![]() ![]() There is a $12 monthly maintenance fee, but it is waived for students. The account has a $50 minimum opening deposit. The app allows for payments through Zelle and interfaces with Quicken, too, so students can easily download and organize their financial information and create a smart budget based on actual spending patterns. But they can also view electronic versions of paper bills, track due dates, set up email reminders, and choose their payment frequency. State-of-the-art and easy-to-use, the app lets users pay bills online, of course. With a fee waiver for students under age 25, the Truist One Checking Account has some useful features overall (see below), but what makes it shine in this category is the Truist mobile app. Advantage Plus accounts have the fee waived by qualifying for Preferred Rewards, by having a monthly direct deposit of at least $250, or by maintaining a minimum daily balance of $1,500. The SafeBalance fee can be waived if you qualify for Preferred Rewards. However, after these milestones, the account-holder will have to pay a somewhat high monthly maintenance fee: $4.95 per month for SafeBalance and $12 per month for Advantage Plus. Besides this perk, this account is especially beneficial for beginning savers because of its customizable email and text alerts, and its interactive Spending and Budgeting tool, which allows account-holders to create a budget and track their spending and other financial habits.Īccount-holders can also keep the account after graduation or age 25. The Advantage SafeBalance account is checkless but carries overdraft protection.Īn Advantage Banking account also provides access to BofA’s Keep the Change® program, which rounds up debit card purchases to the nearest dollar and deposits this remainder in savings. Advantage SafeBalance and Advantage Plus accounts require a minimum deposit of $25 and $100, respectively. However, account-holders do have the option of opening their own Capital One 360 Checking account and transferring some or all of their balance into it.īank of America’s Advantage Banking program is a general checking account that waives the monthly maintenance fee for any student under the age of 25 (including those enrolled in high school, university, and vocational programs). While this account is great for teens under 18, accounts don't have to be closed or rolled over when the account holder turns 18. They can also link their own bank account (even if it's not with Capital One) to the MONEY account and transfer a recurring allowance or one-time amount. Parents are joint owners of the account and can view transaction information and receive text alerts about the account. ![]() Best of all, the account offers 0.10% APY (annual percentage yield) on all balances, so high school students can learn the benefits of saving. With more than 70,000 fee-free Capital One and partner ATMs, teen account-holders can access their cash all over. There are no monthly fees or minimum balances, and teens also receive a fee-free debit card in their name. The Capital One MONEY Teen Checking account is an excellent option for students under the age of 18-in fact, account-holders can be as young as 8 years old. ![]() To help students find the right fit for their personal financial situation, we have compiled a list of the best student bank accounts, based on flexibility, convenience, and affordability. These accounts are generally available to anyone enrolled in school full-time, although some accounts are age-limited as well.īanking with the right institution can make a big difference to a busy student. Because students are still learning how to manage money and navigate their financial lives, these institutions may waive maintenance fees or minimum balances, offer free ATM withdrawals, or even provide budgeting apps or programs. Student bank accounts often have the same basic structure as the institution's typical offerings, with allowances for students' typically lower balances. Recognizing this, many financial institutions offer bank accounts specifically geared toward college students and, in some cases, high school students. Whatever their financial situation, college students can benefit from becoming bank account holders. ![]()
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