The question continually arises: can students find attractive offers from banks in this day and age.  The answer is most assuredly: yes.  Like any other business, banks want to establish consumer brand loyalty during people formative years.  For the product of banking that is during their college years.

Students generally have two options.  The first and often most attractive is establish a checking account at the local credit union where their university is.  Most universities have some form of local banking option like this.

While the idea above may seem quaint and reassuring, the small credit unions do not seem to be able to compete with a growing number of online banks that offer really great deals.  The best banks for students often include zero ATM fees.  For students withdrawing $10 or $20 at a time, a $2-$3 fee for withdrawal is onerous to say the least.  That’s why we encourage students to look at two solid online banks with no ATM fees.  Take a look and compare the services at our two award winners:

1. ING Direct
2. Ally Bank

Yup, you can actually get there.  In fact, there are many deals for specialty checking accounts with interest returns of 4 percent or more.  This bank offer, however, takes the cake.  Farmers State Bank in Iowa is offering 5.01% APR.  Like many deals, you cannot open this account online, you must go to one of the bank’s local branches in Iowa.  Point being, though, that some great bank offers are still out there for checking accounts.  Most accounts, are paying less than 1 percent on their checking at this point.  The 5% rate at Farmers, only applies to the first $25,000 and only on loyalty checking accounts.