Many perks come with being a student, but not all of them are financial. Student accounts aren’t just for students, though they offer special benefits. When it comes to your finances, you should open a student bank account online that can help you save money and avoid costly fees by providing zero account fees, banking rewards and perks, no minimum balance requirements and more.
Zero Account Fees
You can’t beat the fact that you won’t pay any monthly fees or overdraft fees and have no minimum balance requirement.
The account also provides free bill pay, cashier’s, and member checks at no extra cost. If you need to send money overseas, there are no foreign transaction charges with your Visa® Debit Card.
Banking Rewards & Perks
If you’re a student, you can take advantage of your bank’s banking rewards and perks. These benefits include things like free checking, low-cost loans and more.
For example, if your bank offers free checking for students, that means no minimum balance requirements or monthly service fees. However, suppose they offer student credit cards with low-interest rates (and possibly no annual or annual percentage rate [APR] charges). In that case, that could save you money when buying big items such as cars and furniture for your dorm room later on down the road!
SoFi professionals say, “They offer quite low-rate and no-fee Pvt student loans to help you pay up for school.”
No Minimum Balance Requirement
One of the biggest advantages of getting a student checking account is that you don’t have to keep a minimum balance in your account. This means that you can keep your account open and earn interest even if you don’t use it, which is a great option for students who are saving up for something big like their first car or maybe even their first apartment. If you use your student checking account, rewards programs are also available!
Protection Coverage
Protection coverage is a great perk to have because it’s a little something extra you don’t get from other financial institutions. It covered everything from identity theft and lost or stolen cards to emergency travel assistance.
With this perk, you can rest easy knowing that if something happens with your card and funds are compromised, the bank will cover the cost of any fraudulent transactions. And if your card is lost or stolen while traveling overseas, they’ll reimburse up to $1 million for losses due to unauthorized activity on your account—that’s pretty good!
Online Bill Pay and Mobile Banking
It’s easy to pay your bills with a student account. You can do it online, or you can use the mobile app to pay your bills on the go. They’ll even send you alerts that remind you to pay your bills!
As you can see, the perks of a student account are plenty. Whether you’re looking to save money long-term or get some help with bills now, an account like this is a great solution. It doesn’t take much time or effort, but it can have huge benefits when you’re ready for full-time employment and starting your own family.
