Student Checking Accounts Explained

Student checking accounts provide a valuable tool for students to navigate their finances confidently. It’s essential to foster financial independence and responsible money management, and opening a student checking account is a significant step towards financial empowerment.

In this article, we ‘ll explore the benefits of student checking accounts, the process of opening one, and key considerations to keep in mind for student checking account holders.

Benefits of Student Checking Accounts

Opening a student checking account offers numerous advantages for students seeking to establish a solid financial foundation. Here are some key benefits to consider:

1. Student Banking Online and with Apps: Student checking accounts provide easy access to funds through debit cards, online banking, and mobile apps – allowing students to manage their money conveniently from anywhere.
2. Send Money with Zelle®: With Amerant Bank’s Student Checking Account, students can send and receive money easily from their phone or computer with Zelle®. Transfers are usually available within minutes. This is useful especially in scenarios where funds are needed immediately.
3. Budgeting and Financial Responsibility: With a dedicated checking account, students can track their expenses, set budgets, and develop essential financial management skills that will serve them well throughout their lives.
4. Fee Waivers and Discounts: Many banks offer student checking accounts with fee waivers, providing relief from monthly maintenance fees and ATM withdrawal charges. Amerant Bank account holders have access to over 50,000 ATMs worldwide within the AllPoint network.
5. Security and Fraud Protection: Student checking accounts come with built-in security features, such as fraud monitoring and zero-liability protection, ensuring students’ funds are safeguarded against unauthorized transactions.
6. Establishing Credit History: Consistent and responsible use of a student checking account can help students build a positive credit history, setting them up for future financial endeavors like renting an apartment or obtaining a loan.

How to Open a Student Checking Account

Opening a student checking account is easy and can usually be done online or in-branch, depending on your preference. Typically, you’ll need your social security number, ID, and a few other items. As an example, Amerant Bank makes it easy to open a student checking account:

What’s Needed to Open a Student Checking Account with Amerant:

1. Social Security Number
2. Driver’s License or State-Issued ID
3. Contact Information (Name, Email, Address, etc.)
4. School/University Name
5. Expected Graduation Date

Online:

1. Visit the Amerant Bank online account opening page.
2. Provide personal information.
3. Review and agree to terms and conditions.
4. Fund your account.

In-Branch:

1. Visit a local Amerant Bank branch.
2. Receive personalized assistance.
3. Open and fund your account.

Are Student Checking Accounts Permanent?

Most student checking accounts convert to standard checking accounts when the account holder turns 25 years of age. It’s important for applicants to check the Terms and Conditions, as the status of the account may differ depending on the bank/financial institution.

How are Student Checking Accounts Different than Standard Checking Accounts?

Student checking accounts differ from standard checking accounts in a few ways:

1. Age and Eligibility: Student checking accounts are specifically designed for students who are typically between the ages of 16 and 24, whereas regular checking accounts are available to individuals of all age groups.
2. Fee Structures: Student checking accounts often have lower or no monthly maintenance fees, minimum balance requirements, or transaction fees compared to regular checking accounts. This helps students manage their finances without incurring excessive costs.
3. Account Limitations: Student checking accounts may have certain limitations, such as lower withdrawal limits or spending caps, to help students develop responsible spending habits and avoid excessive debt.

While both types of accounts offer basic banking services, student checking accounts provide additional advantages and considerations that cater specifically to the unique financial needs of students.

Can high school students open a student checking account?

It depends on the financial institution, but in some cases, high school students can open a checking account with their parents as the joint owner.

With reduced fees and convenient online/mobile banking, students can budget, track expenses, and make informed spending decisions. Opening a student checking account sets the foundation for financial independence and prepares students for future financial endeavors.

What happens to student checking accounts after graduation?

After turning 25, a student checking account typically transitions into a standard checking account. This means that the account may be subject to new terms and fees, and the student-specific benefits and perks may no longer apply.

It is important for account holders to review the account terms and consider any necessary adjustments for their financial needs.

What if I’m a student past 24 years of age?

Student checking accounts are typically available to students between the ages of 16 and 24. However, some banks may offer student checking accounts to individuals beyond the age of 24, depending on their student status or affiliation with educational institutions. It’s best to check with the specific bank for eligibility criteria.

Student Checking Accounts for International Students

Student checking accounts can also be beneficial for international students studying in a foreign country. These accounts offer a convenient and secure way to manage finances, receive funds, and make transactions in the local currency.

They often provide features such as international wire transfers, multi-currency support, and competitive exchange rates. Additionally, some banks may offer resources specifically tailored to international students, such as guidance on navigating the local banking system and assistance with documentation requirements. Opening a student checking account can help international students feel financially empowered and integrated into their new academic environment.

Student checking accounts serve as a valuable tool for students, offering convenience, budgeting support, and access to financial resources.

Whether it’s high school students starting their financial journey or international students adapting to a new country, these accounts provide the means to develop responsible money management skills and achieve financial independence.

By embracing the benefits of student checking accounts, students can pave the way for a successful financial future. Learn more about Student Checking accounts at https://www.amerantbank.com/products/personal/personal-checking/student-checking/.