Banking for Beginners: A College Student’s Guide to Choosing the Right Account

Hey there! Now that you're juggling classes, social life, and laundry, it’s time to tackle another part of adulting: getting your first bank account.

Don’t worry, it’s not as scary as it sounds. With the right tips you’ll be banking like a pro in no time. No finance degree required!

Unless that's what you're going to school for, then it definitely is required... sort of

1. Know the Different Types of Accounts (AKA: Don’t Put All Your Eggs in One Basket)

Banking might sound boring, but knowing what kind of account you need is crucial. Here’s the rundown:

• Checking Account: This would be your everyday money. It’s the account you use for rent, food, and the occasional late-night snack run. No exceptions, just your go-to for everyday spending.

• Savings Account: This is where you put money you don’t want to bother for ANY REASON. It’s like a safe for your financial goals (or your “I swear I’m going to Miami over the summer” fund).

• Pro Tip: If your bank starts talking about “Money Market Accounts” or “CDs,” smile politely and say, "Naw I'm good on that!"

  
  

2. Find a Bank That Doesn’t Rob You Blind (AKA: Avoid the Fees)

Tip: Banks are sneaky with fees—like the person who “borrows” from but never gives anything back. Here’s what to watch out for:

• Monthly Fees: Look for banks that offer fee-free accounts for students. Why pay a bank to hold your money? That's insane!

• ATM Fees: Choose a bank with a big ATM network, so you’re not paying $5 every time you need cash for pizza.

• Overdraft Fees: Avoid banks that hit you with hefty fees if you overspend by accident. Some banks offer “student-friendly” overdraft protection that won’t break the bank.

• Pro Tip: If a bank starts charging you weird fees, it’s time to hit the road—there are plenty of fee-free fish in the financial sea.

3. Go Digital, Save Time (And Paper)

Tip: Forget going to the bank in person—ain't nobody got time for that! Look for banks that have solid mobile apps so you can deposit checks, check your balance, and transfer money while pretending to listen in lecture.

• Features to Look For: Mobile check deposit, instant transfers, and an easy-to-navigate app (because no one wants to spend 10 minutes trying to figure out how to pay their roommate back).

• Pro Tip: Some banks are fully online with no branches at all—often, they have lower fees and better interest rates because they don’t have to pay for fancy buildings.

4. Set Up Alerts (So You Don’t Get Any 'Oops' Moments)

Tip: Banking apps let you set up notifications for all sorts of things. Want to know when your balance is getting low? Or when you’ve been paid? Set up alerts so you’re never surprised when you check your balance after a weekend out.

• Pro Tip: Use alerts to stay on top of spending, especially if you’re prone to buying impulse items at 2 AM.

5. Practice Safe Banking (No, Seriously)

Tip: Your bank info is like your dorm key—keep it secure! Choose strong passwords, don’t share your PIN, and avoid logging in to your bank on public Wi-Fi unless you want a hacker to join your checking and savings party.

• Pro Tip: Enable two-factor authentication if your bank offers it—it’s like having a financial bodyguard.

Conclusion

Choosing the right bank account might seem like a daunting task, but it doesn’t have to be a headache. Stick to the basics, keep your eyes open for fees and perks, and don’t be afraid to ask questions. Remember, you’re in control—your money should work for you, not the other way around. Now go out there and bank like a boss!