LOS ANGELES, April 22, 2014/PRNewswire/ -- Leading personal finance site GOBankingRates.com released its ranking of the best banks and credit unions for college students, highlighting institutions offering student-friendly checking accounts and services, low or no fees, widespread availability, and ample online and mobile banking options, among other services.
With 3.3 million high school students graduating this spring1, and more than 22 million enrolled in a college or university this fall2, this summer is the time to figure out personal finances before another school year begins.
"Students make up a huge portion of banking customers, but not all financial institutions are focused on meeting the specialized needs of these young adults," said Casey Bond, GOBankingRates' managing editor. "College is an important time when students learn to be self-sufficient and financially responsible, so it's incredibly important they find a bank or credit union that can help them learn strong money management skills."
Counting down, the top nine picks for 2014 include:
"When looking for a bank, young adults attending college need accessibility, flexibility and affordability.Often times, students don't have a car at college, so their ability to drive to a branch is limited. Mobile banking and the ability to use any ATM is a must for any college student – and free for Bank X customers in the U.S.," said Kyle Kolsky, SVP Head of Consumer Deposits at Bank X, a division of BofI Federal Bank. "Some banks charge anywhere from $34-$36 per overdraft item, but Bank X charges $0."
GOBankingRates is a personal finance website that connects consumers with the best interest rates nationwide on savings, checking, money market and CD accounts, as well as auto loans. Its editors are regularly featured on top media outlets, including U.S. News, Forbes, Huffington Post, Yahoo! Finance and Business Insider.
Methodology: GOBankingRates surveyed prominent banks and credit unions across the United States that offer student checking and/or savings accounts with low or no fees, widespread ATM access and branch locations, online and mobile banking technology, as well as other student-specific products and services. Sources: 1 National Center for Education Statistics Fast Facts; 2 Institute of Education Sciences, Digest of Education Statistics -- Table 105.30, 2013.