Frequently Asked Questions

• What banks and credit unions do you cover?

  We currently cover the top 85 US banks, the major "branchless banks" and a handful of smaller banks -- representing roughly half of all bank locations in the US. We are adding more banks every week.

• How often do you update your information?

  We add new banks and credit unions to our database every week and audit each bank in the database every three months for changes and new services. Any inaccuracies brought to our attention are researched and updated immediately.

• What is a 'branchless or Internet bank'?

  A "Branchless Bank" is an institution that does not have any physical bank locations to conduct business with it's customers -- instead it relies on the Internet and other channels.

• Where do you get your information?

  We conduct our own research about banks' checking, savings and money market account offerings.

  Our bank location database is sourced from the FDIC and is updated with information provided by banks and credit unions. In addition, we utilize Google's Maps to identify which banks have locations near you.

• How does 'Find A Better Bank' make money?

  We make money through fees collected from participating banks and credit unions. Our partners have no influence over the content presented about their accounts or the search results.

  Attention Banks and Credit Unions: For more information about being included in our comparison tool, please call us at 212-738-9396 or email sales@findabetterbank.com.

About FindABetterBank

FindABetterBank provides unbiased information to compare checking accounts at banks and credit unions based upon location, feature preferences and banking behavior.

FABB Insights are reports based on what people are looking for at FindABetterBank.com when shopping for checking accounts and which accounts they ultimately chose.

	Find A Better Bank Now
Issue 1, November 2008

Banks Need To Retool Student Checking Accounts

This FABB Insight is based on more than 11,000 searches of FindABetterBank.com (FABB) in July and August 2008. Nine percent of searchers wanted Student Checking Accounts included in their search results.

FABB had 90 banks in its database during this time. One-third of these institutions provided checking accounts specifically for students. We found their Student Checking Accounts rarely matched searchers' preferences.To win the next wave of customers, banks should offer students checking accounts that bear interest, offer accessibility through ATMs and service channels like the Internet and mobile phones. Also, banks should provide students with opportunities to earn rewards and save money.

Banks Bundle No-Frills Accounts For Students

One-third of the banks in the FABB database offer full-time students special checking accounts (see Figure 1). We analyzed which features banks bundle into these packages and learned that:

• No banks offer students interest on their balances. Banks typically provide students with their low-end non-interest bearing checking accounts. Twenty-six of these accounts have no monthly fees and require no minimum balance.
• Everybody provides the basic features. All 30 banks with student bundles include basic services like online billpay, overdraft protection and 24-hour telephone banking. Despite the fact that few students download their account activity to Quicken or MS Money, all of these banks provide students with this utility.
• Only a handful offer students mobile banking services. Mobile banking is a very important feature to reach the student market because these devices are an integral part of students' lives. But only eight of the 30 banks include mobile banking services in their Student Checking Accounts.

Students Want More

Today's savvy students want many of the same features in checking accounts that everyone else does. They show stronger interest in specific features than other consumers.

Specifically, they want (see Figure 2):

• Interest on balances. Ninety-two percent of student searchers want interest on their balances. Thirty-six percent indicated that it is a "Must Have" feature.
• Accessibility. Students are more interested in features like non-bank ATM rebates, email alerts and mobile banking services. Their stronger interest in these features expresses their desire for accessibility to cash, information and banking services. They expect more accessibility than people who've been banking a long time.
• Rewards and savings. Debit card reward programs and free linked deposit accounts are popular among this set. Smart banks will encourage students to use their debit card to earn higher interest rates on their balances or for cash-back rewards. Automatic savings programs like Bank of America's "Keep the Change" and Wachovia's "Way2Save" also appeal to this market.

Banks Should Take Students Seriously

So what does this data show? Students are far more financially savvy than banks assume. For example (see Figure 3):

• Seventy-seven percent didn't choose Student Checking Accounts when given the choice. We looked at completed searches containing at least one Student Checking Account. When given the choice, these shoppers were more likely to select higher-end options.
• Thirty-five percent chose fee-based accounts. Typically, accounts that require minimum balances offer more features than free checking accounts. More than one-third of these searchers selected accounts with minimum balance requirements. This suggests that features drive decisions for many of these customers.
• Sixty-two percent chose interest-bearing accounts. This figure is particularly startling given that none of the 30 banks in the FABB database offer students interest-bearing accounts. More than half also chose accounts that provide free linked deposit accounts, further suggesting that students are savvier than banks seem to believe.

Rather than being content with a no-frills checking account, students are more likely to go for accounts that have more features, provide interest on balances and give them easy access to their money.

So, which accounts do we think are best for Students? Capital One Rewards Checking and PNCs Virtual Wallet provide the best mix of features to appeal to students. Wells Fargo offers the best mobile banking options. Many small banks and credit unions offer Reward Checking Accounts - these banks can easily compete with the big banks by tailoring their appeal to students.

Find A Better Bank Now