Best Banks for Families With Students, 2018
These are the best financial institutions for families with students in 2018
The consummate bank for families is one they can grow with over time, with a starter account for teenagers and additional free accounts once they turn 18, plus attractive choices for the parents so they can make transfers and keep tabs on their kids' transactions.
Here's a look at our top bank picks for families with students.
Disclaimer
All rates as of June 22, 2018.
BEST: Capital One 360
The online arm of Capital One Bank has a free Money teen checking account, which is designed for parents and their kids between 13 and 18 years old to open together. There are no fees or minimum deposits. Only the teen receives a debit card, but adults can keep an eye on transactions via app or text alerts. Cash withdrawals from Allpoint or Capital One ATMs are free.
Once your child turns 18, he or she can move over to the regular 360 Checking account, which also doesn't require a minimum balance or charge monthly fees. Parents with a Capital One branch account can also link it to a regular 360 Checking account and transfer money between those accounts instantly. For savers, Capital One 360 offers a Kids Savings Account, which earns 1% and has no fees or balance requirements. Only parents can transfer money in or out.
The Capital One app allows for mobile check deposit and peer-to-peer payments through Zelle. You can get customer service for Capital One 360 accounts at Capital One branches, and at the more-relaxed hubs known as Capital One Cafes, you can ask questions or make ATM deposits--then grab a latte.
Axos Bank
First Checking, a joint account for teens younger than 18 and their parents, was added to the Axos Bank (formerly Bank of Internet USA) lineup last year. The account charges no monthly fees and has no balance requirements beyond an initial deposit of $100. It also imposes low daily withdrawal limits ($100 in cash withdrawals, $500 in purchases), nixes overdraft fees, and refunds $12 in ATM fees per statement cycle.
Once your teen turns 18, he or she will have several checking account options, including the no-frills, no-fee Essential Checking, with unlimited reimbursement of ATM fees in the U.S., or CashBack Checking, which rewards active debit card users with 1% cash back as long as they keep at least $1,500 in the account. Parents who bank with their kids may prefer Rewards Checking. Parents can transfer money to their children instantly if both have an Axos account. The app also allows you to transfer funds and deposit checks remotely.
The Best Banks and Credit Unions for You, 2018
These stellar banks and credit unions are making all the right moves to win satisfied customers:
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Oracle Stock Is Sinking After Earnings. Here's Why
Oracle stock is lower Tuesday after the tech giant fell short of earnings expectations for its fiscal second quarter. This is what you need to know.
By Joey Solitro Published
-
Can Tariffs Make Childcare Affordable?
Tariffs President-elect Trump suggested tariffs can address the childcare crisis, but economists are doubtful.
By Gabriella Cruz-Martínez Published
-
The Best Places to Retire in New England
places to live Thinking about a move to New England for retirement? Here are the best places to land for quality of life, affordability and other criteria.
By Stacy Rapacon Last updated
-
What Does Medicare Not Cover? Seven Things You Should Know
Healthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
By Donna LeValley Last updated
-
The 10 Cheapest Countries to Visit
We find the 10 cheapest countries to visit around the world. Forget inflation woes, and set your sights on your next vacation.
By Quincy Williamson Last updated
-
15 Ways to Prepare Your Home for Winter
home Now that fall is officially here, it's time to prepare your home for cold weather.
By Donna LeValley Published
-
Six Steps to Get Lower Car Insurance Rates
insurance Shopping around for auto insurance may not be your idea of fun, but comparing prices for a new policy every few years — or even more often — can pay off big.
By Donna LeValley Published
-
How to Increase Credit Scores — Fast
How to increase credit scores quickly, starting with paying down your credit card debt.
By Lisa Gerstner Last updated
-
Hurricane Insurance Claims: 10 Things You Should Know
Becoming a Homeowner Hurricane damage? Know what’s covered, what isn’t and how to make the most of your policy if you need to file a claim.
By Kimberly Lankford Last updated
-
5 Great Places to Buy a Vacation Home
Want a vacation home for remote work or a fun getaway? Here are locations with median prices under $400K.
By Ellen Kennedy Last updated