Back-to-school is just around the corner, and parents of college students are preparing their kids to be away from home. While you talk about the ins and outs of living on their own, ensure you’re preparing your child financially too. Now is perfect if they’ve never handled their own money or owned a checking account.  A student checking account is a great way to set your child up for success. A student checking account is affordable and helps your child learn how to manage money quickly. It can be scary to send them off on their own, but giving them the right tools is much easier for everyone.

What is a Student Checking Account?

 A student checking account is a checking account with basic functions for students ages 16 -25 years old. All you need is a driver’s license and proof that you’re a student to qualify for a checking account for students at most banks.

 Does my Child Need a Student Checking Account?

It might seem unnecessary to set your child up with their own bank account if you’re planning on covering all their costs while away at college, but there’s good reason to consider one. A student checking account helps college students learn how to manage their finances. Rather than having mom and dad cover the cost of everything, they can learn how to budget and spend their money wisely. Giving your child the reins with the money can empower them as they learn how to manage the funds, pay the bills, and have money left over for other things.

Benefits of a Checking Account

Student checking accounts provide college students with many benefits, including:

 ·       Most banks don’t charge a service fee, and they don’t make college students meet a specific balance threshold to waive the fee

·       Student checking accounts include a free debit card with a free ATM network

·       Students can use mobile banking, making it easy to conduct bank transactions from their dorm, which is even safer for students

·       Students can set up alerts via text or email so they always know their bank account status, such as if the balance is getting low or there was a transaction they didn’t initiate

·       Some banks offer a free savings account linked with the checking account to encourage students to save a portion of their funds

 Final Thoughts – Work with a Trusted Bank

 If you’re ready to set your child up with a student checking account, make sure you work with a trusted bank. If the bank you currently use has branches where your child will go to school, that’s usually your best option. If not, do your research and make sure you work with a bank with a good reputation. The key is to find a bank with an ATM network near your child’s campus. While most transactions can be done on their mobile device, an ATM will be necessary if they need cash.