Tips to Open Student Bank Accounts

Published on 17 July 2012 by Raffick Marday

Tips to Open Student Bank Accounts

Nowadays, opening student bank accounts is fast and easy. Whether you are in high school or college, it is strongly recommended by the government to have a student bank account. Unlike other accounts, opening student bank accounts is free of charge and there are no minimum balance requirements as such.

Documents required while opening student bank accounts:

  • Government-issued photo proof
  • Routing numbers
  • Social security card

How to go for student bank accounts:

  1. Carry out a research: Research and visit various banking websites. Note down what interest rates they are offering, minimum balance required etc. Check the pros and cons of each bank and then make your mind with the one that best suits your needs.

  2. Find out a local bank branch: Visit the bank's website and find out the branch location of your chosen bank.

3. Choose the branch near you: Note down the phone number and address of the branch and fix up an appointment to create a students bank account.

  1. Photo identification and social security card: In case of transferring funds from another bank account, do remember to bring the account along with routing numbers.

  2. Deposit funds into the account. Try to obtain checks or a debit check card.

  3. Review the bank statement more often: Try to control your finances by spending only as much you have in your student bank accounts. Never spend more as the account could lead you to pay heavy penalties later.

There are several factors to be considered while opening student bank accounts and proximity is one of the most important one. It facilitates faster and easier access and if there no branches nearby then Internet or Phone banking are the best alternatives. To have more information on student bank accounts, you can check out comparebankaccount.co.uk

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