Which bank to open an account with?

[JohnDoeDDS]

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So I haven't been working and am starting dental school in a few weeks. I need to open a bank account. It will only have the money from my loans, and whatever my parents are willing to contribute...

Any suggestions? Citibank is the best choice ebcause it i closest to where I will leave but I believe there is a $1500 minimum balance which sucks because I am planning everything to the dollar so that I wont have to take out extra loan money that I dont need. So $1500 of dead money is a significant amount...

Any suggestions? Also it says that I can have no minimum balance and no fees if I have a direct deposit. Does that count if my parents make a direct deposit or it has to be from an employer? Thanks.

 

[crazy_sherm]

Check what banks are in the area where you will be attending school. Citibank won't do you much good if there's only one branch across town.

I use Washington Mutual for the free checking and ING for the savings part, even though there are better online banks that pay out more interest. I'm just too lazy to make the change since .5% on a couple thousand isn't that big a deal.

Other online banks to consider:
www.amtrustdirect.com
www.FNBOdirect.com
www.hsbcdirect.com

 

[JohnDoeDDS]

so convenience should be a priority right?
The Citibank branch sir gith next to where I live and also all over the city. But I have to have a min of $1500 which is like losing $1500.

I can have it linked to my parents account I think that way I will have no minimum. What do you guys think of the option?

Bank of America is about a 7 minute walk to the ATM and has no min balance.

 

[rimmies]

is the 1500 a minimum balance or minimum deposit? Most banks now have a free checking account of some type, and most only require about a hundred bucks to open them. Why not go with something like this? If you are looking to make some interest money (and we're talking small change here) then your going to look at something else like a money market account, most of which have a minimum balance-because the bank needs your money to make money off of your money.

 

[crazy_sherm]

so convenience should be a priority right?
The Citibank branch sir gith next to where I live and also all over the city. But I have to have a min of $1500 which is like losing $1500.

I can have it linked to my parents account I think that way I will have no minimum. What do you guys think of the option?

Bank of America is about a 7 minute walk to the ATM and has no min balance.

You can see if Citibank offers any sort of student type account which would require a lower minimum or something along those lines. If your parents are willing, and you have no strange ego issues about not being independent enough needing a separate account in your name alone, then linking your account with your parents might be the easiest way to go. Just don't use the account when you're in Vegas and you just gotta win your money back. 👍

 

[cel083]

So I haven't been working and am starting dental school in a few weeks. I need to open a bank account. It will only have the money from my loans, and whatever my parents are willing to contribute...

Any suggestions? Citibank is the best choice ebcause it i closest to where I will leave but I believe there is a $1500 minimum balance which sucks because I am planning everything to the dollar so that I wont have to take out extra loan money that I dont need. So $1500 of dead money is a significant amount...

Any suggestions? Also it says that I can have no minimum balance and no fees if I have a direct deposit. Does that count if my parents make a direct deposit or it has to be from an employer? Thanks.

Is there a Bank of America near you? You can get a free student account.