4 Factors to Consider When Opening Your Student Checking Account

For students, a huge part of the college experience is learning to manage their money correctly. If you’re soon to be heading off to college, then opening the right checking account will help you when it comes to managing your money wisely in the future. As a college student, you may need to learn to budget with only a small amount of funds, so it’s good to have a checking account that you can access easily, along with the option to earn rewards such as money off when shopping or cashback opportunities. Here are some of the main things to look for when opening your student checking account.

#1. Easy Access:

Today’s students don’t want to have to wait until they’re able to go to the bank and check on the balance of their account. As a student, you’ll want to be able to keep on top of your money on the go and be able to keep an eye on your balance from wherever you are. So, it’s a good idea to open an online bank account that allows you to access your account using a user-friendly online platform, one example of this is BB&T. BB&T enable you to manage your account via mobile app for even easier and more convenient access options.

#2. No Fees:

When you are already struggling to a tight budget, the last thing that you want is to lose money every month through a banking monthly maintenance fee. However, the good news is that for students, many banks will waive this fee and allow you to bank with them free of charge. So, don’t settle for paying a monthly fee for your bank account.

It’s a good idea to do your research on other fees before you open an online bank account, too. Bear in mind that no monthly maintenance fee doesn’t mean that there won’t be fees for direct deposits, withdrawals, or unplanned overdrafts, for example. Weigh up the fees beforehand and choose one that you feel comfortable with.

#3. Perks and Rewards:

When looking for the perfect student checking account, another factor that you may want to consider is whether any perks or rewards are offered simply for holding a bank account with the bank that you have chosen. For example, some banks will offer the option to earn cashback on purchases that you make using your card, or the opportunity to earn discounts in various stores, shops, and restaurants.

#4. Overdraft Facility:

If like most students, you are considering borrowing some money to help you afford the cost of college, then a bank account with an overdraft facility can be a great way of getting the funds that you need. Before opening a student checking account, find out which overdraft options are available to you and learn as much as possible about them. Don’t forget to inquire about paying them back – most of the time, students don’t need to worry about repayments until after graduation, however, it’s best to be sure.

As a student, opening the checking account that you’ll use through college can be a daunting experience! Hopefully, these tips help you find the right one for you.

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