Selecting an appropriate savings account to avoid the mistakes of grad students can be a difficult process. Some accounts offer high interest rates, but lack flexibility. Other offers reasonable rates, but do not allow you to avoid penalties when withdrawing funds before withdrawal limits are met.
Pick a savings account for students by following these five important factors:
Location of the bank
When selecting a savings account for college students, there are certain factors to keep in mind. Firstly, we must keep in mind where they would like to conduct their banking from-whether from home when still living with parents or on campus at their university. There are various advantages and disadvantages to consider depending on the location selected, so it’s important to know as much as possible beforehand before making a decision.
Additional fees
Opening a savings account for students can be challenging, because of their young age and small salary, which means banks and other financial institutions often charge a monthly fee or impose limitations. However, it is important to know that there are plenty of choices for those who want the flexibility to make transactions extracting from money in the account.
Mandatory opening of checking accounts
If you’re a student, you should carefully consider your requirements before going through the terms and conditions of each additional account. Most banks require opening accounts for savings, checking, earning interest, and debit cards. Before signing up for any of these accounts just check that you’re able to meet all their requirements on time.
National banks
To get the most benefits from a top savings account, it is important to do research. Find out what rates of interest different banks offer, how much you need to open an account, if you have additional banking options in your university or town, and anything else that interests you
Credit union
When choosing a savings account, students should check with credit unions. They often offer better deals to students regardless of whether the student has a job or not, and their higher interest rates can help you save even more money.
Instead of looking across numerous banks and their qualifications, students should consider the features that are more attractive to them such as the monthly fees, ATM network and possible access to credit cards.
