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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
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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