10 Best Banks for Students

One of the items on the back-to-school checklist is finding the best banks for students. Parents and their kids search hard for banks that provide checking accounts for students. Young adults who are going to college are particularly excited about finding a bank to open a checking account with. There are many banks that are considered in this quest including online banks, credit unions, community banks, and huge commercial banks. Of the ten largest banks in the US, six of them provide free checking accounts after verification of the students’ enrollment status. Some banks may charge monthly fees and one bank does not care for enrollment status.
List of Top Rated 10 Best Banks for Students in 2013

Chase Bank

Chase Bank is one of the banks that offer student checking accounts. The accounts are remarkably similar to ordinary checking accounts held by people who are not in school. The only notable difference is that the checking account made available for students has a considerably lower monthly fee. This fee is however waived until the student graduates or for up to 5 years after the account is opened. A monthly direct deposit of any amount on this account also makes the monthly fee to be waived by the bank. Immediately after graduation, the account is converted to an ordinary checking account.

Bank of America

Many people who are just about to join college ask, “What is the best bank for students?” The student accounts at the Bank of America may help to answer this question. Although there is no distinct student checking account at the bank, students are asked to open an eBanking account. The account has a $8.95 monthly fee that is waived as long as the student does not carry out transactions at bank tellers. The student must also choose to receive paperless statements in order for the monthly fee to be waived.

Wells Fargo

Wells Fargo operates one of the best bank account for students. The account is a checking account with a 3-dollar monthly fee. This fee is waived if the student links a Wells Fargo debit card or campus ATM to the account. If the account balance is over 500 dollars daily, the monthly fee is also waived. Direct deposits of 25 dollars and above also makes the monthly service fee to be waived. The account remains the same for five years and afterwards becomes converted to an ordinary checking account. In order to extend the duration of the checking account, students must prove that they are still enrolled at a college.

Citibank

It is one of the big names in banking and it operates accounts for students. The accounts that are given to students are absolutely free of all charges as long as the students prove that they are enrolled in a college or graduate school. Students with these accounts can access their money from ATMs even if they do not belong to Citibank. There are no fees for such transactions. When the students graduate, the accounts are converted to checking accounts which have monthly maintenance fees. The account holders are also charged for withdrawing money from non-Citibank ATMs.

U.S. Bank

There are very few differences between a standard checking account and a student checking account held at this bank. College students get some extra perks when they are awarded student checking accounts. One of the perks that make the U.S. Bank abest bank for students is that it does not charge any fees on these special accounts. What’s more, students get free first orders of checks and they are allowed to withdraw money free of charge from ATMs that are not owned by the U.S. BANK up to four times per month. The account maintains the ‘student’ status for five years after being opened. Any longer than this, it is converted to an ordinary checking account unless the student is still under the age of 25.

Capital One

There is no defined student checking account in this bank. However, the Rewards Checking account at the bank is worth a mention. The account has a monthly charge of $8.95 and this fee is not charged in case the account has more than $300 daily balance. A direct deposit of $250 or more per month also makes the bank waive the monthly maintenance fee. This account puts it on the list of the best banks for students.The bank recently started to operate online checking accounts that earn interest on deposits. Although not targeted at students, the account gives owners access to the wide Allpoint ATM network.

PNC Bank

PNC Bank is arguably the best bank for students. In fact it may be the best bank as far as everybody is concerned because it offers free checking accounts indiscriminately to all customers. All other top 10 banks now charge monthly fees.This account is just as good as student accounts operated by other banks with one major difference; after a student graduates, the account is not converted into any other type of account. The account will continue to have no fees for the foreseeable future.

TD Bank

The bank operates student checking accounts with no monthly charges and there is no minimum balance. The bank waives transfer fees for overdraft protection. A person can link this account to a Convenience Savings account. Five years after this account is opened, it is converted to an ordinary checking account and all the perks mentioned above cease to exist.

SunTrust Bank

The bank operates student checking accounts. These accounts usually have 4-dollar monthly charges unless they have a 300 dollar daily balance. The monthly charges are waived if there is a payroll direct deposit. If the account holder links the student account with a standard SunTrust checking account that has a $300 daily balance, the monthly charges of the student account are waived. The account is converted to an ordinary checking account after the student graduates or if five years lapse, whichever comes first.

BB&T

The bank operates student checking accounts for students under the age of 23. The account has no monthly maintenance fees and it also comes with several additional benefits. The account holders are allowed up to four free ATM transactions every month at ATMs that are not owned by BB&T. Purchases with the issued debit cards earn cash back. The bank waives fees for several types of transactions with the debit cards including: overdraft fees, returned items, stop payment charges, and money orders. After the student reaches 24 years of age, the account is converted to a standard checking account.

Perceptions held by customers about the best checking account for students have been changing over the past year especially when it comes to major banks. This is because of increased fees at those banks and occasional cutting of services. The changes include TD Bank stopping to refund per-year overdraft fees. SunTrust’s stoppage of reduced overdraft fee also doesn’t sit well with consumers. Another major change at SunTrust is stopping to reimburse transaction fees for two ATM transactions at ATMs not owned by the bank. In order to find the best bank account to open, parents and students should consider community banks as well as other financial institutions that can rival the best banks for students.