MoneyRates.com Identifies Best Checking Accounts for College Students and Boomers

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A 2010 MoneyRates.com bank fee survey, commissioned by the New York State Banking Department, reveals checking accounts with discounted or no fees along with other money saving features for college students and baby boomers age 49+.

There's been a lot of talk about banks taking away free checking, but the message here is that you can still find free checking if you shop around, says Richard Barrington, CFA and personal finance expert from MoneyRates.com

"Free" Checking accounts don't always come at zero cost. However, for college students and baby boomers, there are checking accounts which do truly offer notable savings on fees. The 2010 MoneyRates.com bank fee survey identifies a number of checking accounts that deliver real savings to consumers in these two distinct life stages.

"There's been a lot of talk about banks taking away free checking, but the message here is that you can still find free checking if you shop around. If you happen to be a student or over 50 years old, that gives you even more options when it comes to shopping for checking accounts," says Richard Barrington, CFA and personal finance expert from MoneyRates.com.

College students who are just beginning to build their financial histories but may not have the means to maintain a minimum balance have access to checking accounts with low or no monthly fees. Some accounts even waive minimum balance requirements to maintain a no-fee status and some also offer free transactions. The downside is that the benefits of student accounts come with an expiration date.

The best checking accounts for college students* according to MoneyRates.com:

  •      Bank of America, Campus Edge
  •      Citizens Bank, Student Checking
  •      Key Bank, Key Student
  •      M&T Bank, College Checking
  •      TD Bank, Student Checking
  •      JP Morgan Chase Bank, College Checking
  •      Wachovia Bank, Free Student Checking
  •      Provident Bank, Free College Checking

Low cost checking accounts are also available for the boomer set. For those age 49 and up who are focused on building and preserving wealth, any amount of savings is a plus. The opportunity to save a buck on bank fees is one of the fringe benefits of approaching or arriving at a more mature life stage.

The best checking accounts for baby boomers* according to MoneyRates.com:

  •      M&T Bank Classic Checking with Interest
  •      TD Bank 50 Plus Checking
  •      Oneida Savings Bank 50 Free Interest Checking
  •      Chemung Canal Trust 49 Forever Checking
  •      Wachovia Bank Access Fifty Checking

*Checking accounts identified in the survey may not be offered in all areas of the country. Customers should check for similar student and boomer offers in their area.

About MoneyRates.com

MoneyRates.com has been a trusted source of information on personal finance, savings and investing since 1999. The website helps consumers find the best rates on high-yield money market accounts, savings accounts, checking accounts and CDs. MoneyRates.com is regularly referenced by leading media outlets including the Wall Street Journal, New York Times, Barron's, USA Today, SmartMoney and U.S. News and World Report as a valuable resource for individual investors and consumers.

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Jessica Cultra
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