Just graduated college? Here are 4 bank accounts to put your money before real life hits
Graduation is the start of a new financial chapter. Between your first paycheck, first apartment and new bills, where you keep your money matters more than ever. The right checking or savings account can help you earn more on your balance, avoid unnecessary fees and get the most out of the money you've earned from internships, side gigs and summer jobs. Here's where to start.
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Who's this for? If you think you might end up at a new city, a new state or right back home, having a checking account that travels with you matters. The Capital One 360 Checking delivers on that with nearly 750 branches, over 2,000 in-network ATMs and no foreign transaction fees. You can withdraw money daily at an ATM or at a branch, and send money to people in minutes through services like Zelle.
Standout benefits: There are no account minimums and no overdraft charges, and you don't need a deposit to open an account. Just be sure you fund it within 60 days, otherwise it'll be closed. Daily spending is capped at $5,000 for card purchases and withdrawals, with ATM withdrawals limited to $1,000 per day.
With No-Fee Overdraft coverage, Capital One won't charge any overdraft fees if they approve a check payment, an electronic payment (like Bill Pay) or a recurring debit card payment (like subscriptions) that you can't cover.
Who's this for? If you like the idea of having your checking and savings accounts at the same bank, the SoFi Checking and Savings offers interest on both, which isn't something you see often. New members can also score up to a $400 cash bonus just for setting up direct deposit, which is a no-brainer once you land your first job anyway.
Standout benefits: There are no account, overdraft, minimum balance or monthly fees, and your paycheck hits up to two days early. SoFi also gives you fee-free access to over 55,000 ATMs through the Allpoint Network and no limits on transfers between your checking and savings accounts.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis.
Who's this for? If you want an account that doesn't charge fees that eat into your savings, Marcus by Goldman Sachs is worth considering. There are no monthly fees, no minimum deposit requirements and no limits on withdrawals or transfers, so you're not locked into anything.
Standout benefits: You can move money in and out through transfers, direct deposit, wire transfers or even the mobile app. Just keep in mind that Marcus is savings only, so there's no ATM card or checking account option, meaning you'll want to keep a separate checking account for everyday spending. The app also makes it easy to set up recurring deposits and track your savings goals, and if you ever need help, there's a U.S.-based customer support team available seven days a week by phone or chat.
No monthly maintenance, overdraft or excessive transactions fee
No limit to the number of withdrawals or transfers you can make
Who's this for? If you're just starting to build your savings, Varo makes it easy to get going with no minimum deposit and just $0.01 to start earning interest. All account holders earn a solid rate but if you're willing to put in a little effort, you can bump that up to 5% by making at least five debit card purchases, setting up direct deposit of $1,000 or more and keeping your savings balance under $5,000 each month.
Standout benefits: Varo also has two automatic savings features that do the heavy lifting for you. Save Your Pay transfers a percentage of your paycheck straight into savings, and Save Your Change rounds up every debit card purchase to the nearest dollar and moves the difference over. It's the kind of thing you set up once and barely notice but it adds up.
Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 by receiving direct deposit(s) totaling $1,000 or more; and end the month with a positive balance in all your Varo accounts.
Up to 6 free withdrawals or transfers per statement cycle
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To determine the best checking and savings accounts for new grads, CNBC Select compared accounts from brick-and-mortar banks, credit unions and online banks.
We narrowed our picks to accounts with no monthly maintenance fees, low or no minimum balance requirements and, where applicable, competitive interest rates.
We compared each account across a range of features, including ease of use, ATM and branch accessibility, customer service and sign-up bonuses. We also considered each account's deposit and withdrawal options, as well as how easily it fits into a new grad's day-to-day life, from direct deposit to mobile access.