Learning to save and live on a budget is an important part of growing up and becoming independent. A Student Bank Account can help students save their money and plan accordingly. A student account may come with special promotions allowing students to open a checking and or saving account with a lower initial deposit than a traditional account would require. Some student accounts can be linked to parent accounts allowing parents to monitor funds and transfer money from their own accounts when needed.
Student accounts can be opened for students under the age of eighteen but may require a co-signer until the age of majority is reached. In most cases, student accounts have all the hallmarks of a regular account including options such as checks and debit cards.
The Pearl Harbor Federal Credit Union is one example of a financial institution that can give a student added benefits over an account at a traditional bank. Since credit unions are more community focused, it can provide a smaller, more hometown banking experience.
Credit unions also often offer higher interest rates for saving accounts and lower fees for things such as checking and loans. Depending on the credit union itself, membership may require living in a certain area or working for a specific company. In many cases, community-based credit unions offer membership privileges to extended family members of those who already have active accounts. Some credit unions offer lifetime privileges, even if you later move out of the area.
Since credit unions are often small and centralized, it is important to ensure that they are part of a wider credit union network that provides account access when away from home or school.
It is often easy to connect a savings account to a checking account, especially within a credit union system; therefore, it is the perfect way to introduce a young person to the advantages of having a full-service financial provider. For students who have reached adulthood and are attending or considering attending school, a student account at a credit union may also provide opportunities for student loans or other financing packages.
Don’t be constrained by the rigidity of a traditional bank, investigate how a Student Bank Account can be of benefits today. You can follow them on Twitter.