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The Tech’s Guide to Student-Friendly Local Banks

By Jenny Zhang

ASSOCIATE NEWS EDITOR

By now, you’ve probably seen the banks setting up in the Student Center with their colorful logos and friendly college-aged employees, trying to lure you into opening an account with them. How do you know which one is right?

There are many options, including online banking, the MIT Federal Credit Union, and traditional banks such as Fleet and Cambridge Trust.

Generally, Internet banking is advantageous in that you don’t need to worry about finding a branch nearby, transactions move along much more quickly, and you can get a higher interest rate. However, many banks that are not available exclusively online add the Internet banking option for free.

The MITFCU, which only recently became available to undergraduates, is open exclusively to MIT community members, as the name suggests. It is non-profit, so any profits are returned to MITFCU members, said Maria Connelly, MITFCU marketing assistant.

When choosing a bank, there are several factors to consider such as ATM accessibility, monthly fees, and minimum balance requirements. Your decision will have to be based on which you feel are more important; for example, if you like convenience but don’t mind paying a monthly fee for it, choose Fleet; the ATMs are all over the place at MIT and in Boston.

Below are listed several different options for banking in Cambridge and Boston and features of basic checking accounts.

Banking Options for MIT Students