual fee is reasonable. Chase College Checking. STUDENT bank accounts are specifically aimed at people who are studying at college or university, helping them to navigate their finances at a time when managing money can be tricky. }); See why 218,388 people subscribe to our newsletter. Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. Brian Martucci writes about credit cards, banking, insurance, travel, and more. Bank of America also has a suite of student credit cards, such as the BankAmericard Cash Rewards™ for Students, that offers 2% cash back at grocery stores and wholesale clubs and 2% on gas for the first $2,500 in purchases each quarter. Convenient value-added features include the user-friendly Chase Mobile app, which pretty much eliminates the need to visit a branch, and instant peer-to-peer (P2P) money transfers with Zelle. They have a large ATM network (3,100 ATMs) but they will not charge you for two non-BB&T ATM transactions per statement cycle (they won’t reimburse you for other banks’ fees though). Chase is appealing because they have an enormous geographic footprint, which includes an extensive ATM network and brick and mortar branches. The grass is growing, the birds are chirping, and the…, The uncertainty of COVID-19 has caused many Americans to ponder certain circumstances they may never want to materialize. 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Bank@Campus: ICICI Bank provides a students bank account with a personalised cheque book, ICICI bank Ncash debit card, supplementary credit card and annual statement of accounts for free to school and college students. Student bank accounts are essentially regular bank accounts with some special features for young people. But it’s not too bad at catering to the needs of a specific subset of the lower-income public: college students. P.O. But others are not restricted based on age or student status — meaning you can hold onto them as long as you wish after graduating. This site and CardRatings may receive a commission from card issuers. Any money they do have comes from a low hourly wage job they do on the side, whether it’s working in a part-time job on or off-campus, or from outside support (scholarships, family, etc.). So if you have a tough time picking between a few on the list, try to find one with a branch or an ATM that’s easy for you to get to. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and a farm in Illinois via AcreTrader. All Bank of America Advantage Banking settings include: And you get all those features with an account designed just for students. While the Discover Cashback … I bet you probably do. Please consult with a licensed financial or tax advisor before making any decisions based on the information you see here. With no monthly maintenance or major bank ATM fees – you’ll love the Easy Transaction Account. As a student, this means you can continue to use this account as your checking main account after graduation. Best Student Checking Accounts for College Students 1. Jim Wang is a thirty-something father of three who is a frequent contributor to Forbes and Vanguard's Blog. Round Up the Change to Save Automatically. If you are a student under 24 years old (high school, college, or vocational program), then you can get a Bank of America Advantage Banking (it was recently renamed but it’s their student account) with no monthly maintenance fee. U.S. Bank offers a basic Student Checking account for students that doesn’t charge a monthly maintenance fee (if you want paper statements, it’s $2/month). If you want checks, you get your first order free. The content on MoneyCrashers.com is for informational and educational purposes only and should not be construed as professional financial advice. The HSBC Choice Checking account has a slew of great perks for students of all ages, including up to $2,000 in referral bonus opportunities. As one of the few true teen checking accounts around, it can help students start financial adulthood off on the right foot. Best Travel Credit Cards with 100,000+ Bonus Points, most important money step you’ll take in college, 4 Financial New Year’s Resolutions Your Future Self Will Thank You For, 5 things to know about estate planning during COVID-19, How to Background Check Your Specialty Consumer Reports, appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. Bank of America Advantage Banking – $100 Bonus Offer. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life. These responses are not provided or commissioned by the bank advertiser. that I used. googletag.enableServices(); © 2021 Money Crashers, LLC. They offer $15 in ATM reimbursements each statement cycle but their ATM network is 60,000+ ATMs. Pick one that works easiest for you and you should be all set. It’s heartening to see so many financial institutions — large, small, and in-between — acknowledging that students need a break on banking fees and balance restrictions too. But with no monthly maintenance fee for eligible college students under age 24, Advantage SafeBalance is the best choice for college students. They also have partnered with Allpoint ATM network (43,000+ ATMs) and offer a $10 per statement cycle ATM fee reimbursement. They recently launched their SoFi Money, a cash management account, that offers a great interest rate (0.25% APY) plus $50 when you open an account and deposit at least $500 - there is no direct deposit required. I have a son going to a school where M&T has ATMs. You get online and mobile banking, “international services” that include language interpretation and international wire transfers, plus some financial education if you’re interested. This is the everyday offer so you don’t have to worry about promotions or things changing on you. That was the only criteria (and it’s a good one!) He is also diversifying his investment portfolio by adding a little bit of real estate. Unfortunately, they must also be based (or attend school) in the Northeastern U.S., where most TD Bank branches are. For others, the monthly maintenance fee is waived in any statement cycle during which the account holder is enrolled in Bank of America’s Preferred Rewards program. Don’t get sold on “protection” It can be tempting to opt into so-called overdraft protection to … SoFi stands for Social Finance and they’re a big student loan company that has tons of events for college graduates. Like some of the other contenders on this list, the Ally Bank Interest Checking account isn’t strictly a student checking account. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. What is a student account? They also run a lot of promotions for all of their accounts, you can review the SoFi promotions here. I am not a financial adviser. Save my name, email, and website in this browser for the next time I comment. 5 Best Checking Accounts for Students; Chase College Checking Account; TD Student Checking; Bank of America Student Checking; U.S. Bank Student Checking Account; Capital One 360 Checking Account While you may need a savings account to hold the money for your tuition or next semester’s textbooks, a savings account can also help you save towards other needs, including potential emergencies. All Rights Reserved. When Is the Best Time of Year to Buy Large Appliances? But with no monthly maintenance fees, no minimums, thousands of in-network ATMs, and a decent yield on all balances, it’s an excellent starter account for students who don’t anticipate banking in-branch anytime soon. Many secured credit cards are more expensive. All the rules for finding a good bank account apply (with one exception, paying interest – most on this list don’t pay any appreciable interest). This can include tracking your spending, creating a budget, evaluating your debt, and setting up a system that will ensure your success. googletag.pubads().enableSingleRequest(); If you’re a college student working part-time to make ends meet while in school, that is doubtless a welcome perk. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. They are willing to offer no minimum, low fee bank accounts now and hope the relationship builds from there. We also require that they don’t charge a fee if you are a student, most have a cut off of six years or when you turn 24. HSBC Student Checking. A great account for students. Student banking. As the millions-strong ranks of the underbanked make painfully clear, the American financial system doesn’t always do well to address the needs of those without much disposable income. Capital One 360’s MONEY account is far and away the best choice on this list for high school students and parents looking to teach them lifelong money management habits. Finally, there’s a 10% Ally Deposit Bonus if you deposit those rewards into an Ally Bank account. And account holders never pay maintenance fees on linked Chase Savings accounts. Private Student Loans - Which Are Better? BB&T offers a Student Checking account for students 23 years old and younger. So many online savings and free checking account options. 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