Student checking accounts are ideal for younger folks who are just starting to get a handle on their finances. Many banks and financial institutions offer student-specific accounts designed to teach them how to manage their money. Most student checking accounts are free of monthly maintenance fees, have no (or very low) minimum deposit requirements to open an account and grant students free access to mobile banking features.
Finding the best student checking accounts comes down to financial details and personal preference. Most banks that offer student accounts are located throughout the country and have ATMs on almost every street corner. However, convenience may not be the most important thing to you; you might prefer an account that rewards responsible spending.
Keep in mind that some student checking accounts can only be opened under the account of a parent or guardian. This is one of the main reasons why student accounts feature no fees and limited requirements.
Likewise, some benefits of the student account may expire as soon as the student graduates or ages out of the program. For example, there may be no minimum balance requirement while the account holder is going to school. Once he or she graduates, this benefit may expire and the account holder may need to keep a minimum balance.
Even the best student checking accounts are prone to fees. Some banks start assessing maintenance fees as soon as the student graduates.
One way to avoid this is to switch the account from a student checking account to a standard checking account. This may help you avoid fees and give you the chance to negotiate for better perks.
It’s important for students (and parents or guardians!) to fully understand the terms and conditions associated with student-specific bank accounts before opening one. This is the best way to ensure they are making the right choice.
Looking for the best student checking accounts, but not sure where to start? Here are a few of the most popular checking accounts among students:
· Chase Bank College Checking Account – Chase offers student checking accounts for individuals ages 17 to 24 with no maintenance fees and a $100 bonus just for opening an account.
· Capitol One MONEY Teen Checking Account – Kids as young as 8 years of age can open an account through Capitol One. It offers no monthly fees and a fee-free debit card in their name.
· Wells Fargo Everyday Checking – The Wells Fargo free checking account for students has a $0 monthly fee for users between 17 and 24 years of age.
· Bank of America Advantage Banking – Students do not have to worry about getting overdrawn with this account, as it has overdraft protection.
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