Ultimate guide to student banking Options

Are you a student? Have you ever go to a bank? Do you know about the banking benefits that students can avail? Credit Health Care has made things easier for you, with the list of the things that every student should know about banking.


The banks have for ages is a financial institution that have helped people to take care of the money and teach them about the benefits of saving them over a time period. However, there are very few from the student community who know about the different banking uses. All the students who are looking to go for banking choices must look at the mentioned pointers such as picking the right bank, starting student savings bank account, going for student checking account, using credit cards wisely, tracking your banking fees, knowing about overdrafts, checking for student incentives, spending within limit, making proper budget and also asking for professional assistance. The blog is going to explain them in more details for you to have a better understanding of the different processes.

Ultimate guide to student banking Options


What are the advantages that students can get through the banking system? I am a student and is looking for the Student Banking Options that will help to organize my finances and help to secure my future in the coming years. Do read through the step-by-step guide to know more about the banking pros.

Pick Right Bank

The primary tip that you should know is to choose the best bank that has the offers that are mainly targeted towards thew students or the teenager community who are looking for the incentives and benefits that are beneficial for them.

However, do remember that, at the end of each year, evaluate whether you are getting the most from your current bank. Once you are at university level from college and have a better sense of your banking needs, your priorities might have changed when it comes to your bank.

Start Student Savings Bank Account

To open an account, you will need to provide documentation of your identity and you need to bring a picture ID and your Social Security number. The process is very easy to understand and any student can open an account without any trouble.

However do remember that if you do not have a driver’s license, state identification card, or passport, call before you go to ask what you could use instead. Moreover, you will also need to bring the money cash or check that you plan to deposit into the account.

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Go for Student Checking Account

Along with opening a savings bank account, the next obvious step that you should go for is a checking account . It allows you to deposit and withdraw money and write checks to pay for purchases and bills.

You know also note that, there are different types of checking accounts for the students to choose from. However, there are many checking accounts have no monthly maintenance fees only if you agree to have your paycheck or benefits check deposited directly into the account.

Use Credit Cards Wisely

In the digital age, most of the students and millennials are looking for plastic money for spending. Moreover, online spending is in its all-time high, thanks to the influx of credit cards and debit cards in the market.

Do remember that a debit or ATM card is connected directly to your checking account. However, do make sure that an ATM and debit card with a MasterCard or Visa logo on it isn’t a credit card but can be used wherever MasterCard or Visa cards are accepted. If you’re student and loves to use credit cards then we already discuss about the Best Credit Cards for Students

Track your Banking Fees

One of the biggest mistake that people make is following the guidelines of the bank and also not keeping track of the different fees that are charged by bank at part of providing services and end up paying more.

The different kinds of fees that are charged by banks are non-sufficient funds (NSF) fees or overdraft fees, monthly service fees and ATM fees. However, these are charged if you write a check or make a debit purchase for a larger amount than you have in your account.

Know about Overdrafts

Another option that student should go for are overdrafts. It allows you to withdraw a certain amount of additional money and most student accounts come with an interest-free overdraft facility, meaning you do not pay any interest on what you borrow.

However, you should know that when a bank says they offer an overdraft up to an amount, check what this means for you individually, as you might not be automatically entitled to the highest amount.

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Check for Student Incentives

Along with keeping track of the interest rates, you should also know about the incentives and discounts that are offered by the bank that you are going for. Most of the banks also offer special rebates only for the students.

Moreover, do not forget to use the student discount card which offers money off at a number of high street stores. There are many other benefits like discounts in transportation, eating and much more.

Spend Within Limit

One of the things that all the students always mainly tend to overspend and generally tend to put money on the items that are very trivial and not for any use in the future times. Moreover, the millennials should also know to save more.

In addition to that, the key to staying in control of credit card spending is setting a monthly spending limit. Once, you have a budget in hand, organize money and spending gets much easy as you ultimate aim is to spend within your budget.

Make proper budget

The main thing that most students do wrong is not creating a budget. You need to determine the amount of money flowing your way from all sources: parents and relatives, financial aid and scholarships, student loans, and any income from your own employment. You can also try Money Saving and Budgeting Apps to manage budget Properly.  

This hugely helps to organize your priorities and help you spend the right money at the right place. To help you further, do put all of the categories and numbers into a spreadsheet, and try to make everything balance, along with keeping track of emergency fund and savings

Ask Professional Assistance

The last but not the least is taking the help of banking experts or credit card specialists. In addition to that, they will help you to find the right balance between spending and also saving money.

However, it is very important to understand the different terms and ask for assistance in order to maximize the different benefits and offers that the banking sector provides to the students and also the teenagers.

Things to Remember:

So, that you have a idea about the ways that students can use their banking money, you should start to maximize your monetary amount. There are many baking rules and regulations that one must follow in detail in order to stay away from being penalized. However, it is not always the duty of the bank to keep your money secure as you also need to be taking interest in the different banking activities and what the ways that you can take advantage of it. Most of the people along with the students or the teenage community is highly confused whether to choose about keeping money in banks or going for credit unions. We have helped you to make the right choice and help the students find the best option that is available for them in terms of managing their finances.

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