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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
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