If you are looking to empower yourself financially as a student, opening a student checking account is a great place to start gaining control of your money. A student checking account is an account that is made to specifically fit the needs of young adults who are in higher education.
Most financial institutions offer their banking services for students at reduced costs with additional benefits such as interest free transactions. Banks are looking to establish loyalty with their customers as soon as possible and therefore offering some added benefits on these accounts.
Factors to Consider When Opening a Student Account
1. Convenience
This is in regards to the location of the bank and the ATMs. It would be good to look out for a bank that will enable you to have easy access to your money at all times.
2. Value Added Services
Some banks offer extra benefits such as internet and mobile banking. This is an easier way to keep tabs on your account without actually using a branch. Some banks also offer students free bankers cheques for payment of fees.
3. Bank Charges
As a student your sole aim should be to save money. Therefore, look out for a bank that charges low transactional fees. The fees to look out for are:
- During counter withdrawals
- During ATM withdrawals
- Checking account balances
- Ledger or maintenance fees
- Receiving account statements
- Mobile banking fees
- Internet banking fees
4. Interest Earning Accounts
Some banks offer students interest on certain amounts of operating balances so as to motivate students to save. The interest rates are charged per annum.
5. Long Term Benefits
Banks are trying hard to establish loyalty with their clients as early as possible. Some banks offer long term benefits on the various account upgrades after the student life is over.
What Do You Need to Open a Student Account
This list may differ however the most common items needed are:
- Your National Identity Card
- Your Student Identity Card
- A letter from your educational institution
- Passport Sized Photographs
- Duly completed application form
