Student checking accounts are designed specifically for high school and college students. This type of account allows students to manage their money effectively, while giving them the ability to make purchases and pay bills. These accounts typically come with a debit card that students can use to withdraw money from their bank account or make purchases in-store or online.
If you’re considering opening a student checking account, you should look for one with the following perks:
1.) No Service Fees
Students don’t typically have a lot of extra money to throw away on bank fees. That’s why it’s important to look for a checking account without any annual fees or maintenance fees. The good news is that most student checking accounts don’t have these types of extra fees, but it’s important to review the terms of the account before opening to make sure. You should ensure that you won’t be charged for things such as transferring money online, using an ATM, or visiting a branch.
2.) No Minimum Balance Requirement
When choosing a student checking account, you should also steer clear of any with a minimum balance requirement. With a minimum balance requirement, you could find yourself facing a fee if your account balance falls below that threshold. Most students don’t have a consistent source of income, so keeping up with a minimum balance requirement can be difficult. Luckily, there are many student checking accounts out there with no balance requirement.
3.) Debit Card Rewards
We’ve all heard of credit card rewards, but did you know that you can earn cash back and rewards from some debit cards as well? While they can be harder to find than their credit card counterparts, rewards-based debit cards are out there – you just need to look! Let’s face it, most students need all the extra cash they can get. With BankFive’s Student Checking account, you can earn cash on qualifying purchases at select retailers. Just log into your account and activate the offers that appeal to you.
4.) A Mobile App
Most students don’t have a lot of time on their hands, and the last place they want to go when they do have free time is the bank. So, when shopping around for a student checking account, you should choose one that you can manage on-the-go. Look for a mobile app that allows you to deposit checks by snapping a quick photo, and easily send and receive money with friends and family. When you can bank directly from your phone, you’ll be more aware of your current balance and pending payments, helping you to avoid pesky overdraft or non-sufficient funds fees. With most bank apps, you can also set notifications to alert you when your paycheck hits your account via direct deposit.
5.) Access to ATMs
When looking for a student checking account, don’t forget about cash. You need to be sure to choose a bank that has branches or ATMs near you so you can withdraw funds when you need them. This is especially important if you’ll be living away from home for college. The good news is that many student checking accounts have robust ATM networks, or waive ATM fees for students who might have to use another bank’s ATM when they’re away from home. With BankFive’s Student Checking account, you can access a nationwide network of surcharge-free ATMs, plus BankFive will rebate other banks’ surcharges up to $10 per statement cycle.
A student checking account not only makes it easy for teens and college students to access money and make purchases, but it can teach them how to responsibly manage their finances as well. With the right student checking account and online account management tools you can develop good financial habits and build a strong foundation for your future economic success. If you are a MA or RI student, learn more about BankFive’s Student Checking account today.