Making the Most of Student Bank Accounts

If you are a student, start saving while you are studying!

As a student, managing money can be very difficult. But, with the right bank to establish your student account you can study and save at the same time!

When it comes to a bank account, you are certainly at benefit. Banks will offer you a wide range of perks and privileges to exclusive discounts. However, additional perks and benefits offered by banks will solely depend on its ranking.

Here are a few things to consider that can help you to make the most out of your student bank accounts:

Focus on the ‘Free’

By definition (and facts) students do not have a lot of money as they are usually funded by parents/guardian. Therefore (by nature)—you should be conscious when it comes to fee charges that would eat up most of your saved funds.

Financial experts recommend students to focus on banks that offer student accounts with: Zero maintenance fees, no minimum balance payment, free of cost debit and ATM cards, free of cost online banking, free check books, etc.

Blend it up

As a student, your savings and checking account does not necessarily need to be in the same bank. This is especially true when it comes to high returns on savings account in another bank. One bank might offer you best shopping deals and rewards while other can offer you better returns on savings. So, explore the bank market and look for all available options to get the best for you.

Explore

Generally, students are bound to open a student bank account to the nearest bank possible. But, that is a big NO. Do not opt for a bank just because it is near your school/university or only because it has tied up with your institution. As a matter of fact, financial guru’s advice students to explore into all banks first in order to determine which best suit your financial needs.

Check out ATM convenience

A checking account is what you need in order to get easy and fast access to cash. So, in order to access money, make sure to look out for banks that have ATM branches spread over. For example, most national banks will generally have their branches and ATM machines scattered throughout the city/country.

Likewise, you can look into banks that offer zero or minimum fee on ATM transactions and transfers (especially for students living abroad and require frequent money transfers from their respective guardians)

Think

It is always good to think ahead. When you apply for a student bank account, be aware of the age limit criteria that allow you to keep such an account. In most cases, when you cross the age, the account is automatically transformed into a standard saving account, and this might cause you extra fee which was initially waved in a student bank account.

The aforementioned information and tips can help you to make the most out of your student bank account and teach you diligent financial planning for future.