There are a wide variety of options when looking for a student checking account. It makes sense to shop around and find out what is available. It also helps if you know what you are looking for in a bank and a checking account. Being a student in college or getting ready for college, you will be a prized customer for any bank or credit union. Although you probably don’t have lots of money and maybe no investments at all, you do have a bright future, and the bank wants your business.
Not all financial institutions are created equal. Not by a long shot. You must remember that all of them are in business to make money and you represent a customer they can earn money from. All financial institutions hope that they will earn your loyalty so that when you graduate and begin earning a salary you will stay with the bank (or credit union). Most students, upon graduation and earning a decent job, will be thinking about purchasing a house or car, maybe even getting married and raising a family. Doing these sorts of things all require money that the bank can loan to you and make a substantial profit. What you want to focus on is finding a bank that will stick with you now when you are not a big profit center for them and have them earn your loyalty over a number of years.
It is important to approach the quest for an excellent checking account with the right attitude. Remember that it is your money you are giving to the bank to hold on to and manage. It is you who are doing them a favor. It is they who must prove themselves worthy of your money and trust.
Getting ready for college? We have ways for you to save money on textbooks for the upcoming year
There are many options you need to consider. It is important that you know how you will be doing your banking most of the time (online or in person, debit card vs. cash, do they offer student credit cards, etc.). Some institutions will offer interest on their checking accounts which is a very nice option, since it means that you will be earning money on your deposits. Others will offer no fees on their checking accounts. This too is a very attractive feature, but read the fine print. There may be minimum balance requirements or a limited number of transactions allowed on the account.
Do you anticipate doing a lot of online banking? What about using debit transactions while you shop? You need to investigate how your bank or credit union will handle these types of transactions. What about banking on the fly with your Smartphone? These questions are important because it will determine which bank is right for you. The convenience of online banking, mobile apps and how the computer interface works for you is critical.
If you understand the options and possibilities of various checking accounts you can make an informed decision. Remember that just because you are young and currently without large sums of money does not mean that you will stay this way forever. All banks want your business based on your potential to earn them profits. Make them work for your money and earn your trust.