Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
The Bank of America Core Checking Account offers parents a way to educate their teenagers on the proper way to manage their finances. This Student Checking Account from Bank of America helps establish a proper core of financial knowledge that will last a lifetime. At a glance, signing up is simple and easy, and the benefits are numerous compared to some student accounts. This Bank of America product is a great way to start your child’s financial education on personal finances.
This student checking account has many of the same standard perks as other providers, but there are a couple of unique benefits with the Bank of America Core Checking Account to consider. Two features of this student debit account stand out. First, Bank of America offers 1% cash back on all purchases with the student checking account.
This is credited to the account at the end of each month. On top this great perk for a debit account, Bank of America offers your teenager access to the Keep the Change savings program. This program rounds up to the nearest dollar on every purchase; the rounded amount is deposited into your student teen’s account. These two perks set the Bank of America Core Checking Account apart from other student checking accounts.
In addition to the two benefits listed above, there are plenty of standard Bank of America features that your teenager can benefit from. The account is accessible through the online banking portal or mobile app which makes it easy for your teen to monitor their funds. Mobile alerts and notifications are also standard, so your teen can stay updated on any account activity. If there is a case of possible fraud, then your teen receives a notification. If fraudulent activity is confirmed, he or she can freeze the Bank of America Core Checking Account at a moment’s notice (it can be unfrozen whenever). Neither teenager or parent are liable for fraudulent spending.
Additional expenses such as fees are standard for these types of student checking accounts (here is a list of free checking accounts), but there are plenty of ways around these fees with the Bank of America Core Checking Account. In order to open an account, an initial deposit of $25 must be made. Henceforth, a monthly service fee of $12 is required, but this fee can be waived easily.
If a deposit of at least $250 is made, then the fee is waived. If at least $1500 is kept in the account, then the fee is waived. Account holders under the age of 23 who are enrolled in school do not have to worry about the monthly service fee. There is no ATM fee when withdrawing from a Bank of America ATM. $2.50 is charged when withdrawing from another bank’s ATM, and $5 is charged when making this transaction outside of the country. Keep in mind that these fees do not include the ATM-owner fees.
The Bank of America Core Checking Account sets itself apart from its counterparts by offering some unique benefits for a debit card. It can help teach teens how to manage their money, but it can also teach them about credit card benefits such as cash back. This kills two birds with one stone on a subject this is terribly neglected in schools today. From a parental perspective, it is extremely important to educate teens on managing a checking account as well as on credit cards. Bank of America Core Checking Account starts this education process off with their compelling student checking account.
Any responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Author: Jeff Gitlen