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Why New College Students Need a Student Checking Account

Starting college is an exciting milestone, filled with new experiences, independence, and a fair share of challenges. For new college students, this period is marked by significant life changes as they transition from the familiar comforts of home to the world of higher education.

Amidst the whirlwind of new classes, social activities, and newfound responsibilities, managing finances can quickly become a daunting task. This is where a student checking account can be the perfect companion, providing essential support throughout the college experience.

Keep reading to learn more about student checking accounts, how they work, their benefits, and about Academy Bank’s student checking account.

What is a Student Checking Account?

A student checking account is a type of bank account designed for college and university students. It typically provides convenient mobile and online banking options, making it easy for students to manage their finances on the go. Student checking accounts are a great way for college students to get a handle on their finances as they gain financial independence.

How Do Student Checking Accounts Work?

Student checking accounts offer a simplified and cost-effective way for college students to manage their money. These accounts usually come with low or no monthly maintenance fees, making them accessible to students with limited funds.

Typically, student checking accounts include essential banking features such as a debit card for everyday transactions, free access to a network of ATMs, and robust online and mobile banking services. These digital tools allow students to check their balances, transfer money, pay bills, and deposit checks remotely, providing the convenience needed for busy academic schedules.

In addition to easy use, student checking accounts help students learn financial responsibility by providing practical tools and resources for managing their finances. By regularly using their checking accounts, students can gain hands-on experience with financial tasks such as understanding bank statements and making informed spending decisions. This real-world financial education helps them build responsible money management habits that will benefit them long after graduation.

Benefits of Student Checking Accounts

As students transition to college life, managing finances is often a major new responsibility. Student checking accounts offer a variety of benefits that make this transition smoother and more manageable.

1. Low or No Fees

Student checking accounts often have minimal to no monthly maintenance fees, helping students save money. There are usually no minimum balance requirements, which means students can keep their accounts open without worrying about maintaining a certain amount of money.

2. Mobile and Online Banking

With mobile and online banking options, students can manage their accounts from their smartphones or computers anytime, anywhere. Features such as mobile check deposit, bill pay, and instant transfers between accounts provide flexibility and convenience.

3. Debit Card Access

A debit card linked to the student checking account allows for easy and secure transactions, both in-person and online. Students can use their debit cards to withdraw cash, make purchases, and even set up direct deposit for part-time jobs.

4. Free ATM Access

Many student accounts provide free access to a network of ATMs, reducing the risk of incurring fees from using out-of-network machines.

Academy Bank’s Student Checking Account Can Help College Students with Transitions

The Academy Bank Student Checking Account was designed with ease and convenience for full-time students. Here are the features you need to know about:

  • Mobile Banking with Check Deposit1,2: With mobile banking, you can manage your finances anytime, anywhere. Deposit checks directly from your smartphone for ultimate convenience.
  • VISA Debit Card Usage Alerts: Stay on top of your spending with real-time alerts every time your VISA debit card is used. This feature helps you keep track of your transactions and ensures the security of your account.
  • Online Banking: Access your account online to check balances, transfer money, pay bills, and more. Online banking provides all the tools you need to manage your finances effectively from your computer.
  • Over 70 Locations: With over 70 locations, including branches inside Walmart, banking is convenient and accessible. You can handle your banking needs while shopping for groceries and essentials or running errands.
  • Overdraft Alternatives: Avoid overdraft fees by linking your checking account to a savings account. This feature provides a safety net if you accidentally overdraw your account.
  • Saving Cents: Automatically round up your debit card purchases and save the change. Our Saving Cents feature helps you build your savings effortlessly with every transaction.
  • Cash2Debit3: Add cash to your account from thousands of retailers. This service makes it easy to deposit cash, even if you're not near a bank branch.
  • Refer Friends, Get Rewards1,4: Earn rewards by referring friends to open a student checking account. Both you and your friend can receive $50 as a thank-you.

To open a student checking account, a $25 opening balance is required, and you must be a full-time student under 23 years old enrolled in a high school, college, university, or vocational program. The account converts to a Simply Digital Checking Account at age 23.

There is no monthly service charge if you enroll in Digital Banking and sign up for eStatements; otherwise, a $5 monthly fee applies. You can choose free eStatements or pay $5 for paper statements, and use Cash2Debit3 to add cash at numerous retail locations. Note that closing new accounts within 90 days will result in a $20 early closure fee.

Ready to get started? Apply for your student checking account online in just minutes.

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$25 opening deposit required. $5 monthly service charge applies. The $5 monthly service is waived if enrolled in Digital Banking AND signed up for eStatements. $5 paper statement fee applies. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

1 Message and data rates charged by your mobile phone carrier may apply.

2 Deposits are subject to verification and not available for immediate withdrawal. Deposit limits and restrictions apply.

3 A $4.95 fee may apply. Deposit limits and restrictions apply. Not available in Vermont. Ask an Academy Bank associate for details. Not available at self-checkout.

4 Terms and Conditions apply. Receive a $50 Visa® Reward Card when your friend registers, opens a new Academy Bank Select Rewards, Simply Free, Elite Investment, Student or Safe Spending checking account, and completes the following within 60 days of account opening:

  • Enrolls in Digital Banking, AND
  • Has at least one (1) or more direct deposits or mobile deposits that total $300 within 60 days of opening the checking account.