- High school- and college-specific accounts
- No fees or minimum balance (while a student)
- Access to nationwide ATMs
- User-friendly mobile app
- Cash-back credit card for students
Why should you get a student bank account?
Why should you get a student bank account? If you already have a bank account, you may not think you should bother with a student one – but that would mean missing out on an interest-free overdraft. This is probably one of the only times you’ll ever get this, so it’s worth taking advantage!
Who qualifies for a student bank account?
Each bank has slightly different rules about who will qualify for their student bank account. As a general rule, if you’re studying full-time for a degree, a degree-equivalent or a postgraduate course, you should qualify.
What is the best bank account for high school students?
Best Student Bank Accounts of April 2021 Best Overall: Chase Bank College Checking Account; Best For High School Students: Capital One 360 MONEY Account
Can you have a student bank account with no interest?
Some student bank accounts will have interest-free overdrafts for the duration of your degree and for a period after you graduate, allowing you time to pay it off once you start working. You should make sure you pay this off as soon as possible to manage your debt and avoid any unnecessary interest payments. Who can have a student bank account?
Is a student bank account good?
Having a student checking account can help you establish financial independence and build your money management skills while in college. The best of these accounts offer features beneficial to the typical money-strapped and on-the-move college student: low fees and minimums and easy access to cash.
What are the disadvantages of a student account?
Student bank accounts often pay less interest than regular accounts – not great if you have a sum of money and are hoping to gain interest on it. Also, although many people might welcome an interest-free overdraft, some might be tempted to see this as 'free money' and spend more than they should.
What's the difference between a student bank account and a normal one?
The big difference between a normal account and a student account is many of the banks will give you an interest-free overdraft. When you use an overdraft you're borrowing money from the bank, so an interest-free one is probably the cheapest way you'll be able to borrow money as a student.
What happens to my student bank account when I graduate?
Generally, once you finish university or college your bank will turn your student account into a graduate one. The main reason is to reduce the overdraft amount, that you might have built up during your time as a student.
Which bank is best for student account?
Best Banks for Students in IndiaICIC Bank Campus Account.PNB Student Savings Account.Steps to Open Punjab National Bank Savings Account.HDFC Zero Balance Account.HDFC DigiSave Youth Account.SBI Zero Balance Savings Accounts.
Is student account same as savings account?
Just because you're a student doesn't mean you're unable to open a standard savings account—you totally can! However, it's important to note that student savings account provide flexibility for low-income individuals—these can include easy withdrawals, no additional fees, and higher interest rates.
How does a student savings account work?
Student bank accounts are essentially regular bank accounts with some special features for young people. You can deposit cash, earn interest, and use the money to pay expenses. The best banks for students should have a low minimum deposit — the amount you need to put in the account when you first open it.
When can I open a student bank account?
You can open your student account as soon as you receive an offer letter from UCAS, either conditional or unconditional – you don't have to wait until you've started term at university. To open a student bank account you will need: One or two forms of photo ID: such as a passport or driver's licence.
What is a student bank account?
Student bank accounts often have the same basic structure as the institution's typical offerings, but they reflect the fact that students have a relatively small income, and are just learning money management and how to navigate their financial lives.
How many years do you have to graduate to get a student bank account?
If you take more than four years to graduate, you may need to show your bank proof of your continued enrollment to maintain your student bank account. Student bank accounts offer a low-fee option for high school and college students.
What age is the BB&T student checking account?
Geared toward students ages 23 and younger, the BB&T Student Checking Account has some useful features overall (see below), but what makes it shine in this category is the U by BB&T mobile app.
What is the minimum deposit for Bank of America?
Bank of America’s Advantage Banking program is a general checking account that offers a student waiver of the monthly maintenance fee for any student under the age of 24 (including high school, university, and vocational programs). Depending on whether you choose the Advantage SafeBalance or Advantage Plus version of the account, there is a minimum deposit of $25 or $100, respectively, to open the account.
What is an open account?
Open Account. For students attending one of the 47 schools in 16 states (mainly the West, Midwest, and South ) using the U.S. Bank campus banking program, the U.S. Bank Student Checking Account is an optimal choice.
Do you have to go to a school to open a student checking account?
However, you do not have to attend one of the affiliated schools to open a U.S. Bank Student Checking Account. And there are several appealing reasons to do so, starting with the $0 monthly maintenance fee it offers and the U.S. Bank Visa debit card it comes with.
Why open a student bank account?
Here are a few reasons to consider opening one: Fewer fees. Most of the time, student accounts aren’t charged monthly service fees (penalties banks charge for having insufficient funds in an account) or for making transfers from one account to another. Also the minimum amount of money needed to open the account is lower: Typically, ...
Why is a student credit card good?
This is great for three reasons: It will limit your urge to spend, it will keep your payments manageable and it’s enough to help you start building a great credit score. So those are the benefits of student checking accounts at most banks.
Is being a college student stressful?
Being a college student is stressful. The demands go beyond the classroom and university but despite all of those stressors, being a student also entitles you to some everyday perks – like being eligible for a student checking account at a bank.
What is a student bank account?
Student bank accounts are essentially regular bank accounts with some special features for young people. You can deposit cash, earn interest, and use the money to pay expenses. The best banks for students should have a low minimum deposit — the amount you need to put in the account when you first open it.
How much interest do savings accounts earn?
Savings accounts can earn about 0.5% interest, but many savings accounts earn far less than that. (Interest rates are expressed as an annual percentage yield, or APY.) Students can open savings accounts at virtually any bank, so they should be able to get as much interest as possible.
What is the FDIC insured bank account?
You’ll want a bank account insured by the Federal Deposit Insurance Corporation, or FDIC. FDIC-insured banks protect the first $250,000 of each account. If you go to a credit union, which may provide more favorable terms, your account is insured by the National Credit Union Administration, or NCUA.
How many transactions can you make in a savings account?
Savings accounts earn interest, but they also only allow you to make just six transactions each month, depending on the type of transaction. They’re an important way to save money and should be part of any student’s rainy-day fund.
Do checking accounts earn interest?
Checking accounts don’t often earn any interest, but they do let you write checks against them. It functions the same as a bank account for non-students except it has low minimum deposit requirements and fewer, if any, fees.
Can a teen have a regular checking account?
Some banks even offer a teen checking account that rolls over into a regular checking account when you turn 18. Note that, if you’re not an adult, you may have to open a joint account with your parent or guardian. When choosing an account, look for a bank or credit union with branch locations and ATMs close to you.
When do you roll over a bank account?
If you’re the only owner of the account — meaning that your parent or guardian doesn’t co-own the account with you — then most banks will roll it over into a conventional account when you reach a certain age. If you do need to close the account, talk to your bank or credit union.
Why should you get a student bank account?
If you already have a bank account, you may not think you should bother with a student one – but that would mean missing out on an interest-free overdraft. This is probably one of the only times you’ll ever get this, so it’s worth taking advantage!
What banks are offering (2021)
What bank should you go with this year? Take a look at what the major UK banks are offering with their student accounts:
Things to think about
Check out how far your local branch is from your uni/accommodation. There may be times when you need to go there.
If you get into trouble
Whichever bank you choose, remember that you may need their help if you have money troubles later on, and they’ll likely offer you as much support as they can. If you are ever in financial difficulty it is a good idea to contact the bank and discuss it with them. If you are having money problems, remember these steps:
What are the advantages of a student bank account?
The advantage of a student bank account is that it's specifically designed for the needs of students, and to make the financial side of university life less of a trial. The main benefits of a student bank account are the interest-free overdraft options that many of them come with. While you study, your overdraft will be interest-free up ...
How to take advantage of student loans?
It's most important to take advantage of the full benefits of a student account. Consider interest free overdraft options. You only have to pay back what you use/borrow. Make sure you can manage your finances once this incentive comes to an end.
How long does a student overdraft last?
Student bank accounts usually maintain your student overdraft rate for one year after you graduate, but this varies with each provider. Once you start working, it makes sense to set aside some of your monthly income to pay off your balance as soon as possible.
How long does it take to switch to a student bank account?
You can switch to your new student bank account within 7 working days with the government-backed current account switch guarantee. Part-time students are less likely to qualify, as they're usually able to work full-time while they study.
Does overdraft affect credit score?
Having overdraft debt could affect your credit score if you plan to apply for a credit card, a loan or mortgage. Plus, new graduates tend to have a lower credit score than most people, as they haven't yet had a chance to show that they can manage credit and pay off debts on time.
Can I switch my student bank account to a different account?
Compare current accounts. However, when considering the benefits of a student bank account, remember that you aren't tied to your student account once you graduate, and you can switch to a different account if you find a better offer later on. Student bank accounts usually maintain your student overdraft rate for one year after you graduate, ...
Do you have to pay off student loans after graduation?
Some student bank accounts will have interest-free overdrafts for the duration of your degree and for a period after you graduate, allowing you time to pay it off once you start working. You should make sure you pay this off as soon as possible to manage your debt and avoid any unnecessary interest payments.
