What to consider when opening a student bank account
Whether you’re going to school across town or across the country, it is essential to have a student bank account. Many students may think that their regular bank account will be just fine and those without bank accounts assume they can get what they need from their parents. What these students fail to realize, though, is that student bank accounts not only offer tools and options that are better suited for them than other bank accounts, they also ensure that money is close at hand whenever the need comes up.
When deciding to open a student bank account, be sure you do your research and determine which bank has the greatest presence in your area and is the most convenient to get to. Many schools now boast several ATMs on campus which makes it even easier to get cash when you need it. Inquire and determine which banks are represented on your campus and how convenient their ATMs are. After all, having a student bank account won’t do you much good if it is inconvenient to withdraw or deposit money.
Next, see if any banks in the area have an affiliation with the school. Some schools have teamed up with banks to provide students with money cards that can be used for food on campus as well as purchases off campus. Some of them even provide students with discounts depending on what vendors they frequent. If any banks offer a deal like this, they should definitely be considered when opening a student bank account.
Student bank accounts are designed with students in mind. This means that they will offer tools and options that other accounts may not. They also tend to have lower monthly fees (if they have any at all) and tend to require a lower amount kept in the account at all times. These are all things to consider when choosing a student bank account. You should also consider how you will use the account (e.g. online bill pay, direct deposit, etc) and whether or not the account allows for that.
Above all else, make sure you take the time to compare options and associated costs and fees of student bank accounts. This is the best way to make sure you get the student bank account that is right for you.
