Getting ready for university can be a moving and at times awe-inspiring experience. But don’t despair, you have options. A lot of banks are very keen to draft student clients to meet their long-term consumer acquisition goals. The first thing to look at when considering student banking options is the location of the financial institution. In cases where parents will be making account deposits, it might be best to choose a branch of their bank to make it easier for them.
Students have traditionally chosen banks located on campus, the most logical choice since they are strategically located. With the advent of online banking, this is slowly shifting, and students are now able to choose banks based on factors other than location. The new technology allows for online checking and savings accounts, which have almost eliminated the need for student credit and debit cards.
Student banking should include a number of options geared at the student consumer, such as student loans, prepaid spending cards and no-fee checking accounts. Some banks even give clients the opportunity to turn their regular student identification card into a debit card. Savings options are also important for those work/study cheques, and most banks will also open a savings account for their student customers.
Other student banking options include online and mobile banking, email alerts and bill pay. Citizens Bank offers student money apps, which include discounts near campus, online and nationwide on books, food, entertainment and electronics, and gadget protection, which will protect you if your cell phone is lost or stolen. The app also offers students rewards for paying without paper.
Student banking is available to students engaged in professional studies as well as to undergraduates. Your bank should be able to provide you with advice, and the business resources and banking services you need to create a budget, manage your student loans, pay for your tuition and develop a business plan when you start your own practice. The last option is especially useful, and is meant to create loyalty so that you become a lifelong customer of the bank.
Student loans are an important aspect of student banking. In order to plan properly, students need to know what their financial aid options are and how much they can afford to borrow. It helps if a parent can co-sign the loan, especially if the student does not have an established credit history. Benefits of co-signing include lower interest rates and a better chance of qualifying for the loan in the first place.
Not only does student banking help to establish a student’s credit, but it also is convenient for getting money to them fast when they need it. Some banks, such as Capital One, provide student clients with tools to become financially responsible. Capital One has an entire suite of financial education tools on its website, along with games like ‘financial football,’ which make developing financial savvy a fun exercise.
Banking should be easy, whether you’re about to enter college or you’ve just graduated and looking to set up a practice or enter the workforce. Student banking options are plentiful, and coupled with technological advances such as mobile and online banking; it is more convenient than ever. Students should take advantage of the great promotional offers that target them, as they can lead to massive savings and other rewards, both in the short and long term.