The wholehearted focus on academics and a bit of fun in college can often make students miss out on learning about personal finances. However, it is important to know how to handle money and spend and save intelligently from an early age. This paves the way for a secure future and work life. The first and foremost step students can take towards managing finances is opening a bank account. Here are some of the most popular banks for students of 2020 that they can choose from.
- Bank of America
Ranked among one of the most popular banks for students of 2020, this bank offers the advantage of no overdraft fees. Transaction will be declined in case of insufficient funds. The minimum opening deposit is $25 and $100, depending on the type of account. Eligible students who are younger than 24 years won’t have to pay any monthly maintenance charges. At a non-Bank of America ATM, the account holder will have to pay an ATM charge of $2.50. With some additional charges, students can avail in-person services as this bank has 4,400 branches and 16,000 ATMs.
- U.S Bank
The bank offers a colossal range of student-centric features that make it one of the most popular banks for students of 2020. Counted as the fifth-largest bank in the U.S, it offers a premium service of using non-network ATMs for free. Students can also get the first set of paper checks for free as well as the advantage of sending and receiving money through digital apps.
- Chase Bank
Designed specifically for students’ finances, this bank falls under the category of most popular banks for students of 2020. College students between the ages of 17 and 24 can avail the advantage of no monthly fees until graduation. The bank has a vast network of 5,100 branches and 16,000 ATMs across the U.S.
- Capital One
Teenage students who want to step into the world of financial independence can start off with opening an account in this bank. For students under the age of 18, an account can be opened with a parent’s joint account. The bank offers free debit cards under the name of the student, and parents will receive text alert for every transaction. Students can access and manage their account easily via a mobile app. The bank also offers a 0.20% annual percentage yield on the account balance.
- Ally Bank
Though it operates via an online platform, this bank offers a huge range of advantages for students, like no minimum deposit and no hassle of monthly maintenance charges. Students can have easy access to more than 55,000 ATMs across the globe. If you happen to use another bank’s ATM, up to 10% of the charges will be reimbursed by the bank at the time of the statement cycle.
To choose from the most popular banks for students of 2020, one has to browse through the perks that are specifically designed for students. With the growing popularity of digital technology, choosing a bank with flexible online banking services will be helpful as well.