- The best banks for students are tailored
to fit the needs of school life.
Many banks offer students a special account
or waive certain fees to make money management easier
and more affordable while you're enrolled in school.
Because your plate is full with classes, internships,
and jobs, the last thing you wanna do is go with a bank
that isn't transparent with fees
or doesn't match your lifestyle.
In this video, let's explore the best banks for students.
Hey, everyone.
This is Andy Hill with "The College Investor,
Investing and Personal Finance for Millennials".
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when our next video comes out.
Thanks.
Before jumping into our list, we wanna remind you
that students can sometimes score special deals from banks.
You should expect low fees
and robust mobile banking opportunities.
Keep in mind the fees will likely go up after you graduate,
but by then, you may consider a different bank
if the new found fees cramp your post-graduation lifestyle.
Okay, let's start with the list.
Number one, Chase Bank.
As one of the biggest banks in the US,
it's not surprising that Chase
offers a worthwhile banking option for students.
While in school, you can tap into a no-fee checking
and savings account until you turn 25.
The fee-free experience can last up to five years.
The bank has a network of over 16,000 ATMs
and over 4,000 branches to visit
for an in-person experience.
With Zelle built-in, it makes it easy to receive money
from other students when splitting up costs.
In addition to the college checking account,
you'll find a savings account
with an easily waived $5 monthly fee.
You'll need to have a beginning balance of $300
to avoid that fee.
However, you won't earn a high APY on savings
in this account.
Number two, Axos.
Axos Bank is a national bank
that offers a free checking account,
the Axos Essentials Checking.
With the checking account,
you won't find any monthly maintenance fees,
minimum balance requirements, or overdraft fees.
If you need to pull money out of an ATM,
you can tackle that chore anywhere
without worrying about fees.
The Essential Checking Account
provides unlimited domestic ATM fee reimbursements.
In terms of savings accounts, you can tuck your savings away
to earn interest.
You can earn 0.61% APY in your savings account at Axos Bank.
Your funds can grow without giving up easy access
to that cushion.
Number three, Discover.
Everyone loves rewards, right?
Well Discover makes it easy to earn rewards
with each and every purchase you have.
The online bank offers the cash back debit checking account
a fee-free checking option.
You can earn up to 1% cash back on up to $3,000
in debit card purchases every month.
Those rewards, they can add up quickly.
Depending on your spending habits,
you could receive up to $360 per year in rewards.
Additionally, their high yield savings account
is offering a 2% APY so your savings can really grow.
Also, the lack of physical branches
likely isn't a deal breaker for a lot of folks.
What the bank lacks in physical presence,
it makes up for though in its online and mobile experiences.
You'll find ample digital resources
to manage your money efficiently.
Number four, Current.
Current is a mobile banking app
that makes digital banking easy.
If you're looking for a banking experience
that has a modern vibe, well, consider Current.
The mobile banking app offers a free checking account
that doesn't require a minimum balance
or charge any overdraft fees.
It offers a stellar savings account option
giving you the ability to earn up to 4% APY
on up to $6,000 stored in a current savings pod.
Number five, Bank of America.
The Bank of America Advantage Safe Balance Banking account
is a great account for college students
because there is no monthly maintenance fee
for students under 25 who are enrolled in school
or in educational or a vocational program.
This account is great
because it helps build good banking habits
while also not charging any overdraft fees.
Bank of America Advantage Safe Balance Banking
has a $4.95 monthly maintenance fee that can be waived
each statement cycle that an owner of this account qualifies
as a student under the age of 25 that's enrolled in a school
or an educational or vocational program
or an owner of this account is under the age of 18
or if they're enrolled in Preferred Rewards.
Number six, Ally.
Ally Bank offers an easy digital banking experience
that is great for students.
An interest bearing checking account
is designed to help you grow your balance.
The account doesn't come
with any monthly maintenance fees either.
You'll have fee-free access
to one of the 55,000 Allpoint ATMs in the United States.
If you can't find an Allpoint ATM,
Ally will reimburse you up to $10 in ATM fees per month.
Ally provides a high yield savings account
with an attractive APY.
When combined with an interest bearing checking account,
this bank provides ample opportunities to grow your funds
with minimal fees involved.
Number seven, Capital One.
Most of the banking opportunities
that I've mentioned already are for students
at the college level,
but Capital One offers an excellent banking option
for students who are still in high school.
The Capital One Money account offers students
under the age of 18 a fee-free checking experience.
Although you'll need a parent or guardian
to become a co-owner, students have full access
to manage the account through the mobile app.
After you turn 18,
you can upgrade the Capital One Money account
to a regular Capital One 360 checking account,
which is a great choice.
The 360 account comes with no fees
and the ability to earn interest
on your checking account balance.
In the end, getting yourself through school is tough,
so it's helpful when banks recognize that
by offering flexible bank accounts without a ton of fees
or confusion.
The key to determining which opportunity is best for you
is to get clear about what you really need in a bank.
If you regularly need cash,
then choosing a bank with an extensive ATM network
or a great ATM fee reimbursement policy is ideal.
But if you are more concerned about growing your savings,
then a bank with an attractive high yield savings account
might be a better fit.
Remember, you can always mix and match savings accounts
and checking accounts from different banks.
Enough from our side, everyone.
We wanna hear from you.
Which of these best bank accounts for students
is your favorite?
What are you looking for in a bank as a student?
As always, everybody, the links mentioned in our video today
will be in our video description,
so use those if you wanna support the channel.
This is Andy from "The College Investor".
We'll see you in the next video.