A bank account that is specifically created for students is called a savings account. Various banks have different maximum ages for opening student bank accounts. Bank accounts are necessary for students to get online instant loan from banks or receive money from parents to make payments. The facility provides a number of advantages and discounts to make it easier and more comfortable for students to handle their money. So, here are some advantages of having bank accounts as a student:
Offers clubbed with student bank account
Discounts and freebies, such as lowered fees on credit cards and other related financial items, are frequently offered with these accounts. This lowers the cost of banking for all students. Students can also benefit from the convenience of net banking, which is an online banking extension.
If you open your student account using online banking apps, you get even better benefits that let you save money and learn about finances.
Helps in gaining financial literacy
In fact, starting to open bank account is the first step in learning how money functions and how to spend it most effectively. A variety of financial words and their meanings are introduced to the student. It also aids in instilling wise saving practices. Online banking apps and payment apps allow students to learn how money works. Additionally, using investment apps and linking them to online banking apps allows students to see how money flows in the real world.
Managing money becomes easy and convenient.
Students must manage a number of costs and fees while living away from home in order to pursue their education. Additionally, using debit cards linked to bank accounts makes making payments and transferring money very simple and convenient. They can focus on other important matters by keeping the money safe and secure in their account. You must have the account to receive loans, scholarships, or money transfers if you are intending to pursue higher education abroad.
The first step in saving money
A wonderful first step toward developing the knowledge and skills necessary for both prudent spending and saving is opening a bank account. It also teaches you to distinguish between needs and wants and how your financial decisions can impact your financial reserves. Learning about both short- and long-term financial goals helps you to appreciate the value of setting money aside for unexpected expenses such as rainy days.
Range of offers from neo-banks
Students now have additional options to consider rather than limiting themselves to traditional banks, thanks to the rise of neo-banks. Student savings accounts from neo banks are available with no minimum balance requirements to maintain account activity. There is also a student credit card available with no annual fee. Neo bank options simplify and facilitate customer-friendly banking with minimal documentation, fast turnaround times, and a flexible working structure.
Final thoughts
These are the benefits of using student bank accounts. As already said, use online mobile banking apps to start and use your account when making payments and savings. If you use your bank’s official app, you can open bank accountin a few minutes.
