The start of college season means that thousands of freshmen around the nation will leave the comforts of their family homes for a dorm with a sight of the campus. Many 18-year-olds will get their first taste of economic freedom as a result of their new lifestyle. While some will already have bank accounts, the majority will need to open new accounts and manage the day-to-day financial flow for the first time when they leave home. Parents may be concerned that their children will fall. After all, even grownups make unintentional banking mistakes on a regular basis. However, with a little planning and foresight, many blunders can be avoided. Students, almost by nature, do not have a lot of money.
Therefore they must be extremely conscious of charges that can eat up what little funds they do have. No monthly cost of installation, a low or no minimum balance threshold, a free debit card, free ATM access at your bank, free internet banking, free check making, and no money transfer fees are all things to look for. You don’t have to keep your checking and savings accounts at the same bank, particularly if you can get a better APY on a savings account somewhere. You may need to go online to locate the greatest bargains, but most youngsters who grew up with the Internet shouldn’t be concerned.
Instead, you’ll have to mail in any payments unless you’re okay moving funds electronically. These are the top 10 best bank accounts for college students.
1. Axos Bank Rewards Checking
The Rewards Checking account from Axos Bank is at the top of our list because of its minimal fees and cost of borrowing. On holdings up to $50,000, this tiered interest rate checking account offers up to 1.00 percent annual percentage yield (APY). Customers get access to more than 91,000 ATMs across the United States, as well as unlimited domestic ATM charge refunds for out-of-network ATM usage. There are no fines for overdrafts or insufficient money. Axos also provides customer care through phone and encrypted online messaging 24 hours a day, 7 days a week. Throughout regular business hours, the site also offers a live chat option. Its mobile banking software is a great tool for a student’s fast-paced existence. On the App Store and Google Play, you may download the bank’s app. On the App Store, the Axos Bank mobile app receives 4.7 stars out of 5 stars, while on Google Play, it receives 4.7 stars out of 5 stars.
2. Discover Bank Cashback Debit Checking
Another great alternative for youngsters is Discover Bank’s Cashback Debit checking account. Recurring monthly fees, non-sufficient funds fees, and fees for accessing out-of-network ATMs are all waived. On up to $3,000 in qualifying debit card transactions every month, the bank’s checking account receives 1% cashback. Discover also has a mobile banking app that has received great ratings on both the App Store and Google Play. Discover is most recognized for its rewards credit cards, but that’s only a small part of what they do. It’s a financial services provider as well as a full-service internet bank. Consumers can use Discover for finance and retirement planning. Discover is a lender as well, offering personal, student, and home equity loans.
3. Capital One MONEY Teen Checking
Prior to the age of eight, the Capital One MONEY Teen Checking account is offered to a much greater age group of children. This account is also ideal for older students due to the lack of a minimum investment requirement, low fees, and a large ATM network. It also helps parents to keep track of their children’s spending. Capital One clients can bank in person at Capital One Cafés in addition to the account’s features. The MONEY Teen Checking account pays a 0.10 percent annual percentage yield. Capital One offers outstanding digital tools for managing your money and achieving your financial objectives, as well as 24-hour customer care.
4. Chime Spending Account
Due to its flattering way to help you save money, the Chime Spending Account is a fantastic checking account for learners. Clients can use the Round-Up and Save When I Get Paid tools to immediately shift monies into an interest-earning savings account, allowing them to get nearer to their financial goals. You can also connect your card to mobile payment systems like Google Pay and Apple Pay to get automatic payments up to two days early. In addition, there is no recurring monthly price. Customer care is available by email or phone seven days a week. Many banks provide a wide range of account options, each with its own set of features that might make it difficult to choose the ideal one for your needs. Chime keeps things simple with just one checking account, one savings account, and one protected credit card, all integrated together with a user-friendly mobile app. Chime’s private banking offerings are discussed in this review. Chime is a digital banking business, not a bank, so keep that in mind. The Bancorp Bank or Stride Bank, N.A., both FDIC members, provide banking services.
5. Ally Bank Interest Checking
Ally Bank is a full-service online bank that offers cheaper pricing, no fees, no minimums, and client service that is available 24 hours a day, seven days a week. Ally Bank is the digital-only banking business of Ally Financial Inc., which has origins reaching back to the 1920s and is located in Sandy, Utah. Ally, like some other online banks, caters to customers who choose to bank from their phone or desktop pc. Ally offers loans, auto loans, personal loans, and trading and retirement services in addition to checking, savings, money market, and certificate of deposit (CD) accounts. Because of its affordable costs, exceptional customer service, and well-designed digital features, the Ally Bank Interest Checking Account gets a spot on our list. Because Ally is an online-only bank with no physical locations, it places a premium on a positive user and online experience. There are no minimum investment restrictions, a wide Allpoint ATM network for transactions, no monthly maintenance costs, and no overdraft fees with the Interest Checking Account. On daily amounts of less than $15,000, it pays 0.10 percent APY, while on balances of $15,000 and more, it pays 0.25 percent APY.
6. Alliant Credit Union High-Rate Checking
Because of its well-designed user platform, the Alliant Credit Union High-Rate Checking account made this list. There is no recurring monthly fee or minimum balance restriction with this account, which pays 0.25 percent APY. Customers receive a free Visa contactless debit card and a $20 monthly ATM fee reimbursement. There is a subscription need at Alliant because it is a credit union. You must work for or be resigned from a contributing partner employer, be connected to an Alliant member, be a member of an Alliant-associated organization, or reside or function properly in the larger Chicago area to join Alliant Credit Union. If none of these situations apply to you, you can join Alliant’s partner charity, Foster Care to Success (FC2S). A $5 gift is required; however, after your account is set up, the fee is paid back to your account.
7. Wells Fargo Clear Access Banking
Because it has few fees, the Wells Fargo Clear Access Banking account deserves a place on the list. Clients aged 13 to 24 get their monthly service charge eliminated, and there are no overdrafts or non-sufficient funds fines. The minimum threshold deposit is only $25. To open an account digitally, you must be 18 years old or older (19 in Alabama). Otherwise, you’ll have to go to a branch. The account also includes online technologies for planning, cash flow management, and expenditure. Wells Fargo has a nationwide presence with over 12,000 ATMs and around 4,900 locations all across the nation, despite having a far smaller ATM network than the prior banks listed.
8. LendingClub Rewards Checking
LendingClub Bank, a totally online bank, offers a student-friendly checking account. The Rewards Checking account offers a variety of benefits, including a 1% cashback on all transactions and international repayment of ATM costs imposed by other banks. Paychecks sent via direct deposit can arrive up to two days early. Furthermore, there are no monthly or hidden costs with this account.
In addition, in amounts of $2,500 or more, the account yields interests, making the combination of cashback and interest charges a wonderful way to earn and save at the very same period. On balances of $2,500 to $99,999.99, the account pays 0.10 percent APY and 0.15 percent APY on balances of $100,000 and higher.
9. Bank of America Advantage Safe Balance Banking
With the Competitive Safe Balance Banking account, Bank of America joins our list of best student bank accounts. The $4.95 recurring monthly charge is canceled for learners under the age of 24 who are studying in high school, college, university, or vocational school. The program includes a free debit card, free ATM transactions at over 16,000 Bank of America locations, and free mobile and online banking.
10. Chase College Checking
With the Chase College Checking account, Chase Bank joins our list of the top college deposit accounts.
While you’re in university, there’s no minimum investment, and the $6 monthly subscription cost is eliminated for up to five years. Submitting at least one electronic transfer per report cycle or keeping an average ending day account of $5,000 or more will also help you avoid the monthly fee.