Banking Options for College Students: Planning for Financial Success
Now that you have enrolled in your school of choice, you need to start researching banks that offer the best rates for students so that you can begin managing your money effectively.
By Dr. Gwendolyn Maria Parrish — February 7, 2023
As a college student, it's no secret that your journey will come with a plethora of new responsibilities. Money management should be one of the areas to which you focus your attention. Knowing how to manage your money will help you when planning for long-term financial success. Maintaining financial well-being will also support your academic success. It's true!
Now that you have enrolled in your school of choice, you need to start researching banks that offer the best rates for students so that you can begin managing your money effectively. If you are receiving financial aid, your institution will automatically deposit your tuition refund into your selected account (once you opt in for this). Getting your student aid deposited into an account instead of directly mailed to you will help to mitigate the temptation to spend unnecessarily and blow your limited funds on things that are not really needed.
Below you will find a list of banks that offer free student accounts. Some banks also offer a small monetary reward for opening an account with them. Select the one you want and do a little research. Then, you will be well on your way to effective financial planning.
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Chase Bank
Chase has created an offer that will allow students between the ages of 18-24 to start a checking account for free. Even more, they are also offering $100 for doing so, and access to free use of over 40, 000 ATMs nationwide. Furthermore, you wont have to worry about maintaining a certain balance or monthly account fees. It is completely free to start an account.
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Bank of America
Bank of America offers students an opportunity to open an account with $0 in monthly fees for students under 25 years old. They are also currently offering $100 bonus for opening an account (conditions may apply). This is a limited offer and may vary depending on your location. If you choose this as your personal bank, be sure to ask for more details on this offer. You will also get access to Zelle money services to send or receive money on demand. Their banking app allows for parents to send money directly to you so that you are always prepared for whatever expensed you may encounter.
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USAA
USAA has created an account for students that will alleviate concerns about minimum account balances, monthly fees, and other worries that come along with banking. Onc you open your account, you will not be charges for banking services. Your monthly balance may vary from month to month as a student, especially when tuition is due. This account will remain open even if you get to a $0 balance. While you will want to have your school deposit your financial aid refunds, you are not required to maintain a specific number of direct deposits. There are no ATM fees, and you have full access to online banking and app use.
This list of banks that offer free accounts for students is not an all inclusive list, however, it offers a great starting point with a bank that has a reputation for supporting their customers. If you are new to financial planning, you may want to discuss your best options with your parent, school financial aid office, and your bank of choice to compare the best possible options. Please know that you are not required to receive financial assistance to apply for free banking accounts. You will want to start your student banking account even if you pay tuition out of pocket. Managing your money is important to your long-term financial success and will help you to learn helpful money management strategies.
Read this article from the SAGE Scholars Newsroom to learn more about applying for financial aid. (FAFSA).
Dr. Gwendolyn Maria Parrish
Dr. Gwendolyn M. Parrish is a graduate of MSU, where she received a BA in Elementary Education and an MS in Educational Leadership. Maria has more than ten years of experience in the classroom and two years as a high school vice-principal. She is a graduate of Capella University, where she completed a Ph.D. program in Curriculum and Instruction and Administration. Maria has also been a writing consultant for Capella for the past three years and enjoy working with learners of all ages.
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