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Banking Options for your College Student

Be sure to choose the best bank for your college student's needs

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Hopefully if you have already sent your college student off to school, you’ve helped them set up their dorm, helped them purchase their books and supplies, met a few of their friends, and had a good conversation with them about what their spending should look like as they start the year!

There are countless new things they will be experiencing while taking this next step, so something as critical as money should be both practical and straightforward.

While they shouldn’t be dipping into a savings account, it’s good for them to get into the habit of seeing and managing aspects of both a checking and savings account. Building this type of autonomy and responsibility is an essential life skill! Of course you can and should have eyes on this too to make sure all is well 😉

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For us, some of the most important factors in choosing the right bank are:

Easy mobile access

Low/no service fees

Bonus: built-in budgeting tools to help create good habits!

Business Insider put together a list of the best bank accounts for college students - we will share them below!

Best for a fee-free checking account:

Alliant High-Interest Checking Account

Best for savings/budgeting tools:

Ally Savings Account

Best for a strong mobile app:

Capital One 360 Performance Savings:

Best for easy branch/ATM access:

Chase College Checking℠

Best all-in-one bank account:

SoFi Checking and Savings

Click Here for the full article with tons of detailed information on each of these banks to help you and your family choose whichever meets your needs. Remember, discussing banking options for and with your college student is a critical subject before jumping into this new phase of life; for kids and parents alike! We hope this helps families who haven’t tackled this big step yet.

If you need help sorting through these or want to discuss your own financial goals, book a time on our calendar below!

Compass Financial Founders - Karen & Sam


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