5 traits the best student checking accounts have

If you’re like most new college students, the bank or credit union account you had growing up was likely chosen for you by your parents. While those kid and teen accounts help you learn the basics of managing your money, it’s also possible that those accounts are not the best choice to serve you now as an adult.

There are many benefits to having a checking account as a college student, from learning better money management skills to starting to save for short- and long-term goals. Now that you are about to start a new stage in your life, it is a great time to research a new financial institution and find one that will better serve you.

Before you hunt for the perfect checking account to take you through college and beyond, you’ll need to know what secret perks to look for. A checking account should save you money, make accessing your funds from anywhere simple and should never charge you unnecessary fees.

What you’ll learn

• Zero balance and overdraft fees
• ATM access and fee rebates
• Nationwide access
• Digital wallet compatibility
• Added security features

1. Zero balance and overdraft fees

Your financial institution should never charge you a minimum balance fee. College is all about learning, and you don’t want one mishap or financial emergency to leave you with pricey fees while you still have money in your account. When you are doing your research on different accounts, look into the different fees associated with that account.

Some accounts, like Alliant’s High-Rate Checking, help you earn interest on your money, and don’t charge minimum balance fees so you can earn more without the fear of getting charged if your balance falls below the interest-earning threshold. Additionally, be on the lookout for overdraft fees. While common at some banks and credit unions, many have moved away from charging them – Alliant Credit Union included⁶⁵.

It is also good to note that if you chose an account specifically made for college students, make sure to ask if you’ll be charged any monthly service fees for having the account once you graduate.

2. ATM access and fee rebates

College will likely take you to many places you’ve never traveled to before. Whether you’re attending a school out of state, taking a trip during a school break or attending a concert at a cash-only venue, you’ll want to be able to access your money without racking up pricey ATM fees. Search for a checking account that has many ATMs nationwide and that offers monthly ATM fee rebates.

On average, ATM fees cost $4.73 per transaction when using an out-of-network ATM. Suddenly, that $10 cover charge at the concert now costs you almost $15 if you’re paying out-of-network ATM charges.

At Alliant, members have access to over 80,000 fee-free ATMs nationwide, and are even offered monthly ATM rebates for those situations where they must use an out-of-network ATM.

3. Nationwide access

For many, the checking account you open in college is the one you keep for the rest of your life. If you’re planning to frequently travel or even move after college, finding a checking account that is accessible anywhere is a must. You’ll want to look for an account that you can manage digitally with a great banking app or have accessible online banking options.

4. Digital wallet compatibility

If you’re planning on dinner outings with friends, or have committed to being better about tracking your spending, you’ll need an account that comes equipped with a mobile app that is compatible with the world’s best peer-to-peer apps. Apps like Venmo offer a quick way for you to send money to friends when you want to split the pizza bill, or even have your parents send over cash quickly for new textbooks. You’ll also want to make sure your credit union or bank’s mobile app can be connected to budgeting apps used to track spending and make filing your taxes easier.

5. Added security features

When you’re running between classes, study sessions and extracurricular activities, you don’t have time to be constantly checking your account to make sure no sneaky fraudulent transactions have occurred. Search for a checking account that comes equipped with added security to protect your funds. Most financial institutions offer contactless debit cards for added protection while making purchases. Check and see if 24/7 fraud-monitoring text alerts are available to you so that you can be alerted right away if a fraudulent transaction occurs.

Overall, the two most important features to look for in a student checking account are accessibility and fee-free earning and spending. You’ll want to be able to travel wherever your degree takes you, while getting rewarded for mastering the art of being financially savvy.