I am a high school senior. Which credit union and/or online bank would you recommend if you were in my situation? What should I look for?

Warning: wall of text ahead. New-ish lurker, first post on this sub, apologies because I probably don't know the customs yet, you know the drill.

I'm graduating high school in a few weeks, and I'm trying to figure out where I should be opening my first bank account. I do not want to be like my parents, who have accounts with a certain bank that has been roiled by scandals recently. I read somewhere that a popular choice is to open a checking account with a credit union with shared branching for convenience/lack of withdrawal fees and an online bank for the higher interest rates, so that's likely what I'll stick with.

I already have a credit union (PenFed) and an online bank (Ally) in mind, since the loophole closed for joining Navy Federal and I have no military family to qualify for USAA. I've also read good things about Alliant and Sycophancy, although I've mostly been looking at credit unions. But, since I'm going to college and not looking for an auto loan/mortgage/etc., I don't really know what to look for other than a high APY and minimal/nonexistent required monthly balances. I've come up with a list to try and figure out what I do/don't want, but I'm not sure if I'm missing something important or if PenFed/Ally are the ideal options when it comes to matching my priorities. The numbering is not a ranking of how much I prioritize them, just making it easier to organize. I'm hesitant to just open an account right now because I'm a lazy person and will absolutely procrastinate if I know I'll have to set up a new account and call or fill out paperwork. I would rather get it right the first time around and not bother with the hassle. Also, if anyone has experience interacting with any of the institutions I mentioned above or one they'd like to recommend, particularly customer service or the online interface (either desktop or mobile app), I would love to hear from you!

Primary Concerns

1. Online/mobile access and FDIC/NCUA insurance - I initially thought both of these were something that every bank had at this point in time, but it looks like that may not be the case? This is a dealbreaker, although I'm not sure any reasonable financial institution could be considered good without them.
2. Highest interest rates possible - I know PenFed (and possibly Ally?) doesn't have the highest APY, and while a difference of .05% or so isn't all that significant for a college student, I probably care about having the highest possible interest rate more than I should. It's not a dealbreaker, though, and I'll sacrifice it if I find something that checks off everything else on this list.
3. No monthly fee and low/no minimum balance - I care more about the former than the latter. PenFed requires a $500 balance or more on checking accounts or else you pay a $10 monthly fee, which seems a little high for a college student. That's my main worry with them, although everything else seems to get glowing reviews online. Ally either has no minimum balance or one low enough I doubt I'd have trouble maintaining in their savings account.
4. Low transaction/other fees - I know about this the least. PenFed and Ally appear to be on the lower end, but I also place a lot of importance on minimizing this as much as possible.
5. Good customer service - I hate talking on the phone. Physically going to a bank is better, and doing everything through email/online is ideal but human interaction is inevitable. I'm an incredibly awkward person, and having a friendly person helping me is a huge relief. I don't mind long wait times as much, but they do get annoying.

Secondary Concerns

1. Cash back rewards for groceries and other purchases - although this is about the Platinum Rewards Visa Signature Card and not PenFed itself, I often see it touted as a benefit of joining. At least at first, I'd prefer to have a better deal on other purchases over groceries since my college requires a full meal plan if you live in the dorms.
2. Minimal overdraft fees - from what I've read overdraft protection is kind of scammy, and I'm terrified of becoming drunk on freedom and doing stupid things with a credit card because I'm interested in a lot of expensive hobbies that my parents don't allow me to participate in (looking at you, /r/MechanicalKeyboards and /r/fountainpens). However, I think my fear means I'm more aware of the money I spend, and I am the kind of person who will obsessively strive for a goal, so it's probably not all that important.
3. Retirement planning help/discounts - I'm not sure if software that helps with this (or filing taxes, for example) would be helpful or not. I would probably be able to do the latter without much help, but retirement is something I'm not sure if I can navigate. All the hullabaloo about half of all millennials having nothing in their retirement accounts makes me want to start as early as possible, even if it's a tiny amount. I plan on working over the summer and working spring semester of the upcoming school year.

Not Important

1. Loan rates and debt management - anything related to mortgage, auto, etc., including student refinancing and the like, since the ones in my financial aid package are small and more than reasonable.
2. Cash back rewards for gas - again, not directly linked to PenFed's checking account, but because of the location and layout of the campus I will not have access to a car in college and will almost certainly not need one. I would strongly prefer to maximize the points I get from groceries/other than gas. I would prefer to not ever buy gas/drive if at all possible, so having a minimal/no incentive to do so may even be a positive for me.
3. Budgeting software/non-personalized help - although a one-on-one with a financial planner would likely be helpful for longer-term goals, I already have a spreadsheet that includes an expenses breakdown by percentage and projected income/expenses. The required Econ/Personal Finance class at our school was useless, but I feel like this sub and Google is more than enough for me to keep me informed. I am interested in apps like Acorn, but I doubt I'll get discounts through membership.

Is there anything I've missed? Anything I might be misunderstanding or too (un)concerned with? Thanks in advance!

Submitted May 07, 2018 at 09:28AM by amidsttherain https://ift.tt/2IneI2e