Everyone knows it's never too early to open a bank account. Even if they have little capital, students are looking for the bank that will offer the best conditions to keep their savings safe and allow them to plan for their future. Several banks offer attractive benefits to students. Here's a quick overview of how to open a student account with advantageous options.
There's no getting out of it: the formalities
It's never pleasant, but there are a few formalities to go through when opening a student account. First, you must sign a deposit account agreement that details all the details related to the account's operation. The student must then, among other things, provide a specimen signature that will be used to authenticate future banking transactions. With an individual account, the student is the only one authorized to make transactions on their account, including withdrawing funds and making payments by card or check.
Student-friendly banks
It's possible to play off the competition between banks that like to retain students before they enter the job market, especially if they are enrolled in a prestigious institution. Most commercial banks offer special conditions to students by offering them various packages. While these often seem attractive, they must include a minimum of benefits that make them truly worthwhile.
Among the things to check, you should ensure, among other things, that the bank does not charge for the use of checks beyond a certain number of copies. Most banking institutions are indeed accommodating in this regard with students, so they can look elsewhere if this is not the case. Consulting accounts via the Internet must also be free; it is charged for most regular customers.
Students can offer small favors related to opening an account. For example, they can request that an SMS alert be sent to them whenever there is any activity in their account. There is also a way to suggest that fees not be charged if they make a withdrawal from an ATM that is not part of the bank's network. These are not always readily available.
It is also not uncommon for banks to offer some privileges to attract students, such as discounts on concerts, cinema, and theater. You can also get insurance in case of loss of bank card.
Student loan
It's possible to obtain a student loan from the commercial bank where you open an account. Banks authorized to offer loans can finance your studies without even requiring a guarantor. This loan is also guaranteed by the government. The interest rate is negotiable, so you'll need to use your powers of persuasion to obtain a satisfactory rate.
