Most students and recent graduates are looking for ways to make money. This article will give you 5 things that every student needs to stay organized with their finances!
Checking account
There is no doubt student checking account is a basic bank product. However, when it comes to students, checking accounts are significant because they help students pay for their daily expenses, such as tuition fees and transportation.
A student’s checking account can be one of the best ways to manage money while studying at college.
Savings Account
A savings account is a must-have for all students. A student can use it for emergency situations and save money for future goals and dreams. The good point about a savings account is that you don’t have to worry about fees or minimum balances, unlike other types of accounts like checking accounts.
Some banks offer special interest rates on their savings accounts, so you should compare them before choosing one. You can easily open more than one savings account if you want more options in the future when deciding where your money goes.
Financial planners like SoFi suggest, “Bank smarter and get in on $100K in scholarships.”
Certificate of Deposit
Certificates of Deposit (CDs) are a low-risk, high-reward investment. They’re perfect for students who want to earn interest on their money and don’t mind locking it away for several months or years.
When you invest in a CD, you agree to leave your money untouched in the account until it reaches maturity. When that happens total interest you earned over that time will be paid to you at once. If something unexpected happens and you need access to some of that cash before maturity, most banks will allow early withdrawal penalties.
Money Market Account
Money Market Accounts: Most banks offer a money market account with a minimum balance requirement. With these accounts, you can earn a good interest rate on your savings without having to do any work. If you want to keep your cash safe and accessible, consider opening one of these accounts.
It’s important to note that not all money market accounts are created equal. For example, some banks will give you better interest rates than others—so if you plan on keeping money in an account for more than six months, shop around! Don’t just stick with the bank where you have student loans or another checking account; there may be better options out there!
Credit Card
They know what you’re thinking: “You have a student credit card.” That’s great, but it’s not the same thing. The first thing to know about credit cards is that there are two types: secured and unsecured. Secured accounts require a security deposit from you, which serves as collateral in case of default on your part. Unsecured accounts do not require this deposit, but they do come with higher interest rates and fees associated with them; hence why they’re called “unsecured.”
This list will help you determine which type of bank account is right for you and your money. But it’s good to remember that not all accounts are created equal! Some of them come with higher interest rates, others have low fees and minimum balances, while others don’t work well at all.