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Every dollar matters when you’re a student, which is why so many banks offer checking accounts with no monthly fees for students. But you’ll want to read the fine print to make sure you wouldn’t be better off with a traditional checking account.
Benefits will vary from bank to bank, but common things to look for include:
While student accounts rarely have ongoing monthly fees, you may still have to deal with:
When applying online, you need to be at least 18 years old and a permanent resident of US. You’ll also need to provide a residential address and email address so the bank can send you alerts and maintain contact with you about how your application is progressing.
Most banks allow you to apply online for an account. You’ll need to compare your options, select the account you want, fill out the form with your personal information — including your Social Security number, birthdate and phone number — and check your application before submitting it.
Note that if you want a joint account, or an account that belongs to two people, you may need to apply together.
Once your application has been submitted, you may get access to the account immediately or you may need to provide further identification, including a signature or copy of your ID.
As a student, you will also have to show at least one of the following:
Student checking accounts generally don’t earn interest. If you want to set some of your money aside, you can open a top-tier student savings account that will earn interest and let you easily transfer funds to and from your everyday checking account.
Student savings accounts generally waive any ongoing monthly fees and can be linked to your student checking account. But this varies from bank to bank, so you’ll want to check the fine print before signing up.
Being a student means you’re eligible for perks, like discounts on movie tickets, online shopping and bank account fees. But fee-free isn’t the only thing you’ll need to consider before opening an account. Compare checking accounts based on fees, features and accessibility to find one that’s the perfect fit for your lifestyle.
Read up on the best student checking accounts
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