Finally, the Journey Student Rewards credit card is a great way for students to build credit. The mobile app is easy to use and lets you deposit checks, process transfers, and track your saving progress on-the-go.
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The account does have some transaction limits and parental controls, but those can be lifted once you turn 18.Ĭapital One also offers a 360 Performance Savings account that's completely free and earns a competitive rate. The MONEY Teen Checking account is completely free with no balance requirements, and teens can open a joint account with their parents, who can then easily deposit money in their accounts through the Capital One app. This bank also has several banking products geared toward young adults, which is why we chose it for students. The best online banks don't typically offer any physical branches at all. This means it takes a couple of days to get your money unless you have a connected Ally checking account as well.Ĭapital One offers an interesting hybrid model of being an online bank with some physical branch locations called "Capital One Cafés." Students looking to learn more about personal finance can grab a coffee in one of these cafés and get free one-on-one money coaching.
You also can't deposit cash to any of Ally's accounts, and the savings account doesn't offer an ATM card. Both the website and mobile app are easy to navigate and offer plenty of helpful additional features, such as the ability to create "savings buckets" to better organize your funds.Īlly has no physical branches, so online banking is your only option. These include managed investment portfolios, individual retirement accounts (IRAs), trading, mortgage loans, mortgage refinancing, auto loans, and personal loans. In addition to checking and savings products, Ally Bank also offers a whole suite of investment and lending products, which is rare for online banks. Plus, you won't have to pay any monthly maintenance fees on any accounts, and you don't have to maintain a minimum balance to earn interest. Both the checking and savings accounts offer an APY that's well above market average, and the rates on CDs and money market accounts are also generous. Ally Bank offers a little bit of everything and still manages to do it well, which is why it takes the cake for the best online bank.
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