Many financial institutions offer deposit accounts to college students. Some of them are great, but some are not. These are the 6 Best Banks for College Students
When looking for a new banking service as a college student, look for an account with the following characteristics (whether for students or not): no monthly fee or easy to avoid, reliable overdraft policy, high-interest rates, widespread ATM network. Online banking. The following institutional accounts provide all or most functionality.
Union Credit Union
Alliant Credit Union’s overall star rating
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Alliant is a credit union with comprehensive membership standards and accounts after graduation.
Monthly Fees: Alliant does not charge a monthly fee to your checking account. You can also easily avoid standard savings account charges (select an electronic statement).
Overdraft Policy: Alliant offers free overdraft protection for transfers. Otherwise, in the event of an overdraft, the charges will be slightly lower than average.
Interest rates: Alliant’s standard savings account pays competitive interest rates. Its high-interest rate checking account pays interest, and it is easy to qualify for that interest rate. Just choose an electronic statement and have at least one electronic deposit each month.
ATM Accessibility: Over 80,000 accessible ATMs and up to the US $ 20 per month as a rebate for off-network ATM fees.
Branch Accessibility: Alliant is now an online-only credit union, but it’s easy to join. Alliant will donate on your behalf simply by showing that you are supporting a partner charity.
Ally Bank is a powerful online bank with no monthly fees or competitive interest rates.
Monthly Fees: Ally does not charge a monthly fee to your check or savings account.
Overdraft Policy: Banks offer free overdraft transfers. This means that if your spending exceeds the amount in your checking account, Ally will withdraw funds from your linked savings account to cover the difference for free. If your savings are not paid enough, you may receive an overdraft fee of $ 25 up to once a day.
Interest rates: Interest rates are particularly competitive for savings accounts.
ATM Accessibility: There are 43,000 free ATMs nationwide.
Branch accessibility: Being an online bank, you must complete all banking operations on your computer or mobile device.
Capital One 360
Capital One 360 is an online bank that charges no fees, has very competitive interest rates, and provides onsite assistance in specific locations.
Monthly Charges: There is no monthly charge for your Capital One 360 checking or savings account.
Overdraft Policy: If you do not have enough funds to pay for your debit transaction, Capital One 360’s default overdraft policy is to reject overdrafts, and you do not have to pay any fees. You can choose from several overdraft service options, but you will be charged $ 35 per item for standard overdrafts.
Interest Rates: Capital One 360 offers competitive interest rates for checking and savings accounts.
ATM Access: Over 70,000 free Capital One, MoneyPass, and Allpoint ATMs nationwide. ATM owners may charge for the use of ATMs outside the network, but banks do not charge.
Branch Visits: Capital One 360 is an online subsidiary of Capital One, but you can get service at Capital One branches and cafes in Capital One 360.
Discover Bank does not offer students specific products. Still, its convenient checking and savings accounts are perfect for people of all ages.
Monthly charges: There are no monthly charges for checks or savings accounts.
Overdraft Policy: Discover’s overdraft accounts, savings accounts, and money market accounts do not have sufficient funds or overdraft fees. You can register for a free overdraft transfer from your linked account. Otherwise, the overdraft transaction will be rejected.
Interest rates: Discover that savings accounts pay competitive interest rates. The checking account does not pay interest but offers 1% cashback and a monthly debit fee of up to $ 3,000.
ATM Accessibility: There are over 60,000 accessible ATMs nationwide.
Access to Branches: Discover is an online bank, but customer service agents can be reached by phone 24 hours a day.
Golden 1 Credit Union
The Golden 1 Credit Union Student Checking Account is suitable for college students over the age of 17. There is no monthly maintenance fee or minimum balance requirement.
Monthly Fees: There are no monthly fees for student checks or regular savings accounts.
Overdraft Policy: Golden1 will only reject debit cards and ATM transactions if you do not select an overdraft policy. However, if your balance is insufficient, you will be charged for your check and invoice.
Interest rates: Not the lowest, but interest rates here are not as strong as many online banks.
ATM accessibility: 30,000 free ATMs nationwide and free checkboxes.
Branch Access: Golden 1 is located in California. If you live or work in that state, it’s easy to get involved. Non-California can participate if you are a member of a current member’s common-law partner or family member or a member of a credit union employer group.
In some cases, it’s easiest to go to a branch office and talk to a natural person to deal with a banking problem. TD Bank does not offer the highest interest rates. Still, its convenient checking accounts offer student allowances, and there are over 1,200 locations on the East Coast. Funds are available in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Virginia, Virginia, and Washington, DC.
Monthly Fees: TD Convenience Check and TD Simple Savings Accounts are free of charge for students under 24.
Overdraft Policy: Students are exempt from overdraft transfer fees to replenish their depleted overdraft accounts but may be required to pay standard overdraft fees if they overdraft their available balances. With the default options, TD Bank will refuse debit card and ATM transactions for free.
Interest rates: TD Bank has no competitive interest rates.
ATM Accessibility: TD Bank has over 1,900 ATMs.
Access to Branches: There are more than 1,200 branches on the East Coast.