Finding the best checking account for college students can be hard. College years are meant to be the most formative ones in a student’s life. After spending a large part of your life in school, under the wing of your parents and teachers, it is college when you first start to get a taste of the freedom that life has to offer. Yet as we all know, freedom is not a privilege, but rather a responsibility. In college, apart from your academics, you learn to be independent. And such independence extends to your financials also.
College life will probably be the time when you will need to hold a steady job to meet your own expenses. And this is where the need for proper financial education comes into play. Throughout your school life, you probably never needed to worry about money: your parents and family did that for you. The closest you came to money management was probably that piggy bank where you stashed away your allowance.
But in college, the world of your personal finances is bound to grow more complex. And this is where the need for a structured money management routine comes into play. One of the first steps you should take in the direction of financial responsibility is to get a checking account.
Compare the Top College Student Checking Accounts in 2019
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Opening a bank account does not mean increasing your expenses, but rather taking the first step to proper management of your available funds. Most banks nowadays offer checking account facilities that are specifically targeted towards college students. These accounts offer multiple benefits and incentives that make it attractive for college students to maintain accounts with these banks and maybe even become loyal customers once they graduate and enter the workforce.
Here is a list of the best banks for college student checking accounts.
- Chase College Checking
- BBVA ClearConnect Checking
- Chime Free Checking
- HSBC Choice Checking
- Aspiration Summit Checking
- Ally Bank Checking
- Capital One 360 Checking
- US Bank Student Checking
- USAA Classic Checking
- NBKC Bank Checking
Chase College Checking
The Chase College Checking account is one of the best checking accounts offered by Chase Bank that is geared especially for college students. For students in the age bracket 17-24, there are no monthly fees for up to a period of five years during your college. You just need to maintain a minimum deposit of $25. In addition to that, if you opt for paperless statements and make 10 qualifying transactions within the first 60 days, you get a $100 bonus. With a large network of branches and reliable electronic transaction facilities, Chase is one of the best places to open a checking account.
BBVA ClearConnect Checking
This is one of the cheapest checking accounts for college students. There are actually no fees for maintaining this checking account, and there are also no minimum balance requirements or transactional limits. It’s basically a no-frills money management tool and a very good option for college students to open their first checking account.
Chime Free Checking
Chime is a mobile-only bank that offers a great experience for college students. Chime does not charge any transactional or processing fees and has no minimum balance requirement. It has a mobile app which is very user-friendly, and offers a neat view of all your banking needs, along with a host of helpful features. There is also the facility of using a debit card and if any direct deposits are made to your account you can access them as early as possible.
HSBC Choice Checking
If you have a slightly bigger budget you may opt for the HSBC Choice Checking. With a nationwide service network and a large number of ATMs, you can use the debit card as well as mobile banking facilities associated with this account to manage all your college life money worries. The only flipside is that if you want to avoid paying the monthly charges then you need to maintain a minimum balance of $1500. Another option is to have one direct deposit each month which will also save you the charges.
Aspiration Summit Checking
The Aspiration Summit Checking account is another attractive option for college students to consider. One of the best checking accounts available, the Summit Checking account does not charge any monthly fees. Further, you can use the debit card and ATM facilities for free, and earn interests on your deposits. However, being an online-only firm it does not have any physical presence.
Ally Bank Checking
Though not directly targeted towards college students, this checking account is one option that college-goers should definitely consider. Being an online-only bank it charges no maintenance fees and has no minimum balance requirement. With a partnership with the Allpoint ATM network and multiple incentives, this checking account is worth checking out.
Capital One 360 Checking
The Capital One 360 Checking account offers a unique feature where parents and students can manage the account together. With zero fees and no minimum balance requirement, this is a very good choice for students just starting out with their own account. A 0.25% interest rate on deposits and a solid ATM network further enhance the appeal of this account.
US Bank Student Checking
This checking account for students does not charge a monthly fee unless you want paper statements. It provides online banking and ATM facilities. When you open the account you get a VISA Debit Card and the first set of checks for free.
USAA Classic Checking
This is a banking service that is specifically targeted to members of the military and their families. The USAA Classic Checking offers you a checking account that is free and has no minimum balance requirements. It also offers a refund for using ATMs outside their network, but they have ample ATMs of their own too. USAA also provides a debit card and mobile banking facilities which makes this a perfect choice for eligible students.
NBKC Bank Checking
This is a truly free checking account that also earns interest. It has no minimum balance requirements, offers debit card facilities and a large network of ATMs nationwide for access to your funds on the go.
Getting a Checking Account as a College Student Doesn’t Have to be Hard
College years are the times when we truly step out into the world and learn to be conscientious. With a checking account from one of the banks above, every student can hope to take the first, yet extremely important steps towards financial management and responsibility.