Home > Student Loans > Why a Good Student Checking Account Matters

Comments 0 Comments
Advertiser Disclosure


School may be out for the summer, but now is not the time to relax when it comes to teaching your kids more about personal finance. If you have a child headed to college this fall, start preparing them now by helping them open a student checking account, and through that process, start instilling into your kids the importance of good banking and money habits.

A student checking account would be the best fit for a late teen starting their banking journey, and it’s crucial to choose a great bank since many Americans continue to bank with the institutions they used as teens.

How to Find a Good Student Checking Account

When choosing a good student checking account, you’ll have to consider the availability of ATMs near your child’s school or campus. Some banks offer free out-of-network ATM withdrawals, but some don’t. Does your bank offer online banking or bill pay? Mobile deposit? Discussing with your child the different banking situations that may arise can give them some insight to the nuances (and annoyances!) of real-life banking and finances, and will allow them to think about their financial situation once they’re in college.

Be thorough when looking for a good student checking account, and consider all the fees that can potentially spring up. When you do your research, make sure to loop your child into the process, so that they also know to be vigilant about bank fees and charges.

According to a new survey, high school students are distrustful of financial institutions, probably due to the lackluster image of financial institutions from the past few years, so they may be more aware of fee details and make smarter decisions about choosing a bank and opening a credit card down the road. The same survey also found that the average college graduate leaves school with more than $4,000 of consumer debt, so help them get whip-smart with their banking choices now.

In addition, If your child is going to receive financial aid from college, signing up for direct deposit will facilitate faster access to any loan or grant funds. Learning about some of the automated aspects of banking can teach your child better saving habits, and you can take this opportunity to advise him/her about setting aside money earned from campus jobs or grants so that they can begin accumulating savings.

After your child gets his or her first bank account, they will eventually sign up for other banking services — such as a credit card, or if they’re really ambitious, a Roth IRA! Before this can happen, however, they will need to be equipped with the banking basics knowledge through opening their first bank account.

Image: Creatas

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team