Setting up a student checking account can be very beneficial for a young individual as it can teach him or her the importance of making financially responsible choices in life. A student checking account also offers an excellent way to manage smaller amounts of money since most of the student checking account products offered by banks are free or do not charge most of the fees that are usually charged with standard checking accounts. If you are interested to open a student checking account for your child, here is a guide to the steps that you can follow.
The first decision that you need to make would be the bank or financial institution where you would be opening the student checking account with. To help you out in making an informed decision, it would be advisable to do some research online and look for the banks which offer the best checking accounts designed for students and young adults. You might also want to consider the locations of the local branches of the bank you are interested in opening an account with. For instance, you could choose the bank that has a branch located near the school of your child so that it would be easy for him or her to deposit funds or ask for assistance when needed. You could also consider the availability of ATMs of the bank, especially if you are interested in getting a checking account that comes with a debit card or an ATM card.
You should also check the features that come with the current account and assess whether or not they would be useful for your child. There are some student checking accounts that come with rewards programs that offer redeemable points every time they use the account for making purchases. There are also some which come with an online banking and bill pay feature which can be useful especially if monthly tuition payments need to be made.
Before opening the student checking account, make sure to talk with your child and explain the functions of the checking account and how it should be used. This is essential as it would give your child a clear idea of how he or she should use the checking account properly. You should also give him or her the opportunity to ask any questions so that everything about the account would be clear before actually opening it.