Student bank accounts are functionally the same as regular bank accounts, but they offer special benefits for students and young people. … You should also be able to avoid paying common fees, like account maintenance fees. Student bank accounts can help you learn how to manage your money.
What’s the difference between a student bank account and a normal one?
The big difference between a normal account and a student account is many of the banks will give you an interest-free overdraft. … Plus, it all needs to be paid back, and after you graduate it’s likely you’ll begin to get charged interest on any money you still owe.
Is it worth getting a student bank account?
Before you go to uni, it’s a good idea to get a student bank account. These are simply bank accounts made for those in higher education. They let you pay money in and out, and offer additional benefits such as an interest-free overdraft. … Many banks offer students freebies or perks to try to get them to sign up.
What are the benefits of a student checking account?
The Perks of Student Checking Accounts
- Fewer fees. Most of the time, student accounts aren’t charged monthly service fees (penalties banks charge for having insufficient funds in an account) or for making transfers from one account to another. …
- Free necessities. …
- Rewards. …
- Credit card options.
What are the disadvantages of a student account?
Student accounts are not always best for everyone and there are a few disadvantages involved with setting one up. Low interest on positive balances: Compared to most savings accounts, student accounts do not actually allow you to make interest on your bank account balance.
What is the best bank for a student?
Best Banks for Students in 2021
- Best Overall and Best for College Students: Chase.
- Runner-Up and Best for Savings: Bank of America.
- Best for High School Students: Capital One.
- Best for Rewards: Discover.
- Best for No Fees: U.S. Bank.
- Best for Customer Service: TD Bank.
- Best Online Bank: Ally.