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Student Bank Accounts
Can student bank accounts teach the value of saving?
How you can use student accounts to change your life.
Student accounts can help change your life and help to develop a lifetime of financial knowledge and responsibility. Learning to use a student account properly can increase the opportunities for financial growth as you move past the student phase of life and into adulthood.
Many financial institutions offer the same types of student accounts so there are several things to look for when deciding which bank to choose. Look at setting up your student account as developing a lifelong relationship with an institution you can count on in the future. First, are they offering a freebie?
All things being the same on most student accounts, with small amounts of interest paid, checks drawn and requirements to open the account, what is the institution offering you to bank with them? Many banks use incentives to draw you into their relationship where they can cultivate and develop a financial bond with you. Banks have to consider the lifetime value of their customer relationship with you, how much money they can earn off of your use of them for your banking and future loan needs. Some offer freebies that are very nice premiums, while others rely on customer service and cheap promotional items. So weigh your options and learn what different banks have to offer to you.
Another thing to consider is an automatic overdraft line of credit. Student accounts should come with one attached and the higher the limit the more you should consider the account. An automatic overdraft is insurance in case the account becomes overdrawn. Since the life of a student is sometimes uncertain and filled with many competing needs, sometimes an error is easy to make in accounting practices. You need not be punished for failing to account properly and an overdraft protection line of credit can assist in the instance any mistakes are made. Many institutions will offer this on student accounts and if the bank you are considering does not, then ask.
Another factor is the need for a co-signor. Some institutions require a parent to co-sign on an account, making them responsible for your spending habits. If a bank requires a co-signature, it may be a sign to look elsewhere.
A student account is a great first step for setting up your financial future. When it comes to choosing the financial institution that earns your business for life, be sure to weigh what each has to offer in terms of online banking, convenience and extras, then choose to place your student account with that bank..
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