Banks are rushing to offer checking accounts to college students. With all the marketing, it's hard to know what makes sense for a student and what doesn't.
College kids have different banking needs than a standard account. Balances will probably be low at times, and kids will need cash transfers. With the rising costs of tuition, low fees are a must. That translates in banking terms to no minimum balances, no excessive fees, and easy cash transfers. Good online presence and mobile banking is a plus too.
US Bank Student Checking
US Bank's solid student checking account has features that meet the needs of college kids on the go. The mobile banking and online tools offer solutions from budgeting to receiving funds from the bank of Mom and Dad. With US Bank's innovative new PopMoney feature, account holders can transfer funds via phone or text message.
- Minimum Opening Deposit - $25
- Monthly Maintenance Fee - $0
- Minimum Daily Balanece - $0
- Free first order of standard logo checks or a 50% discount on first order of designer personal checks
- Online banking and bill pay
- Mobile banking (US Bank terms it a "virtual bank")
Potential Cons
- No interest rate (but for a free checking account, that's standard)
- Converts to "standard" checking after 5 years
- Check images will cost you $1 per
- 4 Free non-US Bank ATM transactions per month, then standard fees apply
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