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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.

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Research Insights 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:

Most banks marketing to consumers offer the same types of accounts and features.

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):

Student searchers want more features than other types of consumers do.

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):

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.

Students choose accounts with all the bells and whistles.

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.


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