Choosing the right bank as a college student can be a daunting task, given the numerous options available. It's essential to consider factors such as fees, interest rates, mobile banking, and customer service when selecting a bank that meets your needs. In this article, we will delve into the best banks for college students, highlighting their features, benefits, and drawbacks.
Top Banks for College Students
Several banks offer specialized accounts and services tailored to the needs of college students. Here are some of the top banks for college students:
1. Chase Bank
Chase Bank offers a Chase College Checking account that comes with no monthly maintenance fee for students aged 17-24. The account also offers online banking and mobile banking services, making it easy to manage your finances on the go. Additionally, Chase has an extensive network of ATMs and branches, with over 4,900 branches and 16,000 ATMs across the United States.
2. Bank of America
Bank of America’s Bank of America Advantage SafeBalance Banking account is designed for students who want to avoid overdraft fees. The account comes with a $4.95 monthly maintenance fee, but this can be waived if you’re a student under the age of 25 and enrolled in school. Bank of America also offers a mobile banking app that allows you to deposit checks, transfer funds, and pay bills remotely.
3. Wells Fargo
Wells Fargo’s Wells Fargo College Checking account offers no monthly maintenance fee for students aged 17-24. The account also comes with online banking and mobile banking services, as well as access to over 13,000 ATMs across the United States. Wells Fargo also offers a Wells Fargo Cash Back College Card that rewards students with 3% cash back on gas, grocery, and drugstore purchases.
4. Discover Bank
Discover Bank’s Discover Cashback Debit account offers 1% cash back on up to $3,000 in debit card purchases each month. The account also comes with no monthly maintenance fee, no overdraft fees, and no minimum balance requirements. Discover Bank also offers a mobile banking app that allows you to check your account balance, transfer funds, and pay bills remotely.
5. Capital One
Capital One’s 360 Checking account offers no monthly maintenance fee, no overdraft fees, and no minimum balance requirements. The account also comes with online banking and mobile banking services, as well as access to over 38,000 ATMs across the United States. Capital One also offers a Capital One Quicksilver Cash Rewards Credit Card that rewards students with 1.5% cash back on all purchases.
| Bank | Monthly Maintenance Fee | ATM Network |
|---|---|---|
| Chase Bank | No fee for students aged 17-24 | 16,000 ATMs |
| Bank of America | $4.95 (waived for students under 25) | 16,000 ATMs |
| Wells Fargo | No fee for students aged 17-24 | 13,000 ATMs |
| Discover Bank | No fee | 60,000 ATMs |
| Capital One | No fee | 38,000 ATMs |
Features to Look for in a College Student Bank Account
When selecting a bank account as a college student, there are several features to look for. These include:
- No monthly maintenance fees: Look for banks that offer no monthly maintenance fees or low fees that can be waived with certain conditions.
- No overdraft fees: Consider banks that offer no overdraft fees or low overdraft fees that can be waived with certain conditions.
- Mobile banking: Look for banks that offer mobile banking services, including online banking and mobile banking apps.
- Large ATM network: Consider banks with a large ATM network, making it easy to access your money when you need it.
- Customer service: Look for banks with good customer service, including 24/7 phone support and online chat support.
Benefits of Having a Bank Account as a College Student
Having a bank account as a college student can offer several benefits, including:
- Convenience: A bank account makes it easy to manage your finances, including depositing checks, transferring funds, and paying bills.
- Security: A bank account provides a safe and secure way to store your money, with FDIC insurance protecting your deposits up to $250,000.
- Building credit: Using a credit card or taking out a loan from a bank can help you build credit, which is essential for future financial endeavors.
- Budgeting: A bank account can help you budget and track your expenses, making it easier to manage your finances and avoid overspending.
What is the best bank for college students?
+The best bank for college students depends on individual needs and preferences. Consider factors such as fees, interest rates, mobile banking, and customer service when selecting a bank.
Do I need to have a minimum balance to open a bank account?
+Some banks require a minimum balance to open a bank account, while others do not. Consider banks that offer no minimum balance requirements or low minimum balance requirements that can be waived with certain conditions.
Can I use my bank account to build credit?
+Yes, using a credit card or taking out a loan from a bank can help you build credit. Make sure to make timely payments and keep your credit utilization ratio low to build a positive credit history.
