There is a lot to think about and manage while you’re in school, and that includes making smart financial decisions. Among those financial decisions is choosing the right banking account and whether you should open a student checking and savings account. Student accounts offer different benefits than that of many other standard checking and savings accounts, so opening one can be a great way to start managing your own money and beginning to save for the long term.
What are Student Checking and Savings Accounts?
A student checking account offers perks for students aged anywhere from 13 to 24 that make the process of opening a bank account easier and more beneficial for first-timers. These accounts do not require an adult co-owner like a child or teen account would, so they offer students some additional flexibility in managing their own money.
When you open a student checking account, you are also able to connect it to a student savings account that allows you to put money aside for bigger purchases such as a car, housing deposit, or future college funds. Depending on the bank, you may also be able to set up automatic transfers from savings to checking in the case of insufficient funds to help avoid unwanted overdraft charges on your account.
What are the Benefits?
Opening a bank account doesn’t have to be daunting or overwhelming. Student accounts make it easy for you to get started and provide additional benefits that make it a worthwhile decision for a busy student.
1. Online and mobile banking — Mobile banking capabilities make it easy for you to manage your money on the go and from anywhere rather than having to go to a physical location. You can deposit checks, move money between accounts, and keep a close eye on your balance.
2. No ATM fees — This is a great perk especially if you often need to withdraw and use cash. In-network ATM fees are waived by the bank so you’re only taking out the money that you need, and no extra chargers are incurred. Be sure to find out which ATMs are considered in network for your account.
3. No monthly maintenance fees — With student checking and savings accounts, there are typically no maintenance fees, or penalties for having insufficient funds or making transfers. At Republic Bank, there are no monthly maintenance fees and there is also no minimum balance required in your account. This means one less expense to worry about on a tight budget.
4. Sign-up bonuses — Many student accounts offer the above free services plus a sign-on bonus. For example, you can earn up to a $100 bonus when you open both a student checking and savings account with Republic Bank! This bonus can be useful when you need some extra cash in your budget.
Ready to Get Started?
Opening a bank account is only one of many financial decisions to make as a student, so it should be simple, straightforward, and provide you with perks designed specifically for students. At Republic Bank, students 18 years of age or older can open their accounts online, and those under 18 can visit a branch to get started. If you have additional questions before opening an account, reach out to us directly at 800-526-9127 and we will have you on the right path in no time!