Financial perks for students

June 15, 2017
Students can qualify for special chequing accounts and credit cards. In many cases, these cards and accounts have beneficial attributes that students can use to start their financial life off in the right way.
Financial perks for students

Students can qualify for special chequing accounts and credit cards. In many cases, these cards and accounts have beneficial attributes that students can use to start their financial life off in the right way.

Student accounts have special features that allow young people to save money on the fees that are usually associated with chequing. Though these customer-friendly features vary from bank to bank, they often include things like no limit on debit card transaction or ATM withdrawals. The bank may also waive minimum balance requirements, and they may allow the student to open the account with a lower initial deposit.

Requirements may be slightly different depending on the bank. Usually, to qualify for special student chequing accounts, you must be enrolled in a university, technical college or community college. In addition to the usual forms of identification, you will probably be required to prove your educational status with a student ID or copies of your enrollment paperwork.

When you are done with school, or when the usual period of study (four years) is complete, most banks will automatically switch you over to a standard account.

Sometimes, a student account will not be the best fit for you. If you can get a no-fee chequing account at a bank near your school, then perhaps that would be a better option. Things like easy ATM access could play a role in your final decision. You should remember that a standard no-fee chequing account may have a higher balance requirement than a student chequing account.

Student credit cards can help younger people build a credit history. These cards generally have no annual fees. If they have a rewards program, it is quite modest. However, some retailers may give a special student discount or other perks to cardholders.

These cards may be the best option for students with limited credit history. Some may require a parent to cosign for the card, while others might require a security deposit. Opting for the security deposit could be a better option because it will allow you to build a positive credit history on your own rather than with a parent.

It is important to remember that student credit cards should be used for building a positive credit history, not for building debt.

But what if you need to borrow money for unexpected expenses? Online personal loans could be a better option than a student credit card. The application and approval process is quick, and the money is available right away if you are approved.