One of the most important things you will do as a student at an American university is to open a student savings account. This helps in organizing your finances, which will also give you peace of mind that your money is in a safe place. So, let us get started on how to apply for a student savings account:
Pick a Financial Institution
There are a lot of establisments in the country to choose from. Check what each lender is offering you as a student when you are thinking of opening a student savings account. Also, you must consider the monthly fee the lender is charging, the ATMs that are accessible to you on campus, and even the paper statement charges that some banks may apply.
Select the Account Type You Need
Once you have selected a bank, you need to decide which out of the following two accounts you would prefer opting for:
- Savings Account
Savings accounts are best for those students who are planning on sorting out their finances for the long-term. It is ideal if you are working and want to keep depositing cash into the account and withdraw at times of emergency.
- Checking Account
Checking accounts are meant for daily use. You can deposit and withdraw funds to and from your checking account any time you wish. When you open a checking account, you will receive a debit card and a checkbook. International students mostly use this type of accounts since they need funds for their daily living expenses.
Procedure for Opening an Account
When you visit a bank, here are some of the details that they would require from you:
- Name, Home telephone number, Home address, University address, University telephone number.
- I-20 form (Certificate of eligibility).
- Identity proof (Birth certificate, Student ID card, Driver’s license, Letter given by the International Students and Scholars’ Office from your college.
- Your passport
- Letter of acceptance from your college.
- Proof of funds (Financial statements).
After sorting these documents, you are equipped on how to apply for a student savings account. Please note that these are general requirements, but each bank may have additional requirements apart from these as per their rules and regulations.
Benefits of Student Savings Account
Banks are always looking for students that want to open savings accounts since their plan of action is to graduate and begin their careers, in which case they would ideally prefer continuing their accounts. Due to this students are offered numerous benefits, thus enticing them in opening accounts. These benefits include free debit cards, free ATM transactions, no minimum balance required, and so on. So, as a student always compare lenders to check which one provides you with the most benefits.
This information should help you on knowing how to apply for a student savings account.