checking

Finding the best student checking account

Checking » Finding The Best Student Checking Account

Low or no minimum balance
Low or no minimum balance © JohnKwan/Shutterstock.com

Low or no minimum balance

Students don't often have a regular source of income, so it's important to make sure their balances can go low without penalty, says Ken Cyree, a professor of finance at the University of Mississippi in Oxford.

Customers should look for a student checking account that doesn't charge fees if the balance drops below a high number such as $500, he says. Of course, all this assumes the account does not get overdrawn. "If you bounce checks, the fees will add up," he says.

As an alternative, some banks will require a low minimum balance to open an account -- such as $50 -- but then won't require a minimum amount to maintain the account, Cyree says.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

advertisement

Blog

Allison Ross

Cyberattack hits Chase, other banks

A number of U.S. banks, including JPMorgan Chase, were hit earlier this month by cyberattacks.  ... Read more

Partner Center
advertisement

Connect with us