Why Students Should Have a Bank Account: Being a student can be stressful, especially when it comes to managing money on their own, not to mention not having much to manage in the first place. When you add in banking fees if you drop below a certain balance or if you overdraw your account, stress levels tend to escalate.
However, there is a great banking product available that can make financial management easier and more affordable for students – a student bank account.
Learn here: Why Students Should Have a Bank Account!
Every student should have a bank account. This is an account designed specifically for students. Understanding that most students do not have full-time jobs or big deposits to their account each month, this account waives minimum balance requirements and monthly service fees. This account is usually provided for students between the ages of 16 and 24, although each bank’s requirements may vary. The student may also have to provide proof of attendance in order to set up this type of account.
With a student bank account, they receive a debit card. Brick and mortar banks are not open 24/7, so we want to make sure they have a debit card to access money if needed. This is pretty much standard for most banks today. It is also a good idea to make sure the bank has a mobile app where they can make mobile deposits or transfers. With a busy student schedule, any way to be more efficient and save time is always a good idea.
As a student, they may not have a lot of money, but having a place to store and manage money doesn’t have to be a major stressor. Have students check with the bank or find a bank local to their college to see if they offer a student account. This is an excellent way to get a good start financially and build good money management habits. Every students should have a bank account.