Best Deals on Student Bank Accounts

Every student should eventually obtain a student banking account before leaving college, and by searching for the best deals on student bank accounts young people can learn finance and money lessons that will serve them well for a lifetime. Most students are consistently pressed for time but finding the best deals on student bank accounts can save money for those already in an economically disadvantaged position. It is very easy to fall into the trap of going to the nearest local bank and opening an account, but in the long-term a little bit of shopping around can save hundreds if not thousands of dollars which can then be either saved or spent as “found” money.

The criteria for the best deals on student bank accounts are the same regardless of location or the financial position of the individual student. Young people looking  for the best deals on student bank accounts should seek institutions that require no minimum deposit with no fees, along with offering a decent interest rate with diversity in online banking options. While a good interest rate is a nice feature in student bank accounts, it is really not imperative as most students do not maintain a balance that is high enough to garner significant earnings from interest. The best deals on student bank accounts are usually offered by large national banking institutions, because when the student graduates the account can be kept open as they move to a new location to obtain employment.

Bank of America offers excellent student bank accounts that only require a $25 deposit to open, and best of all there is no minimum balance to maintain. They also offer features that make it simpler for a student to balance their account through the use of a program that rounds purchases up to the nearest whole dollar amount, reducing errors in personal accounting considerably. Another of the best deals on student bank accounts is offered by investment giant Charles Schwab, where students can open a checking account with no minimum balance, no fees and overdraft protection.

In short, the best deals on student bank accounts offer a low-cost or no-cost solution to handling personal finances simply and easily. However, a young person should be careful not to get locked into student bank accounts that feature great introductory offers with excessive fees at a later time. While they may seem a great idea at the time a free toaster is received, when the realization hits that the appliance cost $150 it will only serve as a harsh lesson in personal finance.