Checking accounts for students are usually the first introduction of a student to the world of personal finance. In simple words, a checking account lets you write checks in your name for the money you deposit. However, of late checks have become rather absolute and many people open a checking account to have convenient access to cash with their debit cards, these accounts also offer online payment options making banking on-the-go easier.
For an International student a checking account could stand out for the following reasons:
- Includes a debit card that lets you withdraw cash using ATMs
- The debit card can also be swiped in major retailers to buy daily items (ideal for everyday purchases)
- Direct deposits can be made to the account
- Wire transfers to the account from overseas is possible
In the market, companies are seen to offer many kinds of checking accounts. Listed below are the types of checking accounts for students that are more relevant to an international student.
The Standard Checking Account:
- Has a brick and mortar service
- High availability with ATMs and branches in most States
- Offers online banking
- Has minimum fees and offers waivers for them
Online Checking Account:
- Low fees and high-interest rates
- All of the banking done online
- Offline banking options such as in-person customer care is absent
Student Checking Account:
- Targeted at students with low or no monthly fees
- Criteria to qualify could be low
- Age limits and spending limits may be present
Amongst the features listed above some may stand out more to an international student such as:
Availability: Not all banks are available nationwide and this may cause issues when accessing a card in remote areas; outlets, retailers may not accept cards from lesser known banks.
Fees: Some banks charge monthly maintenance fee and overdraft fees but usually banks that are targeting students may offer waivers for the fee if the customer meets their criteria.
Services: Most checking accounts for students come with services that are related to online banking such as Apple pay facility and mobile banking.
Finally,
Here are 5 Best checking accounts for Students
Santander Student Value Checking Account
This account stands out for one specific reason, unlike most banks Santander does not charge you for receiving wire transfers from overseas making it friendly for student expecting money from overseas. Additionally, you can set up your account at the minimum of $10 and do not require to pay any monthly fee, the paper statement fee of $3 is also avoidable if you receive the statement online. Customizable messages to remind you of your account status, options to use mobile banking also makes this card practical. The only downside of the account would be its lack of availability in the entire country, as the bank has limited ATMs and banks around withdrawing from any foreign ATM could cost $2 per withdrawal. Minus this slight drawback, the card is great for anyone who lives near areas where Santander banks prevalence is higher.
Chase total Checking Account
A standard checking account with an incentive, this account offers a strong sign-up bonus of $200 to its customers. A well-accepted card throughout the country, there are branch locations and ATMs available in 30 states. They also have mobile banking for customers who would like to complete menial banking errands such as balance inquiry, transferring money and paying bills online. The card comes with a daily withdrawal limit of $500 and monthly maintenance of $12 which can be waived if you receive a direct deposit of $500 that month or keep a daily minimum of $1500 in your account. This card is great for anyone look for a brick and mortar system along with online options, it is also highly convenient due to the number of branches and ATMs Available.
Capital one 360 Checking Account
This card does not require a minimum balance to open an account which makes it one of the easier options when it comes to an opening checking account. The online account also allows you to earn interest at the rate of 0.20% for amounts ranging from $0 to $49,999.99. The card has automatic payment options which can be accessed online along with mobile banking. Accessible through more than 39,000 plus feel free and capital one ATMs the card works well for someone looking for an online checking account with high availability. The card also comes with an overdraft option in which services such as the auto decline or next day grace saves you from paying an interest in your overdraft and helps you rectifying an overdraft mistake.
CharlesSchwabbank
CharlesSchwa Bank offers is an online checking account perfect for students who are frequent travelers. Schwab ATMs allows the account holder to enjoy free withdrawals from its ATM along with an unlimited refund for those who are using other domestic and international ATMs. The account is said to be a high yielding investor checking account which provides you with an APY (Annual Percentage Yield) of 0.15%. A slight hindsight of this account is that it may not be for everyone, for instance, the bricks and mortar loving student maybe uncomfortable with the online method.
Suntrust Student Checking Account:
This is one of the best checking accounts for students where a proof of enrolment at an educational institute will waive your monthly fee for 5 years. The account holders can make daily purchases with their Debit MasterCard and also enjoy online banking services. The account also comes with online payment options such as Applepay and Samsung Pay. This could be a cost-effective card for anyone looking to not pay added fees for the checking account but due to the lack of availability of branches and ATMs around it is best that for students who live around the area of high prevalence of the bank or has the bank as the official bank for their college.
Checking accounts are great for daily use when carry cash seems like a hindrance, with options like online payment having a checking account could is useful students to buy groceries, study supplies, gas and more. Checking accounts is practical for anyone who is constantly on the move like a college student.
