Students are always on tight budgets, and hence their limited funds need a bank account with simple management. Most reputable financial institutions do offer student bank accounts with favorable features and services to ensure student’s needs are met. At the point of college or university entry, most students will be opening their first bank accounts, and thus the following tips will help them.
What to consider when opening a student’s bank account
Accessibility to amenities
Each bank opens a branch and withdrawal ATMs where they feel they will service their clients better. As a student, the first thing you probably want to consider is the availability of an ATM near the school. Since operating with a lot of cash in the pocket is not a good option, you need withdrawal services near you to avoid wasting time. Banking services far from school can also be costly at the end of the day.
Low maintenance cost
No student is interested in running a cheque service or detailed monthly reports. Thus their accounts need to be simple and with low maintenance cost. Banks with low withdrawal fees may attract more students since this means saving an extra. Other hidden costs like mobile banking fees may not be necessary as students can track their finances without many problems.
Fast loan processing
Students rely on various educational loans. Some may apply using foreign financial institutions and therefore any bank which will offer better loan processing facilities becomes their center of attraction. Most banks may take a few days to facilitate your loan after disbursement which is normal but anything beyond that will only cause inconveniences. Before, settling on a bank account take some research or let the family members refer a good bank.
Quick and reliable support is crucial for a student to avoid frustrations. Most banks may pitch in various school grounds to help students open bank accounts and solve various problems they are facing. A bank that offers genuine advice to a student before commitments prove to be a good bank. Therefore, as a student, ask for as much information as possible before prior.
As a final thought, your bank should think of you even beyond college and any bank which offers easy loan payment options should be your choice. Ask the account opening agent if the account can deduct money from your checking account directly. An all round bank account which will make your life easy in college and after should be your number one choice.…