“It’s true that a lot of the fintechs have a relationship with banks behind the scenes, but that’s never really been tested,” Rothstein says. Beyond FDIC insurance, look for multifactor authentication in banks’ mobile apps to boost account security. Also, confirm that a bank provides monthly statements and spending alerts so you can monitor transactions and flag any that appear fraudulent. Go beyond checking when you’re ready Once you have a checking account for college, consider a savings account for money you won’t need to spend next month. See if your bank offers secured credit cards or credit builder loans, which can be good steps to establishing credit history. Secured credit cards usually require a cash deposit upfront equal to your borrowing amount, while credit builder loans entail making all payments before receiving the full loan amount.
The article How to Pick a College Bank Account as Carefully as Your College was published on NerdWallet on May 24, 2023.
SPENCER TIERNEY is a writer at NerdWallet.
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