Would you like to find out which are the best banks for college students in 2020? If you want to improve your financial health, manage your money the right way, and even achieve your financial goals, these banks will be perfect for you.
If you start utilizing these banks in college to improve your finances, by the time you’re graduating, you would have several hundred dollars from the bank.
In this post, I’m going to reveal the 2 best banks for students that you should use or apply in 2020 if you want a better financial situation.
- Bank of America
This bank is the second largest banking or financial institution in the USA. It offers the Bank of America Advantage Banking tailor-made for students.
Therefore, if you’re a student under the age of 24 years, your money will be safe. So, expect to have:
- No ATM fees are charged when using the Bank of America ATM free visa cards.
- No monthly maintenance fees.
- Can access your account even if you’re outside the USA.
- Can open a joint account, therefore, it won’t be in one name, so it can be with your parents, friend, or guardian.
But, before you sign up, the bank offers two different accounts. There is the Bank of America Advantage Safebalance and Bank of America Advantage Plus account.
For the Bank of America Advantage Plus account, the minimum opening deposit is $100.
Both accounts do not earn interest but your monthly maintenance fees will still be waived.
If you aren’t a US citizen (international student), you can still access these accounts. But you will have to show proof of residency to be eligible.
- Wells Fargo
This US bank popularity is evident by the fact that one in three U.S. households is a Wells Fargo customer.
This bank offers the Everyday Checking account for students. They are, therefore, into student banking to aid learners financially. So, if you fall within the ages of 17-24 years, you can open an account there.
The bank has also partnered with different higher learning institutions to offer the Wells Fargo Campus cards. Therefore, the student ID you’re issued can still serve as an ATM card. But you have to find out first if your college has partnered with this bank.
With Wells Fargo expect to have:
- No or zero monthly fees if you have a Wells Fargo Campus Card, or you’re the primary owner of the account.
- Free payments domestically when mobile banking via Zelle.
- Any withdrawals done with their ATM Card is free.
- Access your account through the Wells Fargo Mobile app.
- Zero fees charged when getting an online bank statement.
- Can access for free, Wells Fargo Online.
When opening this account, the minimum opening balance or deposit you should have is $25.
Also, you can be charged a monthly fee of $10 if you’re a student but older. Fortunately, this fee can be waived when having a Wells Fargo Campus ATM Card or Debit Card, debit card purchases are 10+, direct deposits at least $500+, and $1,500 minimum account balance.
So, both banks will require you to have a government-issued ID and a Social Security Number to open an account. Therefore, with your money or finances with a reputable bank, you can focus on schoolwork, and you won’t ask somebody – do my homework. With reliable banks at your side, your finances will be taken care of while you study.
Remember, finances are important in college. If you are a students who do not want to be broke, use banks as a haven for your money.