A college student’s banking needs are different from those of other consumers. For instance, a student may need to open a new checking account and obtain a debit card or credit card. In addition, he or she may need to find a bank that offers services such as online bill pay and mobile deposit. To choose the best bank account for a college student, consider the following five factors.
1. Location
If you plan to attend college out of state, it may be more convenient to open an account with a national bank rather than a regional or local one. With a national bank, you’ll be able to access your account from anywhere in the country. Furthermore, you’ll likely have more ATMs available to you and may even get fee-free ATM access.
2. Products and Services
Some banks offer special products and services for college students. For example, Chase Bank has an account called College Checking that has no monthly service fee for up to five years. This account also comes with features such as mobile check deposit and Chase QuickPay with Zelle.
3. Fees
Be sure to compare the fees associated with different bank accounts before making your decision. Many banks charge monthly fees, ATM fees, and overdraft fees. Some banks charge all three of these types of fees, while others charge only one or two. Also, keep in mind that some banks offer fee-free checking accounts for students.
4. Interest Rates
Interest rates on savings accounts and CDs tend to be low right now. However, if you plan to keep your money in a savings account or CD, it’s still important to compare the interest rates offered by different banks. A higher interest rate will help your money grow faster over time.
5. Customer Service
When choosing a bank, it’s important to consider the quality of customer service you’ll receive. If you have questions or problems with your account, you’ll want to be able to reach customer service easily and get helpful assistance. To get an idea of the quality of customer service offered by different banks, read online reviews or talk to friends and family who use those banks.
What bank accounts do I need as a college student?
There are a lot of different bank account options out there, and it can be overwhelming to try to figure out which ones are right for you. But don’t worry–we’re here to help! In this section, we will break down the different types of bank accounts available to college students and explain what each one is best for.
The first step in choosing the right bank account(s) for you is to understand the different types of accounts that are available. Here is a brief overview of the most common types of bank accounts:
Checking Accounts: A checking account is a basic type of bank account that allows you to deposit money, withdraw money, and write checks. Checking accounts typically do not earn interest, but some banks may offer additional perks, like rewards points, if you maintain a certain balance.
Savings Accounts: A savings account is another basic type of bank account where you can deposit and withdraw money. Savings accounts differ from checking accounts in that they typically earn interest on the money you deposit. This can be a great way to grow your savings over time! However, savings accounts usually have withdrawal limits, so they may not be ideal for emergency situations.
Money Market Accounts: A money market account is similar to a savings account in that it earns interest on deposited funds. However, money market accounts typically have higher interest rates than savings accounts and may also offer check-writing privileges. Money market accounts usually require higher minimum balances than savings accounts, so they may not be ideal for college students who are just starting out.
Certificates of Deposit: A certificate of deposit (CD) is a type of savings account where you agree to leave your deposited funds untouched for a set period of time, usually anywhere from six months to five years. In exchange for this commitment, CDs typically offer higher interest rates than other types of savings accounts. CDs can be a great way to grow your money over time, but make sure you choose an account with terms that fit your timeline (you don’t want to get stuck paying a penalty if you need to access your money before the CD matures)!
Now that you understand the different types of bank accounts available, let’s take a look at which ones might be right for you as a college student.
Checking Accounts: If you are looking for a basic bank account with no frills, then a checking account is probably right for you. Checking accounts offer easy access to your deposited funds and usually have few or no fees associated with them. Just keep in mind that most checking accounts do not earn interest, so if that’s something you’re looking for then you’ll want to consider one of the other options on this list.
Savings Accounts: A savings account can be a great option for college students who want to start saving for their future goals. The interest earned on deposits can add up over time, especially if you start saving early! Just remember to choose an account with low fees and watch out for withdrawal limits if you think you might need access to your funds at some point during your schooling.
CDs: If you are looking for an investment-style savings account with higher interest rates, then a CD might be right after graduation! Just make sure to choose an account with terms that fit your timeline–you don’t want to get stuck paying an early withdrawal penalty if you need access to your funds before the CD matures!
Choosing the right bank account is important for any consumer, but it’s especially crucial for college students. When selecting a bank account, college students should consider factors such as location, products and services offered, fees charged, interest rates ,and customer service quality. By taking these factors into consideration, students can ensure they select the best bank account for their needs.