Is your child heading off to college soon or is your child venturing into the big wide world for the first time? Here are a few reasons why you might want to consider opening a student checking account.
As a student’s responsibility starts to increase during the transitional stage between high school and college, they can start to feel a bigger financial burden on their shoulders. They will need to consider costs that they have never had to think about before such as tuition, living costs and other college expenses. Opening a checking account will be their first step to financial stability, so it’s best to do this before they move away. Many teenagers already have their own debit card and banking options, but for those that don’t, this needs to be explored before they turn eighteen.
Even if you’re contributing to their living costs or college tuition, it is likely that your child will need to manage their own money at times. It isn’t always safe to carry large amounts of money, especially when you have just moved to a new and unfamiliar environment. A student checking account is much preferable for keeping your money safe. Whether they are using their debit card for lunch on campus or they are purchasing a new book for class, this is much easier to manage and budget than cash. When you have a checking account with a debit card you can quickly and easily make purchases wherever you are.
Benefits of a Student Checking Account
Student checking accounts are especially advantageous if you have a part time job while you’re studying. The student will be able to deposit their checks and then pay bills directly from their account. Having a checking account for online bills makes the process of house sharing much simpler too. When you can physically see your funds in your bank account it makes it much easier to manage money and budget for the week or month.
Choosing the Ideal Checking Account
When you’re a student, you will be able to benefit from better offers from banking institutions. Most standard checking accounts might have restrictions and fees for you to worry about, but most student checking accounts don’t because the balance is inevitably going to be lower. Make sure there are no strings attached when opening your checking account. Some require a minimum balance to counteract fees and others have a limited number of debits you can make in a month.
Look for a checking account that has online or mobile banking with it. When your balance is right at your fingertips you can check your accounts or transfer funds wherever you are. Students are notoriously busy, so having a mobile app will be hugely beneficial.
Make Your Choice Today
A checking account is an excellent solution for students looking to gain financial independence for the first time. Moving away to college is a huge change, so having the ability to manage your banking and use your own debit card can really make a difference in the way you view and use money for the rest of your life.