Action Tips: Picking a Bank for Your Money

Leaving home? Many students will create a new bank account or switch banks when they go to college. Here are some tips.

• Ask Around. Ask RAs, advisors, and peers which bank near campus most students choose. Find out location, hours, and convenience.
• Use Online Banking. You'll save on stamp fees and won’t have to remember to mail a check a week in advance.
• National or Local Bank? Local banks can be friendlier and less intimidating, but you’ll pay fees when you travel. A national bank will provide you access to your money while at home or on vacation. Also, emergency money transfers and deposits from parents or relatives will be easier and quicker if they can go directly to the same bank.
• Try a Student Account. They usually have lower or no minimum balance requirements, fewer fees, and other useful features.
• Write Down What You Want. Switching banks takes time and energy. Try to figure out what you need and stick to it from the start.