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If you’re a student looking for a low-cost alternative to traditional banking, the answer is yes. But there are some things you need to know first.
What is a Free Bank Account for Students?
What is a Free Bank Account for Students?
A free bank account is an account that you can use to save money. A bank account that you don’t have to pay for is often referred to as a “free bank account” or just “a free bank.” There is a thing called a free student bank account too.
There are many banks in the world, but not all of them offer free accounts for their customers. Some of these banks do offer student-friendly features like rewards programs and low fees on certain transactions, but they may charge high annual fees or other charges that make them more expensive than other accounts.
Benefits of free bank accounts?
- No monthly account maintenance charges
- No ATM charges
- Free cheques (these are very useful)
- Free debit cards. The first time you use your card in a store, there will be a small charge, but after that, it’s free!
- Free internet banking and mobile banking (you can check your balance online or on the go). If you have an iPhone or an Android phone, chances are there’s an app for that bank.
- SMS alerts when you receive money from someone else if they are sending cash to your account electronically (wire transfers).
What makes student accounts different?
What makes student accounts different?
The main thing that sets student banking apart from other banks is that they offer different types of accounts.
Students are often in school, which means they might not have a lot of money to spend on fees and transactions. That’s why some student banks offer free checking, no-fee debit cards, or an interest rate that’s higher than what you’d receive at a regular bank.
Why are there so many options?
It all comes down to the fact that students don’t have as much experience managing their money yet—so they’re more likely to make mistakes than adults who have been working for years or decades. This can lead to overdraft fees and other problems—like missing out on opportunities for high-paying jobs because someone couldn’t apply for one due to financial difficulties caused by poor planning (or not having access). SoFi experts say, “With such accounts, you can keep an eye on your savings and spending.”
Who all can apply for a free bank account for students?
The criteria for applying for a free bank account for students is simple:
- You need to be a student.
- You must be at least 12 years old and independent, meaning that you are not financially dependent on your parents or anyone else. That means you could be under 18, 21 or 25 (or even 26).
The decision to apply for a student account is entirely up to you. You can go through all the details and the recommendation before applying for it to ensure that this is what you want. If you are looking for an alternative way of managing your money without any fees while being able to use it just like any other bank account, then this might be the right choice for you!