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7 bank discounts for young Americans that make life a little easier

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Stephanie Asymkos
·Reporter

American college students may be familiar with the price of tuition, financial aid, grants and scholarship, but they might not be well versed in financial literacy or know the best ways to save money while they study.

Some of the country’s leading commercial banking institutions recognize that cash-strapped college students need special accommodations and have tailor-made checking accounts for young adults.

Several banks dropped balance thresholds, advertise low- no-fees, and offer digital banking features like Apple Pay that capture the attention of Americans aged 24 or younger.

Young women visitors to the capital sit beneath Nelson's Column with a view across Trafalgar Square and look at their mobile phones, on 20th May 2019, in London, England.
Many of the leading American commercial banks are eager to come to the assistance of cash strapped undergrads with checking accounts designed specially for college students. (Photo: Richard Baker/Getty Images)

Help stretch your budget with the aid of these banks that aim to provide students with a financial safety net and perks along the way.

1. TD Bank

There’s no minimum balance or monthly fee with TD Bank’s Student Checking account. As long as you’re under 24-years-old, TD Bank customers enjoy perks like a free debit card that syncs with your smartphone wallet, mobile banking, and online bill pay.

2. Chase

Available to college students between the ages of 17 and 24, Chase’s College Checking account waives all monthly service fees for five years. To sweeten the deal, Chase will throw a little seed money your way with a $100 offer incentive when you open your account with a deposit greater than $25.

3. PNC Bank

PNC Bank generously waives monthly service charges for six years and offers one courtesy refund on any overdraft item for the time you accidentally overextend your worth. The bank also understands the need for cash on the go and offers a $5 reimbursement for use of non-PNC Bank ATMs.

4. Wells Fargo

A deposit of just $25 unlocks a wealth of banking perks with Wells Fargo, the biggest bank in the country. Account owners ages 17 - 24 will have a $10 monthly fee waived and still have access to the bank’s network of more than 13,000 ATMs and secured online mobile banking.

LOS ANGELES, CA, UNITED STATES - 2019/02/07: Clients seen using an ATM at the Wells Fargo Bank in Los Angeles, California. (Photo by Ronen Tivony/SOPA Images/LightRocket via Getty Images)
Clients seen using an ATM at the Wells Fargo Bank in Los Angeles, California. (Photo by Ronen Tivony/SOPA Images/LightRocket via Getty Images)

5. Bank of America

Bank of America doesn’t want the looming threat of overdraft hanging over your head with its Advantage SafeBalance Banking account. Those ages 16 to 24 are eligible to open the account with just $25 and pay $0 in monthly fees.

6. BB&T

East Coast commercial banking institution BB&T offers a Student Checking account with no monthly maintenance fee, no minimum balance requirement, no direct deposit requirement, overdraft protection, a personalized debit card and mobile banking.

7. SunTrust

Hallmark to the Southeast, SunTrust’s Essential Checking for Students simplifies banking. Customers save on monthly maintenance fees for five years and if you can’t get to one of the bank’s 1,200 branches, enjoy the ease of no-fee mobile deposit mobile bill pay and seamlessly sync with Apple Pay and Samsung Pay.

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Stephanie is a writer for Yahoo Finance. Follow her on Twitter @SJAsymkos.

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