What is the Best Bank for College Students? | Best Bank for Young People?

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Good day subscribers thank you so much for joining me today i am jeremy and this is the financial education channel and today we’re talking about what is the best bank for college students what’s the best bench for just young people in general people under the age of 30 what is the best bank for you it’s a trick question there is no best bank for you the best bank

Is not a bank it’s a credit union it’s a credit union i’m sorry i tricked you but it’s a credit union credit union is absolutely the best thing you can join as a young person in my opinion reason being is banks in america are generally very monopolized you have chase you have bank of america you have wells fargo you have a few other smaller branches and whatnot

You may have some local ones but those are the three main ones that most people have as an option to use because they’re big banks you’re just a number another number in my opinion you’re just another number so when you go to get loans and those kinds of things you have to meet exact requirements or you don’t get that loan and generally speaking they charge a far

Far far more expensive interest rate on whatever type of loan you want whether it’s a business loan whether it’s a car loan so they really can renew as far as the interest rate goes credit unions are much more friendly to younger people in my opinion the reason being is a more mom-and-pop in there they don’t have shareholders credit unions don’t have shareholders

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Technically as a member of the credit union you’re almost like a shareholder you are basically a shareholder in the credit union where the bank is a for-profit that needs to make a profit off its customers to then go ahead in payout to the shareholders in the form of dividends or other things so that is the beauty about a credit union a credit is not trying to

Renew a credit union doesn’t have to make a billion dollars in profit this year our 10 billion dollars or 20 billion dollars in profit no it’s just to maintain the credit union and it’s for nothing more than that and if there are is any money left over it actually gets paid back to you as a member of that credit union so it’s not like a bank like i said with it’s

Got these all these shareholders and whatnot that need to be paid so credit unions are much better as far as getting a loan because if you’re a member of that credit union and you have some money there is collateral because you have an account with them they take that into account when giving you a loan and generally they give you a much lower loan because they

Don’t need to make a fortune off you they don’t need a charge or ridiculous interest rate when i got my first auto loan i was i believe 22 years old in the 21 or 22 it was on a car obviously it’s an auto loan so the loan i first got from a bank because i thought that was a way to go at the time i was young i didn’t have somebody teaching me on videos like this so

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I got a loan from my bank and the loan on my from my bank was fifteen point seven nine percent interest rate i thought that was high it’s not as high as i’ve seen other people get them i’ve seen other people get 20 percent 23 percent and stuff on their first loans still fifteen point seven nine s high a few months down the road i went to back to the bank and i try

To see could i lower my interest rate they said no so i was stuck with that fifteen point seven nine i did some external research on google in things and i found that if you join a credit union you might have a lot better chance of lowering your interest rate so guess what that’s what i did i joined the credit union they approved the loan at a six point seven nine

Percent interest rate i opened that account with the credit union they’ve changed it to a six point seven nine they took over the credit card loan or enough credit card loan up sorry i took over the auto loan i just did a video about credit cards and whether the devil and i was still thinking credit cards that auto loan in mind imagine that from fifteen point

Seven nine percent to six point seven nine percent that’s a drastic drastic drop that’s not just like going from 15 to maybe 14 or 13 or something like that even though that’s nice that still saves you a lot of money over the long haul but all the way down is six point seven nine percent it’s dramatic a dramatic drop so that is why i always recommended being a

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Young person join a credit union it’s the best thing you can do it’s the best decision you can make the banks they’re out to make profits they’re not the devil for you know all businesses like to make profits that are for profit businesses just there’s a lot better damn option if you’re young out there and it’s a credit union so forget the banks join your local

Credit union you most likely will not regret it because they treat you much better you treat it more like family than just another number so anyways thank you so much for joining me today guys if you haven’t subscribed you new to the channel you may want to i talk a ton about personal finance like we did today talk a little bit about investing in the stocks on

Buying and things like that i talk about entrepreneurship and how to open your own business and how to make it a success and how to branch out on your own and get out of a bad situation if you’re in one with a company and whatnot anyways thank you so much for watching guys and have a great day you

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What is the Best Bank for College Students? | Best Bank for Young People? By Financial Education

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