Best Bank for College Students

Parents and their kids are frequently embarking on quests to find the best bank for college students before the kids go to college. As if college tuition fees are not enough, parents have to grapple with the fact that their children need bank accounts to enable them to spend money on what they need. Bank accounts for college students are not exactly conventional accounts. This is mainly because they are temporary accounts and that the students do not have a consistent revenue stream. This article will shed light on a question that plagues parents and that is, “what is the best bank for college students?”

Citibank
The bank offers free checking accounts to students. The bank has one of the widest footprints in the banking industry with visible presence across 50 states in the U.S. The holders of student accounts at Citibank are allowed to withdraw their money from any ATM whether it belongs to Citibank or not. The withdrawals are free of charge and there is no limit of monthly transactions as opposed to other banks which limit them to four or five per month. Citibank is arguably at the top when it comes to the competitiveness of its student accounts.
KeyBank
This is one of the banking institutions that provide students with checking accounts. The bank provides the accounts as long as the students are 16 years and above. Although the account is coined from the bank’s ordinary checking accounts, it does not have monthly charges. These charges are waived by the bank as long as certain conditions are met. One of the conditions is that the account holder has to deposit $200 and above each month, failure to which, the account is charged maintenance fees. The account also allows students to make ATM withdrawals from non-KeyBank ATMs.
Regions Bank
This bank is on the list of the best banks for college students as it provides students with checking accounts. The accounts require $50 opening deposits but no charges whatsoever. Students that have accounts at this bank have access to a huge ATM network that clocks in at over 2,100 ATMs. After students graduate, the account automatically stops being a student account and monthly charges and other charges associated with ordinary checking accounts start to apply.
M&T Bank
Students are free to open student accounts at M&T Bank. The bank does not require the accounts to have a minimum balance unlike some of its other accounts. There are no monthly fees or any other kind of maintenance fees charged by this bank. The student account can be accessed and operated with a free mobile banking application as long as an account holder has an Internet connection. Immediately after the account holder graduates, the account is converted into an ordinary checking account and monthly charges of $6.95 become applicable.
BB&T Bank
The student account at this bank is a best bank account for college students. It is provided to students that have an active enrollment to a college or university. The account is available only if the student is under 23 years of age. The account is free of all charges and there are no other special requirements to open or operate it. This account makes BB&T to be a best bank for college students. It reverts to an ordinary checking account with all the applicable charges after the student graduates or reaches 24 years old.
Fifth Third Bank
Among the banks offering student checking accounts is the Fifth Third Bank. The checking account is not charged monthly fees or any other kind of fees. Account holders of these student accounts are provided with ATM cards to give them easy access to their funds from any cash dispenser. The bank allows student account holders to make up to five transactions at ATMs not owned by it free of charge. As with all other student accounts, the account reverts to a standard checking account after the student graduates.
Citizens Bank
Students can open bank accounts at the Citizens Bank. The special accounts for students offer several services and have many perks over standard accounts. The accounts offer students free checking. They also enable the students to save money like ordinary accounts. Transfer of funds from other accounts such as parents’ accounts are possible with the student accounts at Citizens Bank. In the event that students graduate while still operating these accounts, the accounts cease to benefit from the special treatment given to students. They are automatically changed to ordinary accounts and the charges expected with ordinary accounts begin to apply.
U.S. Bank
Many of the top banks in the country have identified college students as potential money making machines. A surprising number of people who opened accounts in college still have ties to the accounts many years after graduation. This means that the banks have an opportunity to secure future business with these college students when they are still in college. Banks grab hold of college students by creating special accounts that entice them to start banking at the banks. U.S. Bank has student checking accounts that are free of monthly maintenance charges. These accounts allow students withdrawals from U.S. Bank ATMs free of charge. Four free withdrawals from out-of-network ATMs are allowed per month. The first box of checks are provided free of charge to student account holders. After graduation the accounts are converted to ordinary checking accounts and the special treatment ends there.
TD Bank
The bank is one of the good banks for college students because it provides a free student account. The account has no upkeep fees whatsoever and there is no minimum balance required. One of the characteristics that make this account similar to ordinary checking accounts is that it charges overdraft fees. The overdraft fee for a student account at TD Bank is $35 but a customer can opt-out of overdrafts altogether to avoid this fees. When a student ceases to be a student for reasons such as graduation or discontinuation, the account reverts to a standard checking account with all charges intact.
Bank of America
The bank is in contention for the best bank for college students. It has a student checking account which does not have any monthly fees. Direct deposits can be made to the account and a free debit card is issued to the account holder for purchasing items and withdrawing funds from cash vending machines. The account comes with free online banking services and a person can also access it using a dedicated mobile banking application. Apart from the convenience of online banking, an account holder can conduct free SMS banking with the student account. The account becomes an ordinary checking account after the owner ceases to be a student.
Conclusion
Students are, without a shadow of a doubt, the future customers that will be lining the pockets of banks with their money. It is evident from the effort that banks go through to ensure that they start a relationship with students early on in their lives. You can determine the winner of best bank for college students by evaluating the banks mentioned above.