Students Bank Account: A Safe Place To Put Your Money

2007-03-08 10:33:40

( Financial )



If have been contemplating on opening students bank account, it pays to research the different bank services and deals in your area. You will find that some banks give special arrangements for students bank accounts. The fees, minimum amount to open the students bank account, and the minimum daily balance are either reduced or waived.

There are two types of students bank account: checking and savings accounts. If you want the convenience of drawing money without going to the bank or an automated teller machine (ATM), you may prefer the checking account. You will only have to write a check whenever you need money to pay for something. Watch out for the monthly maintenance fees if you fall below required minimum balance. There can also be a charge for your checks.

A savings account enables you to set aside your money in a safe place where you won't be tempted to spend it for insignificant expenditures. Your savings account will earn a fairly low interest if you just keep the average daily balance to the minimum amount that the bank requires. Normally, the initial amount required for a savings account deposit is lower. You may also want to open a savings account in addition to a checking account.

Like when you apply for car loans for students, you should bring different forms of identification when you open students bank account. If you have credit cards for students, and proof of billing address, you must also bring them with you to the bank.

Once you have deposited your money in the bank, make sure that you carefully manage your students bank account, especially checking account. You must make it a habit to note in your check register all your transactions to keep track of the amount of money that is available in your checking account.


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