It may not be on the minds of young people to set up bank accounts, but it is important and the industry does cut a few breaks to students to meet their new banking needs. PennyGem’s Justin Kircher has what you should look for in an account.
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00:00It may not be on the minds of young people to set up bank accounts, but it is important and
00:07the industry does cut a few breaks to students to meet their new banking needs. A checking account
00:12for students can be crucial for setting up a way to get their financial aid, and it can also teach
00:17some responsibility. Most banks can cost you a fee of up to $15 a month if you don't meet certain
00:22criteria, but CNBC Select says there are programs available at most major banks that waive those
00:28fees or requirements for students. And the outlet says it's important when looking where to set up
00:33that first account to find a bank or credit union that caters to students by offering no monthly
00:38maintenance fees and one that allows for a low initial deposit, especially if the account is
00:43for a college student, who will likely be away from home. Forbes says it's important that the
00:47bank have a great app and also a wide-ranging ATM network. But just because it's a student account,
00:52that doesn't mean it shouldn't have some of the essentials of a traditional account. As CNBC Select
00:57says make sure the account is insured by the NCUA or FDIC.