Finding a bank account isn’t as easy as just getting the first bank account you see. In fact, banking is much more complicated than you may think it is, and that’s one of the reasons why there are so many different guides to banking in general. For those with student debt, it can be even more complex. Here are five things to pay attention to if you’re banking with student debt.
1. Go for an Account With No Minimum Monthly Balance
As a college or post-college banker, you may have a fairly small amount of money at any given time. Many banks have a “minimum monthly balance”, which is an average dollar amount an account needs to be at if you want to avoid fees. An account that doesn’t have this requirement is an account that will help a student much more.
2. Find an Account With Few to No Fees
There are a variety of different fees that a bank account may levy against you to try and get as much of your money as possible. Do your best to find an account that doesn’t have almost any fees – monthly maintenance fees, overdraft fees, and in-network ATM fees are three of the types of fees to look out for.
3. Utilize Interest to Get More With Your Savings
Interest is a great way to save more with a banking account. Even if you don’t have a lot of savings, as many college and post-college students find themselves, interest on any amount of savings is better than no interest. You should keep a few months’ worth of bills as a backup cushion, and sticking that into savings can help you do more with it.
4. See Where You Might Be Able to Access ATMs
Most bank accounts nowadays have partnerships with certain ATMs that allow you to withdraw money at those ATMs without paying extra fees. Before you sign up for that bank account, it’s a good idea to check for what ATMs these are, as well as where you can find those ATMs. Though you might not expect that you’ll have to withdraw cash anytime soon, it’s still a good idea to check.
5. Look for Introductory Bonuses
An introductory bonus can give you a great reason to get a brand-new bank account, rather than sticking with your old bank account. Plus, those bonuses could go directly toward paying your student debt. Try a
Sofi bank account and take advantage of any introductory bonuses.
If you have student debt, you may want to change how you bank just a little bit. There are many different things to consider as a person with student debt, but the good news is that there are also many bank accounts out there that students can utilize no matter how much debt they have. Just check for these five things to make sure a specific bank account is right for you.