The Differences in Student Checking Accounts, Regular Checking Accounts, High-Yield Checking Accounts

There are several key differences between student checking accounts, regular checking accounts, and high-yield checking accounts. First, student checking accounts often have no minimum balance requirements, while regular checking accounts typically have a minimum balance requirement of $500. Additionally, student checking accounts often have no monthly service charges, while regular checking accounts typically have a $10 monthly service charge. Finally, high-yield checking accounts typically offer higher interest rates than both student and regular checking accounts.

Now that we have covered the key differences between student checking accounts, regular checking accounts, and high-yield checking accounts, let’s take a more in-depth look at each type of account.

Student checking accounts are designed for, you guessed it, students! In order to qualify for a student checking account, you will need to provide proof of enrollment at an eligible institution. Student checking accounts often come with a host of perks, such as no minimum balance requirements, no monthly service charges, and free ATM withdrawals. Additionally, many student checking accounts offer free online and mobile banking services.

Regular checking accounts are the most basic type of checking account. To open a regular checking account, you will need to deposit a minimum amount of money, typically $500. Once you have opened your account, you will be able to write checks, use a debit card, and make transfers. Most regular checking accounts come with a monthly service fee of $10.

High-yield checking accounts are designed for people who want to earn interest on their checking account balance. To open a high-yield checking account, you will often need to maintain a minimum balance, typically $1,000. Once you have opened your account, you will be able to write checks, use a debit card, and make transfers. High-yield checking accounts typically offer higher interest rates than both student and regular checking accounts. Some high-yield checking accounts also offer additional perks, such as free ATM withdrawals and free online and mobile banking services.