Question of the Day (Updated): What percent of branch banks offer "free" student checking accounts?
- Do you think there are ANY fees with "free" checking accounts? If so, can you think of any examples?
- Why do you think that so many banks offer "free" checking accounts to students?
- What do you think happens to the account fees after you leave school and no longer qualify for a student account?
Behind the numbers (WalletHub):
Student checking accounts, which have the lowest fees on the deposit market, are 46% less expensive than their general-consumer counterparts. But lower fees come at a cost, as the interest rates offered to students are 62% lower than those available to the general-consumer population.
Your students can learn to manage an online banking account using the NGPF Banking Simulation.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
To get access to NGPF answer keys, assessments, and teacher-only resources: create a FREE Teacher Account