How To Choose The Best Student Banks

No matter where you move, your finances will always be one of the most crucial things to take care of. As a student, ensuring that your finances are well-handled is even more critical since living alone and surviving depends on it. Since your finances are so important, having a good student bank account is essential. Choosing the correct student bank account for your needs can be a great relief since the account is more manageable. In this blog, we will discuss how to choose the best student banks and the additional measures that international students should take while choosing a bank. So, let’s find out the criteria for selecting the bank account that fits all your needs and how to choose a student bank account!

Things to keep in mind when choosing a student bank account

Choosing the best student bank account is a crucial decision for every college-bound individual. This financial companion can significantly impact your day-to-day life as a student and influence your financial well-being in the long run. In this section, we will explore key considerations and factors that should guide your decision-making process when selecting a student bank account

1. Understand your requirements 

The first step to finding the best student bank account is understanding your requirements. Most best student bank accounts and banks work differently than traditional bank accounts since they focus on catering to students better. So, with research, you will eventually find many banks with decent service and lucrative offers. But to choose the best student bank account you need to outline what you will do with your bank account. This outline will act as a road map for choosing the best student bank accounts and banks. 

2. Know the overdraft limit 

Overdrafts are transactions the banks allow even when insufficient money is in the account. Many college students struggle with financial management and thus face urgent expenses that overdrafts can back. While choosing the best bank for student, pay attention to their overdraft limit. Ensure the amount mentioned is fixed and not an estimated ‘up-to’ amount to ensure you receive the total overdraft amount. If you are still confused about how to manage your finances, read our ultimate guide to managing finances for international students.

3. Make sure you have easy access to your money 

As a student living alone, it is vital to have easy access to your money 24/7. Access to your money can help you handle situations more independently in an emergency. Thus, while choosing the best student bank account, make sure the banks you are choosing provide 24/7 ATM withdrawals, online payments, etc. 

4. Ensure you qualify for the student bank account 

Another filter that can help you hunt for the best student banks is your eligibility to hold an account in a specific bank. The eligibility criteria to open an account in a bank differs from one bank to the other. Some banks might be rigid, while others might be more relaxed about their requirements and criteria. Thus, ensure that the banks you choose have criteria you fit into. This will pave the way for you to eventually select the perfect bank account as a student and open a student bank account in it. 

5. Read the hidden charges and fine prints 

A mistake many students make while choosing their student bank account is that they don’t forget the fine print. The fine print may contain information about hidden charges or terms and conditions that may come as an unpleasant surprise to you later. So, ensure you read through the information carefully while choosing the best student banks to have your student account. Reading the fine print will help you know the exact charges you will pay and choose your bank accordingly. 

6. Keep an eye on freebies 

Many banks offer freebies and gifts, especially to student account holders. The freebies include student discount coupons and stationery goodies like notebooks, pens, etc. Since these freebies are a way to attract more students, they should be a secondary priority in your list of criteria. So, keep an eye out for the freebies but ensure that freebies aren’t the only benefit your bank offers. 

Best student bank account choices

Before we go ahead, we’re sure you must be wondering about which are the best student bank account options available to students at the moment. There are several banks available that offer excellent student bank account offers and student bank account freebies as well, which are beneficial. Let’s have a look at some of the best banks for students and the offers they provide:

1.  Bank of America Advantage Banking

The Bank of America offers a number of student bank account services, including online banking services, debit cards, and overdraft protection facility. Additionally, the bank has over 4100 branches and 16,000 ATMs all across the country. This best bank for student is available for high school going children under the age of 24. 

2. Chase College Checking Account

Chase College Checking Account is available for college students between the ages of 17 and 24. This option for the best student bank account offers a sign-up bonus of $100 and no monthly service fee up to 5 years after opening the account. Hence, this one is considered as one of the best savings accounts for students. 

3. Wells Fargo Student Checking Account

The Wells Fargo Student Checking account also offers accounts to students between the ages of 17 and 24. This best bank for students offers online and mobile banking services along with a 24/7 fraud monitoring facility. This best student bank also uses chip technology and has over 13,000 ATMs. 

4. HSBC USA International Student Account

This best student bank offers services to international students studying in the US who are over the age of 18. There is no monthly fee for up to 6 years after opening the account and you will also receive a welcome deposit with this bank. 

5. US Bank Student Checking Account

A US Bank Student Checking account is available for international students. Some student bank account freebies that come with this bank include no monthly service fee, no service charges for ATM transactions, and online banking facilities. 

6. TD Convenience Checking

This option for the best student bank account caters to students between the ages of 18-23. TD Convenience Checking is considered as one of the best saving accounts for students due to the many student bank account offers it provides, including no monthly service fee, free transactions at TD AT,s, and no minimum balance required. 

7. Key Student Checking

Key Student Checking is another addition to our list of best student banks. It offers services to high school juniors, seniors, or post-high school education students between the ages of 16 and 24. They also offer a variety of tools that ensure financial well-being, online banking services, and free overdraft protection.  

8. Capitol One MONEY Account

Capitol One MONEY Account is offered to students as young as 8 years old as well. This option for the best student bank has an interest of 0.10% per year on all balances and doesn’t require a minimum deposit either. It is one of the best student bank account options available. 

9. Truist Student Checking Account

Truist Student Checking accounts offer services to students below the age of 23. This best student bank account option has over 3,000 ATMs across the country and doesn’t require any minimum deposit. Additionally, no monthly service fees are levied and ATM fees from non-trust ATMs are waived twice every month.

10. PNC Virtual Wallet Student Account

The last name in our list of best student bank account options is PNC Virtual Wallet Student Account. With this unique concept, students will be able to create their own accounts online. Additional services provided by this option for the best savings account for students includes no monthly service fee for up to 6 years, automatic refund of first overdraft fee, and interest on money. 

So, these were our suggestions for the best student bank account options. You can even visit the official websites of these banks to learn more about their student bank account offers. Now, let’s move on to our section on what you should do as an international student with your bank accounts! 

What questions to ask as an international student

While every other college student struggles with managing their finances during their college years, international students may find it even more difficult. Moving to a new country and adapting to the new surroundings while managing your money more effectively can be tricky. Thus, as an international student, it is essential to understand your banking options and choose the best option thoroughly. So, if you are an international student looking for the best student banks, here are some questions to ask:

1. Does the bank offer online banking services? 

Online banking services are convenient and easy to manage your bank account. It eliminates the need to visit the bank for everything physically and gives you access to your account 24/7. For international students, online banking services can be beneficial since it is less hassling and makes banking more accessible. So, ensure your bank has online banking options, so you have one less thing to worry about. 

2. Can I open my account before I move? 

For international students, some banks offer the option to open and set up an account before they’ve even moved countries. This option can be especially beneficial for students since they can have a running bank account ready to be used as soon as they land in the country. The financial security that comes with this option makes the student's journey smoother and less stressful. If you are an international student, look for banks that offer fully digital services through which you can open your bank account before you move. 

3. Does the bank offer easy foreign exchange? 

When you move to a new country, the foreign currency exchange process is another big challenge. The calculation and conversion of currency, even for the most negligible expense, can be exhausting and meddle with your finance management when you are on your own. Ask your potential bank options if they provide forex cards for easy exchange. You can use your Forex card for multiple purposes, from paying for your daily expenses to international transactions. 

4. How secure are the services? 

To ensure a safe and secure banking experience as an international student, you must ensure that your bank is accredited. Accreditations from financial institutions and authorities are a sign that your bank is secure and your banking experience will be pleasant with the bank. So, only transact money to any student account if you are 100% sure your money will be safe and secure. 

5. What are the ATM withdrawal charges? 

With little to no financial stability, international students are vulnerable to managing their finances. In such cases, ATM withdrawal charges can be an unpleasant economic surprise. However, many banks charge very little to no withdrawal charges. So as an international student, select banks that fit such criteria to avoid unpleasant experiences.

Having a bank account while living alone as a student is crucial. However, having a bank account that fulfills all your finance management requirements is more critical. So, to ensure you successfully manage your money during your studies, choosing from the best student banks is essential. Before you move, make sure to check our guide on international student bank accounts too! We hope this blog helps you make the right decision. Toodles!