Today’s modern world demands digitalization in every aspect. From drawing lines into a cash and cashless world, choosing a bank account has become a significant concern for all. Especially, good banks for students are important because pupils move overseas often in terms of higher educational goals.
Individuals often choose a bank that provides reliable services. However, it is not just the offers and excels for banks, but also the service that matters. Students who move out of their homeland in search of higher goals need to choose a bank account that will provide service digitally. Good banks for students mean opening an active bank account without disruptions, with offers, special discounts, and easy-to-handle features.
This write-up will guide you through your search for good banks for students. The list below highlights some of the most chosen and remarkable banks considered suitable for students. So move your eyes through the article and feel free to contact for any related queries.
What Does A Good Bank Facilitate?
Different banks provide wildly varying service levels, charge wildly varying fees, and give you wildly varying amounts of interest on your money. Good banks for students provide:
- Allows you to access your funds easily.
- Offers a good return rate on your savings and doesn’t impose outrageous fees
- Has excellent online and mobile banking services
- Customer service is outstanding.
- Is it dependable when it comes to your money?
Types of Banks
The type of bank ideal for you is perhaps the most important factor in choosing a bank. There are at least three different banking firms that can be classified as banks, each with its combination of pros and cons.
Traditional Financial Institutions
When most people think of a bank, they think of traditional banks. These banks primarily provide services to their customers through a network of physical locations. Also, supply ATMs to their own and other banks’ customers. However, many have also begun to provide online banking services for bill payments and deposits.
Even though traditional banks have been around the longest, there are fewer reasons to pick them over internet competitors or credit unions nowadays. As you’ll see, each of these groups charges cheaper rates than typical banks.
However, you may choose to conduct your financial transactions in person. If you have a query or a problem, you can chat to someone about it in your local branch. This may indicate that a traditional bank is the best option for you. However, it is still useful to examine the alternative options accessible to you.
Online banks were uncommon 20 years ago, but their popularity has grown with time, and they now compete directly with traditional banks. In addition, internet banks have fewer or no physical branches. They have lower overhead costs than traditional banks, which implies their fees are often lower.
However, some customers can find the client service provided by entirely online institutions inconvenient. This reason is something that the industry is well aware of. The leading internet banks also have a range of customer care alternatives. However, you won’t be willing to chat to bank staff in person unless you go to a location.
The distinction between online and traditional banks has gotten increasingly blurred in recent years, as the latter’s digital services and technologies have evolved. This matter implies that you might have the benefits of a traditional branch while also taking advantage of the convenience of internet banking.
Credit unions are frequently disregarded as a viable alternative to traditional and online banks. But they offer several benefits that make them a viable option.
These unions, for starters, are non-profit financial cooperatives. Because they are member-owned, profits are distributed to members in cheaper fees and better deposit interest rates. On the other hand, traditional public banks must satisfy revenue targets and are accountable to shareholders.
Second, the majority of credit unions have actual relationships with their communities. Therefore, a credit union may be the right choice if you want a bank that gives back to your community. On the other hand, credit unions might have some pretty strict limitations about who can use their services, and not all of them offer things like online banking. Therefore, this function could make one a less-than-ideal choice for a bank account that you need to access and interact with frequently.
Important Factors to Consider While Choosing Good Banks for Students
The fees and interest rates charged by a bank are important factors to consider when deciding where to bank. The majority of the population will have two types of accounts: checking and savings account. The characteristics you’ll need for each type of account may vary, and it’s common to have various accounts with multiple banks.
Most banks charge a monthly cost to keep a checking account open, although these fees might vary significantly. And if you satisfy specific requirements, such as achieving and maintaining a minimum balance requirement or setting up direct deposit for your paychecks, a bank may waive or reduce them.
Fees are by far the most important element in determining which checking account is best for you. Choose the checking account with the lowest fees if all other factors are equal.
Search for a separate set of features in your savings account. Because you won’t need to use your savings account as regularly as you would a checking account, you won’t need an app or online banking service. In addition, most savings accounts don’t have large fees as long as you don’t make frequent transactions.
However, the main distinction between these deposit accounts is the interest rates. These can differ significantly, and the best rates are frequently found through credit unions or internet banks. So look around for the best interest rate on your loan.
List of Good Banks for Students
The Chase Bank College Checking Account contains all of the financial capabilities that a scholar requires. In addition, the Chase College Checking Account has no monthly service cost until after graduation for college young people between 17 and 24. (up to five years after opening the account).
Chase provides a $100 sign-on bonus: You should register in digital statements and complete 10 eligible operations (direct deposit, debit card purchases, and online bill payments) within 60 days of account activation to earn.
Chase’s countrywide web of around 4,700 branches and 16,000 ATMs counts to its magnetism. Students attending school out of state may access their Chase student account on campus and from home, and they can count that uncovering a Chase ATM will save them money. Yet, despite Chase’s enormous impression, Alaska, Arkansas, Iowa, Maine, Mississippi, Montana, New Mexico, North Dakota, South Dakota, and Vermont have no Chase branches.
You can sign up for this bank account for free, and it will cost you zero monthly charges when you are at the academy doing graduation. You are even not charged the inadequate fund cost if your account credit is stretched by the end of the month by $5 or less.
Capital One Bank
If you are looking out for a bank account for your 8-year-old kid, this bank will provide you with one. Capital One Bank offers you the option to resume your account after 18 years. However, students can also earn interest upon bank balance. In addition, the bank charges zero monthly fees or registration fees for students, being on the good banks for students.
For students under 18, the Capital One MONEY Teen Checking account is a great option (in fact, they can be as young as 8 years old). There are no monthly fees or minimum balance requirements, and kids get a free debit card in their name. In addition, teen account holders can access their money anywhere with more than 70,000 fee-free Capital One and partner ATMs. Furthermore, the bank account produces 0.10 percent APY (Annual Percentage Yield) on all proportions, permitting high school learners to understand the significance of saving.
While this bank is ideal for teenagers under the age of 18, it does not hold to be sealed or rolled over once the account holder reaches the age of 18. On the other pointer, account holders can begin their own Capital One 360 Checking account and move some or all of their funds there. Furthermore, because MONEY accounts are paperless, no checks are functional.
Bank of America
The Advantage Banking program from Bank of America is a general checking account that waives the monthly maintenance cost for any student under 24. (including high school, university, and vocational programs). To start the account, you must make a minimum deposit of $25 or $100, depending on whether you choose the Advantage SafeBalance or Advantage Plus edition. The Advantage SafeBalance account is checkless and has a no-overdraft feature.
You can keep it when you graduate or reach the age of 24. After that, however, you will be required to pay monthly maintenance fees, which are quite high: $4.95 per month for SafeBalance and $12 per month for Advantage Plus.
When opening an account online, the PNC Virtual Wallet Student Account has no minimum deposit and waives the monthly service cost for up to six years for actively enrolled students. There are three accounts in the PNC Virtual Wallet:
- A primary checking account called Spend
- An interest-bearing checking account called Reserve
- A long-term savings account called Growth
PNC also offers certain unique benefits, such as an automatic courtesy refund of an overdraft fee on your first overdraft. Also, one free incoming wire transfer per statement and others.
The BB&T Student Checking Account, which is geared toward students aged 23 and under, offers several handy features (see below). But, the U by BB&T mobile app is what makes it stand out in this category.
It’s cheap to keep your money in this account because there’s no minimum deposit, no monthly fee, and no necessity for direct deposit. BB&T also waives the fee for non-BB&T ATM transactions twice per statement cycle, albeit you will not be compensated for the fee charged by the other bank. Although the account is fee-free, overdraft fees are common, though you can avoid them by opting out of Overdraft Review.
The U.S. Bank Student Checking Account is the best option for students attending one of the 47 institutions in 16 states (mostly in the West, Midwest, and South) that use the U.S. Bank campus banking program. You’ll be able to link your student ID to your bank account and use it at ATMs and for PIN purchases on many of these schools. You’ll also have access to financial education for students through the campus banking program, which will assist you in managing your finances.
U.S. Bank, which has over 3,000 branches and 4,800 ATMs, provides student accounts with the same suite of capabilities as non-student accounts, such as online and mobile banking, no-fee transactions at U.S. Bank ATMs, and so on.
How Do You Open A Student Bank Account?
A student account is similar to a conventional bank account in that it only requires a little extra identification—most notably, verification of school enrolment. Expect to supply some or all of the following information, whether you apply online or in-person:
- Valid student identification with a photograph is required.
- Acceptance letter from and college transcript
Student bank accounts are a low-cost choice for high school and college students. The lack of monthly fees, low minimum deposit requirements, and offers to waive certain costs make it easier for new account users to learn the ropes of money management on a budget. Students who have a student bank account can concentrate on their studies rather than jump through hoops to keep their money safe.
Student bank accounts come with a slew of advantages. To begin with, they need a lower minimum deposit, making them easier to open (and keep open). In addition, most student accounts waive monthly maintenance fees and ATM fees and overdrafts, reflecting the reality of an account holder with little discretionary money.