If you’re looking for a student value checking account, be sure to check out Santander Student Checking! This account may seem like a regular checking account, but there’s more to it than what meets the eye. Be sure to continue reading to learn all the pros and cons about this account.
If you’re interested in exploring other student checking accounts, be sure to check out our compiled lists of Best Student Checking Accounts. This handpicked list showcases the best student checking accounts available to you – such as the Chase Student Checking Account below.
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Requirements
- Must be between the age of 16 – 25. If under 18, parents must be co-owners of the account.
- Provide proof of enrollment in a college, university or other undergraduate-level school is required.
Pros
- No Monthly Fees: Owners never have to pay a monthly fee. Ever.
- No Minimum Balance: Never worry about dipping too low on your balance, because there’s no minimum balance.
- Mobile Banking: Make deposits, send transfers, and set customizable alerts at your convenience from your phone or laptop.
- Apply Pay: Santander cards are compatible with Apply pay – If you prefer paying that way.
- Savings Accounts: Customers with checking accounts automatically get their savings account maintenance fees waived!
Fees
- Monthly Maintenance: $0
- Non-Santander ATM (domestic): $2 – Per withdrawal, plus ATM operator fees.
- Non-Santander ATM (international): $6 – Per withdrawal, plus ATM operator fees. (Waived in Mexico)
- International ATM Card Transaction: 4% per transaction.
- Overdraft/NSF: $35 – Per paid or returned item, max 2 items per business day.
- Card Replacement: $30 for expedited shipping.
- Paper Statement: $3 per billing cycle. Online statements are free
Cons
- Few Physical Locations: Unfortunately, there only 600 locations (Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island). So if you prefer in-person banking, you should probably look elsewhere.
- No Interest Bearing Accounts: Although common with student checking accounts, it can still be seen as a downside.
Conclusion
The bits that stand out to us is their generosity on no fees or minimum balances. These are key factors for student checking accounts – especially if you’re living paycheck to paycheck.
Even though Santander Bank has very limited locations, in this day and age, banks have expanded online. They make up for their lack of physical locations with their practical and easy to use online/mobile banking.
