Best bank for students?

22 comments

1. Your school probably partners with a bank that specializes in banking for students. But whatever you choose, find something with no monthly fees (most banks will do this for students) and convenient ATM access.

2. Try to find a credit union rather than a bank. Credit unions are co-ops owned by members, so they aren’t incentivized to screw you over. They generally have the same financial services as banks with the same or better rates.

   When I was in college I had multiple banks find ways to charge me for “free” checking accounts. Switched to a credit union and never looked back.

3. Long story short, go with a credit union. All the gimmicks banks will offer to get you to sign up with them are just that – gimmicks. There are a lot of great credit unions in Oregon. OCCU in particular is terrific.

4. Which bank has ATMs on your campus? Honestly, that’s the one I would go for. Check for fees, and whether or not you can avoid them by keeping a certain balance or conducting a certain amount of activity each month. You could also ask your classmates which bank they use.

5. See if you can find a no-minimum-balance checking account for students, with access to local ATMs. Bonus if they let you use affiliate ATMs for free or provide reimbursement for ATM fees. Be wary of overdraft protection programs, and read the fine print.

   My account in college was through TD Bank, and it was fantastic at the time. But as a working non-student they are terrible with minimum balances and service fees, so I dropped them. It was a local bank (Commerce Bank) that got bought out, so that was part of the problem. Having brick-and-mortar locations with tellers is a benefit but not necessarily needed nowadays.

6. Find a credit union local to your city. If it’s the Portland area, try On Point or one of the many other credit unions, not sure what’s in Corvallis or Eugene, Ashland should have Rogue, Klamath Falls has Rogue and Pacific Crest. Banks suck, credit unions are definitely the way to go.

7. Don’t use Wells Fargo

8. Here is a video on [best checking accounts 2023](https://youtu.be/D5hUXas9J4o?si=e0dhbsdtQMwSjwlb). Hope it helps.

9. Either a credit union or a bank with good online services, no-fee checking, and ATM fee reimbursement. Our main accounts are with Ally Bank because it has all of those features (and good interest rates on savings accounts).

10. Always do the local credit unions instead of big bank names.

    They will have better rates and services for students as opposed to banks like chase that will charge you for having a minimum amount in your account.

    The local credit unions will also keep your money in the area so you will likely get some money/credit back for shopping locally.

    Your school may work with some of these banks as well but made sure they are FDIC insured at minimum.

11. Join a credit union. Fuck banks.

12. I will also jump on the credit union bandwagon, with the added advice of never, ever, *ever* having anything to do with Wells Fargo. They are quite literally the worst company I’ve ever dealt with.

13. Fidelity Investments.

    US based customer service, quite friendly, no fee. I’ve been with them (among others) for years.

14. Many universities have a bank or credit union on campus. Stop by and compare prices on services.

15. You could try a credit union.

    There are some good ones out there and some shitty ones.

    I’m in Southern California and School’s First is a really good one. You have to be affiliated with school to get on it though.

    I refinanced my first car loan from there.

16. I’ve been in a bad marriage (they get on my damn nerves but I will never willingly leave them) with Chase since I was 19.

17. Avoid Wells Fargo.

18. OP – everyone else said Credit Unions, and they’re right, but here’s one extra thing to look for. Credit Unions are becoming more and more likely to sponsor various schools; see if there’s one where you being a student of the school qualifies you for membership.

19. I’ve used Wells Fargo because it’s the one my family always used.

20. Whatever is convenient to campus and offers free student checking account.

21. Honestly for a regular bank account (I’m assuming you’ll be getting a checking account), there’s not really going to be that many ways you can go wrong with it. Just pick one that has the features you need, absolutely don’t pay for one that has fees (there are hundreds of free ones there’s no reason to pay a dime), turn off overdraft, and don’t stress about it too much. You’re not really going to get any significant interest income or bang for your buck out of a checking account, it’s just a place to stick the money safely, so just prioritize paying no fees of any kind. Unless you have really specific needs like overseas branch locations etc.

    It’s good that you have a mindset for research and really good that you’re thinking ahead! But you also probably don’t need to stress about it *too* much until you’ll looking for more “advanced” banking products – for example maximizing credit card rewards, investment funds with returns and expense ratios, or shopping for large loans like mortgages or car loans. It’s totally fine to prioritize convenience (like a bank with a 24hr ATM near your apartment) for a simple checking account.

22. Whatever you do, do not sign up for any bank account that heavily advertises to college students.

    In my experience, they have so many hidden fees to eff you over that it’s just a money grab