Student checking accounts are a great way for young adults to start managing their finances. Most student checking accounts include no fees, no (or low) minimum deposits to open an account and free access to all mobile banking options. The even better news is that even prominent banks offer student checking accounts and you will not have to worry about struggling to find physical locations or ATMs.
However, there are a few things students should keep in mind when opening a student account. The reason many student accounts offer fewer fees and lower minimum deposits is because they are often linked to the existing accounts of parents or guardians.
Additionally, some benefits offered to students may cease once the owner of the account stops being a student.
For example, there may be no minimum balance on an account while the owner is a student, but once they graduate, the bank may expect them to keep a certain amount of money in their checking account.
Certain fees may also be added to student accounts once the owner stops being a student. Keeping all of this in mind, student accounts are still beneficial and a great way to avoid maintenance fees and other penalties frequently placed on checking accounts.
Students should be sure to review all the terms and conditions associated with a student checking account before they open one and make sure that the benefits line up with their expectation.
If all goes well and you choose the student checking account that is right for you, you will save hundreds of dollars that you can invest in your education instead of your checking account.