Welcome to Banking 101

Common Financial Institutions

Traditional Bank

• Have a variety of financial products
• Tend to charge higher fees and offer lower interest rates for savings
• Many locations - can bank in-person or online

Credit Unions

• Owned by its members
• Exist for people with a common interest
• More favorable to their members
• Tend to charge lower fees and offer higher interest rates for savings
• Limited locations

Online Banks

• No locations
• Transactions done online
• Better rates and fees (because no branch locations to maintain)

 

Additional Information:

• When shopping around for a bank, it's about what's best for you
• There's no right or wrong
• Find an account with minimal or $0 fees - you can usually get free checking as a student.
• Compare fees and rates (i.e., monthly or overdraft fees, etc).
• Look at convenience of location and hours