Student bank accounts are an essential part of being a student. You can use them to save money, keep track of your spending, and even earn some interest. But did you know that many other benefits come with student bank accounts? In this article, you’ll look at the perks of student bank accounts and how they differ from standard ones.
How do Student Bank Accounts work?
A student bank account is a savings and checking account that you can open with any of the major banks. It’s designed for students and young adults who are still in school, but it’s also available to other people who want to save money or use their debit cards for everyday transactions.
Student bank accounts come with many benefits, such as free cash-back rewards, ATM fee refunds and more. There are student bank accounts with no fees too. They’re also easy to use: You can easily deposit checks into your account by taking them to a branch location or depositing them online.
Once deposited into your account, they’ll show up immediately on your statement as pending transactions until they clear—this typically takes 1-2 business days, depending on how long it takes the check issuer (the company) to process the payment request.
“A student account with SoFi lets you take charge of your money.”
Interest-free overdraft facility
If you’ve ever been in a situation where there’s just not enough money in your bank account, then overdraft protection is something you’re probably familiar with. It’s nice to know that if you accidentally spend too much money than what’s in your account, the bank will cover the difference for you (but only up to a certain amount).
The amount of overdraft protection depends on your bank and how much they trust you. For example, some banks allow their customer’s unlimited overdrafts, while others will only give them one or two per year before charging interest on top of it.
Freebies and discount cards
- Student discount cards. Most student banks offer a student discount card that you can use when shopping for clothes, food or electronics.
- Entertainment discount cards. Many student banks will give their customers access to special members-only offers from popular companies like Groupon, Spotify and Netflix (for example). This is a great way to save money on entertainment that your friends won’t know about!
- Travel discount cards. If you’re not ready for an actual vacation yet but still want to take advantage of the perks in this category, consider using a travel rewards credit card instead! A good credit card should earn points for every dollar spent on it, which can be redeemed for free flights worldwide!
Convenience
One of the biggest perks of student bank accounts is how easy they are to open, maintain and use. You can apply online in just a few minutes, and you don’t have to have any previous credit history to be approved. Young people generally have a clean track record when borrowing money or overdrawing on their account limits. This means you can start building up your finances before graduation, which could help you get a head-start on your career!
Student Bank Accounts are a great way to save money and keep track of your finances. They offer account holders several perks that make spending less stressful, such as the ability to overdraft on your account without paying any fees or having to pay interest on loans. There are also freebies like discount cards which can be used at different locations across the country.
