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If you are one of the many out-of-state college students you may find yourself spending a few bucks a week on nasty ATM fees.
Many college towns are heavily saturated with regional and local banks. The Chases, Wells Fargos, and Bank of Americas may be few and far between. Banking on campus can be especially for tough for those without a car, and we are all busy. But don’t find yourself paying those non-customer ATM fees again.
Set Up an Online Bank Account!
Online bank accounts can be a great way for students and consumers alike to avoid ATM fees and save hundreds in banking account fees while in school. Most students may not have the cash available for a free checking account at most large banks. So a free checking account is also a huge plus for the frugal student. Lets look at three online banking options for students:
Capital One 360 Checking
Formerly know as ING direct, Capital One’s 360 checking account is an awesome account for students. Capital One’s 360 checking account is noteworthy for it’s low or nonexistent fees across the board. Without a monthly fee, students may be able to save $10 to $25 a month over their old bank account. Moreover, Capital One allows its customers to earn 0.20% interest on balances up to $50,000. There are tons of free(55,000 of them!) AllPoint ATMs scattered around your campus at locations such as 7 Eleven and WAWA. You can use your computer or a mobile app to scan and deposit personal checks to your 360 Checking account.
Simple Mobile Banking
Simple is the newer player in the online banking game, but their account has already gotten some big attention. If you are like me you probably have seen their sleek ads on Facebook recently. There are absolutely no monthly fees, minimum balances, or even overdraft fees! ATMs are free too, customers have free access to all of the 55,000 AllPoint ATMs. Simple has spent some serious cash to build a great mobile banking platform. Customers can use their phone as a guide, you can pay bills, deposit checks, or even decide if your next purchase is out of your price range. If you find yourself spending a significant amount of time on your phone, Simple may be the account for you.
Ally Bank Interest Checking Account
We have all seen Ally’s commercials recently, the marketing team has been working overtime as this up and coming online bank starts to grow. Ally aims to improve customer deposits by offering customers a few options. In addition to sending checks by mail, you can scan and upload them yourself with Ally eCheck Deposit, or just take a picture with your smartphone and deposit the check via Ally’s mobile app. Unlike most brick and mortar banks, Ally’s Interest Checking account includes no monthly fee and very limited other service fees. Like very limited. Ally also pays its customers a respectable 0.10% on all checking balances up to $15,000. As a student you can quickly see your savings potential with the company’s online savings calculator.
Is Online Banking for Me?
Online banks save a ton of money on personnel and maintenance costs because they have no physical branches. You can access your money 24/7 and transfer it between accounts anytime. If you’re tech-savvy, an online savings account is incredibly convenient and mobile. For student, online banking could be a great tool to save and to better manage money on campus.
Author: Dave Rathmanner