Managing Your Bank Accounts
You are embarking on your college career and start receiving multiple solicitations for student bank accounts. Aren’t you feeling popular?
Be careful! Not all bank accounts are created equal. How do you know you are making the right choice? You have come to the right place! Read on and we will educate you.
Evaluating banking options
Choosing a bank
So you say you have all of this money (well, at least a little). You need a safe place to keep it. Under the mattress is likely not a good idea.
A bank account that is federally insured could help and even increase your money if you earn interest. Control spending by writing checks, sign up for online bill payment and use your debit card wisely. When shopping for an account, be sure to consider a financial institution that has a special student account. and look closely at the checking account’s interest rate and fees. Pick the one with the highest interest rate, no minimum balance, and lowest fees (Often internet based account vs. a brick and mortar account).
Compare checking and savings account interest rates at Bankrate.com .
Here are some useful links that will help you get started:
- How to select a Checking account
- Choosing the right account as a teenager
- Choosing student checking account
Check out this video from mybanktracker.
Checking Vs. Saving?
- Consider establishing two accounts and linking them.
- Move dollars from savings to checking when you need it. In general, keep your funds in the savings account to earn more interest.
Debit and Credit Cards
- When should I use a debit card and when might it make sense to consider a credit card?→ www.aarp.org: Credit or Debit Card
- What is the difference between a debit card and a credit card?Follow these links to learn more:→ Collegewiz: Credit cards Vs. Debit Cards → Ask: Understanding Credit and Debit cards