Today, most banks offer a variety of types of checking accounts to help meet the needs of different individuals. There are accounts for people who plan on keeping high balances in their account, accounts for businesses, and more. One account that has been highly favored in the past is Free Checking accounts. The ability to be able to keep your money in an account with no minimum balance or extra fees delighted the hearts of many people looking to open up a banking account. One of the groups these accounts specifically catered to were students. Banks realized that students have unique needs for their accounts and as a result, most financial institutions now offer Student Checking Accounts.
What are Student Checking Accounts?
As the name implies, student checking accounts are special accounts that were created to meet the specific needs of high school and college students. They are very similar to free checking accounts in some aspects, but offer some added benefits for students. There are usually certain qualifications that must be met in order to obtain a student/college checking account. Some banks require you to be enrolled in a 4 year accredited university, some allow community college students, and the requirements vary from bank to bank. These student checking accounts are also available to High School students at some banks. They usually require a parent/guardian to be linked to the account and they generally have the same benefits as other student checking accounts.
If you’re looking for a student checking account, here are some great options that can all be applied for online.
The Citibank Student account is an ideal account for students who want the benefits of a student account with the added bonus of earning reward points for your purchases. Another great thing about the Citibank Student Account is that Citibank does not charge you any fees for using non-Citibank ATMs. There are no minimum balances or monthly fees associated with this account. You can open your account with an initial deposit of $100.
The US Bank Student Checking account offers the basic benefits of a Student Checking account such as no monthly fees and a low initial deposit of $25 to open your account. You can access your money from over 5,000 US Bank ATMs and you also get 4 free transactions at non-US Bank ATM’s per statement cycle. And of course, you get all the other benefits that come along with using US Bank such as online banking, mobile banking, account alerts and more.
Whether you were a Wachovia account holder or Wells Fargo customer, you have the ability to take advantage of the Wells Fargo College Combo. With this deal, not only do you get College Student Checking Account, but you also get the added benefit of a Way2Save savings account. Many college students have a tendency to “live in the now” and not worry about the future. So the College Combo keeps you covered by conjoining the checking and savings account. Also, since Wells Fargo took over Wachovia, you now have access to over 12,000 ATMs and over 6,000 banking locations. The cost of starting you Wells Fargo College Combo is just $125 ($100 for the Student Checking Account+$25 for the Way2Save Savings Account). The Wells Fargo College Student account does have a $3 monthly service charge. However, you can avoid this fee by getting the Wells Fargo College Combo and:
● Maintaining a monthly balance of $500 or,
● Enrolling in Direct Deposit
● Linking Your Account to a Wells Fargo PMA Package
● Utilizing a Wells Fargo Campus ATM or Campus Debit Card
The Chase Student Checking account is great because it focuses on both High School and College Students. Chase gives you the option of opening up either a High School Checking account or College Checking Account. Both accounts give you benefits of the Chase Total Checking account such as a free debit card, mobile banking, online banking, and account alerts.
● High School Checking Account (Ages 13-17): This is great for parents who want to start teaching their kids about money management especially as they get after school jobs. The minimum deposit to open an account is $25. And you can avoid the $6 monthly service fee by linking your account with a qualifying parent/guardian checking account or using monthly direct deposits.
● College Checking Account (Ages 17-24): Just like the High School Checking Account, the College Account only requires a $25 deposit to open the account. If you started out with a High School Checking Account and want to stick with Chase through College, you can change to a College Checking Account to keep all of the benefits. Also, to avoid the $6 monthly service fee, you have to be enrolled in college for up to five years or sign up for direct deposit.
Key Bank Student Checking Account
Lastly, you can check out the Key Student Checking Account from Key Bank for another option. These accounts are available for students ages 16 and older. You also don’t have to worry about any fees for using your debit card for purchases. Key Bank will also reimburse you up to $6/month for surcharges from other banks for using their ATMs. This is great for students going to school out of state and might not have access to a Key Bank near them. You can avoid monthly service charges by depositing at least $200 or initiating at least two transactions. You can open your account with as little $50. However, be aware that if you close your account within 180 days you’ll be charged a $25 account early closure fee.
