As a student, you have enough to worry about. You don’t want your bank account to add one more thing to your list of responsibilities. That’s why I’m here: to tell you everything there is to know about the best bank accounts for college students, so that you can make the best decision possible when choosing an account.
There are no monthly fees
While most student bank accounts have a minimum balance requirement, not every bank has this requirement. There are no monthly or account closing fees, so you can enjoy the benefits of having a checking account without worrying about paying extra. The CapitalOne Spark Select Checking Account also offers a free Debit MasterCard that never has an annual fee and offers cash back rewards for every purchase.
Many accounts offer mobile banking
Student bank accounts are convenient and easy to use. You can access your account anytime: on your phone, through a computer or tablet, or at an ATM. Most accounts offer mobile banking to check balances and transfer funds between other accounts. Some even allow users to deposit checks using their phones! It’s great for people who don’t want the hassle of going into a bank branch whenever they need to pay a bill or check their balance. According to the experts at SoFi, “Making sure the bank’s app or website is up to snuff could make banking transactions that much more convenient.”
Perks for online usage
Online bill pay and transfers are two of the most popular perks for student bank accounts. They allow you to manage your money from anywhere, which is especially helpful for students who need to pay off their tuition or living expenses at home.
Many other benefits come with using a student bank account. You’ll have access to online statements and transactions and mobile banking apps that let you check up on your finances while on the go.
Sweep accounts can help you organize your money
Sweep accounts are savings accounts that allow you to deposit money into your account and then automatically sweep it over to a different type of investment. They’re great for people who have trouble saving money because they are essentially forced to save since their money is taken out of their checking account and invested in another financial product.
Sweep accounts can be useful if you want to keep track of your finances but don’t want to deal with managing investments yourself. If this sounds like something that might work for you, check out our list below!
You can set up automatic payments
Setting up automatic payments is a great way to save time and stay on track with your finances. You can use the app to set up automatic payments for bills, savings, student loan repayments, credit card minimums and more.
If you have a home loan or car loan, you can also set up an automatic deduction from your account every month to pay back these loans.
If you’re unsure how much money to put into your superannuation each month (or where exactly it’s going), we have some tips on how much super is enough here.
We’re sure you have many questions about student bank accounts. We hope this blog post has answered some of them and that you can use our tips to make the most out of your account.