Do Investment Banking Summer Analysts gain any benefits when it comes to their bank accounts?
I recently accepted an investment banking offer at a BB. Until now, I have never opened a bank account (I used my parents' cards), and I am considering opening my first bank account with the BB but only if I receive any benefits like lower interest rates on loans or higher deposit interest rates.
If such benefits are not given to interns, I would still like to know which option you think is the best for college students to bank with (Chase, BofA, Wells, etc.).
When you open an account at the bank you will be interning at, your account is linked to their balance sheet.
Don't think any type of benefits apply for interns
As a FT you may get the Gold or Platinum tier level for free (instead of having to have a $20k/$50k account balance). These benefits are quite small... like 5-10% increase in savings account interest rate (basically nothing), can order checks for free instead of like $50, rewards boost if you have their credit card, small discount on mortgage or auto loan. nothing earth shattering.
Use whatever bank is most convenient for you - I use BofA (FWIW, I work at a different bank with a retail arm) because it's convenient, app works fine, and every town in America has a branch. I reached the above status levels fairly quickly just by having an emergency fund/few months living expenses accumulate in my account, don't even notice the benefits.
There's not a huge difference between checking accounts. credit cards are more important because of the rewards ecosystems/perks.
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