How to open a student checking account?

A checking account is very popular with students. If you’re a student who cares about getting a handle on your accounts, you will need a checking account.

It’s more than a safe place to store your funds or buy things. It’s also a great way to learn about budgeting and saving.

DNBC’s experts will enlighten you on what is a student checking account and how to open a student checking account in this article.

What is a student checking account?

A checking account is a type of deposit account opened at a bank or a financial institution for mainly personal demands.

The students can receive, send money, transfer money online, pay bills quickly and safely,...

A student checking account is a kind of a checking account designed for students. A student checking account gives more flexibility and privacy for the young people.

College students can benefit greatly from getting a bank account. A checking account has lower minimum deposit requirements. Students can learn how to manage money and their financial lives.

How to open a student checking account?

Financial institutions can waive maintenance fees or minimum balances, give free ATM withdrawals, or budgeting apps or programs. Some accounts even pay a little interest.

How to open a student checking account?

Opening a student checking account is quite simple with some basic steps. You can open it online, while many banks allow you to open at a brick-and-mortar branch.

In general, to open a student checking account, you need to suit some criteria. 

First, you must be a student and keep a current school identification card. You also need to be at a certain age range. To make sure, check different financial institution’s requirements. 

Finally, you can be required to deposit some funds into the account to open it. This depends on each financial institution/bank.

• Select which financial institution is more suitable for your needs.
• Apply online or make an appointment with a banker. This can help you avoid waiting so long and keep in touch with your banker.
• Take your identification (driver’s license or passport), and make sure to have your legal ID.
• Bring the minimum amount of cash if your bank requires a minimum deposit.
• Carefully read and sign the required document or agreements issued by the institution/bank. Pay attention to the fine print if possible.

How to choose a student checking account?

For many students, choosing a checking account seems confusing, especially if this is the first checking account they do. 

Here are some considerations to keep in mind:

ATM network

If there is easy access to cash, it is vital to you.

Try to look for any banks or financial institutions with ATMs nearby or that reimburses for out-of-network ATM fees.

Fees

ATM fees, overdraft fees, monthly maintenance fees and other account fees can reduce an amount of money in your account balance. It’s vital to read the fine print before opening an account. 

Basically, the fewer fees an account has, the easier it will be to maintain.

Minimums

Low minimum deposit and balance requirements make it easier to open and maintain an account. 

Look for accounts with minimums you think are reasonable to meet with.

Digital experience

For most students on the go, a bank or a mobile app and website can make or break their banking experience. 

Check reviews and ratings on Google Play or App Store platform before signing up for a checking account. 

Also, you should check the negative or positive feedback on website/app/social media before opening an account to see what current customers like or dislike.

Paper check-writing capability

As many bank account transactions are proceeded online or through mobile, not all checking accounts offer to write a paper check. If you will frequently ask for writing actual checks, consider whether the account offers.

Remember that your account can be closed or transitioned to a standard checking account until you’re no longer a student. Consider banks or financial institutions frequently to see if you can picture a close relationship with them post-graduation.

Last but not least, while your needs can be simple as a student, consider what you need from a bank account before picking a checking account. For example, if you use ATMs frequently, consider any ATM fees which can apply.

More about DNBC Financial Group

DNBC Financial Group has been a popular financial institution in the Fintech industry, giving money payment solutions all around the world, for personal and business accounts. 

DNBC Financial Group has become the money transfer platform since 2017 with payment solutions at reasonable fee and competitive exchange rate. DNBC Financial Group now attracts more and more customers to make international transactions with a fast and simple full-online payment experience.