Best Checking Accounts For Students - The best student loans in 2022 offer the best features and bank loans without many fees that banks charge.
When you start college, it may be the first time you are responsible for managing your own finances. And part of managing your own finances is opening a checking account.
Best Checking Accounts For Students
However, many student loans come with restrictions and fees that students may not like. They may require a monthly direct deposit, a small high balance, or a monthly account maintenance fee.
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In this article, we share what to look for in a student bank account, how to open a student bank account, and the nine best student bank accounts on the market today.
Although they come with many of the features of a traditional account, banks recognize that you are in college and may not have the income or funds to pay the costs of standard accounts.
Student loans eliminate minimum balance requirements and monthly maintenance fees. In some cases, student loans may have educational resources to help you learn how to manage your money.
Student accounts are only available if you are under a certain age or can provide proof that you are attending college.
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The primary difference between a student loan account and a traditional bank account is that student accounts have maturity or enrollment requirements, lower fees, and no (or lower) minimum balance requirements.
Accounting for college graduates who live at home. As with a student account, you must meet age requirements and they waive some requirements. But for a youth account, a parent or guardian must be present on the account.
When looking for the right student loan for you, there is no shortage of options. Although bank accounts come with different features and selling points, there are certain features you should look for in student loans.
Many banks charge monthly fees for maintaining checking accounts. This payment comes directly from your bank account each month.
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Sometimes they'll only pay a fee if you don't meet other balance or direct deposit requirements, but some banks will pay regardless. Student accounts allow you to avoid monthly fees and keep more money in your account.
Some banks require you to have enough money to open a bank account or to keep some money in the account as a matter of course.
But while you're in college, you may struggle financially, and meeting minimum balance requirements can be difficult.
Fortunately, you'll find that student loans don't require you to have a large balance to open an account with no minimum monthly balance requirements.
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Another rule that some traditional bank accounts have is that you must have a proper account balance. Some banks charge a fee if you don't have this setting.
For working adults after college, it's easy to set up a direct loan from your job that will fit into your bank account. But while you're in college, you may not always be able to make money and you may not have a job that doesn't pay for itself.
When choosing a student loan, be sure to choose one that does not have strict credit requirements.
As a student, you rely heavily on technology to manage your life. Your bank account should not change.
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The best student loan accounts include bank account features like mobile checking accounts, easy transfers, bill pay, spending information and more.
While going to campus events or going out with friends, you may want to withdraw money from an ATM. Unfortunately, out-of-network ATM fees can add up. If you choose a bank with a large ATM network, then it will be easier for you to find a free ATM to use.
Local banks and credit unions can be helpful, but they may not have the features and access you need. National banks usually have more functions, with the availability of ATMs and branches.
Customer service is important no matter what service you buy, but it's even more important for banking. You want to know that no matter what's wrong, there is someone who can help you solve the problem or access your money quickly.
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When you're in college, you may not be able to pay your bills. Look for a student loan account that waives these fees and offers services like financial protection.
It's easy to find credit and debit cards or savings accounts that offer great interest. But now more and more banks are offering similar fees for current accounts.
Some checking accounts offer cash back on credit card purchases, similar to a credit card. Some allow you to earn interest on your balance just like a savings account.
No matter what other features you need in a bank, make sure the bank you choose is covered by the Federal Deposit Insurance Corporation (FDIC).
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FDIC insurance covers bank accounts up to $250,000 per person, per type of account. If your bank fails (yes, it happens), FDIC insurance will guarantee your money back.
Luckily, opening a student loan account isn't difficult. There are t-shirts that you can make online or yourself. Setting up an online account takes less than five minutes, so you don't have to spend a lot of time in your day.
If you are under 18, your parent may want to open an account with you. And depending on your bank, you'll need proof of college enrollment to apply. Fortunately, however, banks judge your score fairly.
If you sign up online, you can access your account immediately. You can then proceed to make a deposit, apply for a credit card, and complete other setup tasks.
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A complete financial solution for students. We offer credit cards, internet banking, access to over 50,000 ATMs without fees and the fastest way to send and receive money.
Remember we're not technically a bank - we're a technology company. The financial products we offer are a partnership with Blue Ridge Bank.
Chase College Checking is an account designed for college students ages 17 to 24. If you're 17, you must open an account with Chase, but if you're 18 or older, you can. open your account online.
The account comes with no monthly service fee for 5 years while you are in school. After you graduate, you can keep your account for up to 24 years and pay just a $6 service fee or meet credit card or minimum balance requirements.
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This account comes with no minimum account balance or on an ongoing basis. It's easy to open your account online. You just need to provide some personal information and you can immediately access your new account.
A Capital One account also comes with free credit monitoring, a network of 70,000 free ATMs, and interest on your account balance.
Bank of America's Advantage Banking comes with a monthly maintenance fee if you don't meet certain requirements. But Bank of America offers a discount for students under 24.
As a national bank, Bank of America has ATMs nationwide where you can withdraw money for free.
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A special feature of Bank of America banking is Erica, your virtual financial assistant. Using the mobile app, you can ask Erica questions, find local ATMs, and more.
Another benefit of an Advantage bank account is the financial features it includes. You can see a weekly snapshot of your current expenses, get bill reminders, and more.
Discover offers a discount card that lets you get cash back on your purchases just like a credit card. Currently, the account offers 1% on monthly purchases up to $3,000.
This account has no monthly maintenance fees, making it ideal for students. There are also no additional fees or closing costs, with over 60,000 fee-free ATMs nationwide.
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The PNC Virtual Wallet Student account is available to persons 16 years of age and older. Unlike other student accounts, this card has no maximum limit. However, the benefits disappear only after 6 years.
A PNC student loan has no monthly fees, and there are ways to help you avoid paying extra. When you go over your account balance, you have 24 hours to deposit money and bring your balance to zero before you're charged.
You can also be alerted when your account drops below a certain balance to avoid overdrafts.
US Bank is another national bank known for its student checking account. Like many others on the market, there are no monthly maintenance fees and additional billing protection to help you avoid additional charges.
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US Bank has a campus finance department
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