The features and benefits of a student savings account
Students can open a savings account in a bank when they commence their studies at college/university. This article takes a look at the benefits and features of a savings accounts for students. Before looking at the benefits of savings accounts for students, let’s take a look at what a student savings account is. This is an account that banks offer exclusively for students of colleges and universities. You need to show the student ID card at the time of opening the account. The objective of the account is to deposit funds easily and from there transfer to the college/university for fee payment. Students can also earn interest on the account that they can use for their expenses. Unlike a checking account, this account is not meant for frequent transactions and used to earn interest and pay fees. Features Some of the features of students savings account include: There are no requirements at all regarding maintaining a minimum balance in the account. No penalty is charged for non-maintenance of balance. There is no requirement of depositing any money while opening the account. Transactions on student accounts are free or very nominal fees are levied. Usually, higher charges are levied if more transactions are carried out within a certain period.