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New To Banking? Here Are Some Of The Best Banks For College Students

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New To Banking? Here Are Some Of The Best Banks For College Students

If you’re able to drink legally, you're definitely old enough to have your own checking account! Don’t worry, for those new to banking and almost done with your college careers, this article is for you.

This is a time of utmost importance in your lives, you’re on to your first real job with your first real paycheck, or you’re going on to further education. Either path life takes you, this is an incredibly important time to have a bank.

Employers will need a way to pay you, and having a bank will allow you to start getting a credit score, take out loans, or mortgage a home. Finding the right bank can seem overwhelming, as the options are almost limitless today. Keep reading to find out the best types of banks for 21-year-olds, from brick-and-mortar banks like Wells Fargo (NYSE: WFC) to banks with no fees such as MoneyLion.

Chase: College Checking

Chase Bank (NYSE: JPM) is a great option for 17- to 24-year-old college students because of its Chase College Checking account. There are $0 in fees for a given five years while members are in college, with only a $25 minimum deposit. This is also an appealing offer because Chase will give students a $100 bonus if they open an account, enroll in paperless statements, deposit the $25 minimum and complete 10 transactions within the first 60 days of account opening.

This bank is also worthwhile because of Citi ThankYou, a rewards program where you can redeem points for gift cards and cash prizes.

Bank of America: Advantage Banking

If you’re a 21-year-old looking to get into banking, Bank of America (NYSE: BAC) Advantage Banking could be a great option for you. It has the same benefits as Chase of no monthly maintenance fee, however, there is no minimum balance requirements, so you can start an account with just one penny to your name.

Users are able to use mobile banking, direct deposits, and hold ATM cards. Through BankAmericard Cash Rewards for Students, you can also get 2% cash back on groceries, gas and wholesale clubs for the first $2,500 in purchases every quarter, and 1% on everything else.

Wells Fargo: Go Far Rewards

Wells Fargo Go Far Rewards offers $200 rewards bonus in cash for users who spent at least $1,000 in net purchases within the first three months of opening the account. This encourages user spending in selected retail stores, and allows users to pick a prize from merchandise, gift cards digital downloads and travel rewards. This card also has no annual fee and 0% APR on purchases.

MoneyLion: Cashback Rewards

MoneyLion has a rewards system that will help praise your spending habits. They offer Plus users to get $1 everyday just by logging into the MoneyLion app. Any membership can take advantage of Cashback Rewards. Under Local Offers in the app, tap SEE ALL and search by keyword before going out to eat. If you’re looking for “Italian Food,” search it to see which options will give you points for every dollar you spend. These points can be redeemed later for gift cards.

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

Posted-In: Education Personal Finance General Best of Benzinga

 

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