A student savings account is a type of bank account created to cater to the needs of higher education of university students. These accounts let students manage their day-to-day expenditure and finances comfortably and also gain interest on their savings. Furthermore, the banks may also issue debit cards on these accounts so that users get to easily pay for their purchases across any place and withdraw cash. Moreover, these accounts also entitle the user to accrue interest on long term deposits. Let’s have a look at how to apply for a student savings account:

• Select the bank of your choice

The first step in how to apply for a student savings account pertains to making a selection of the bank in which the account needs to be open. There are several banks present, and each offers a different set of benefits to students. Additionally, taking note of the bank having ATM around the campus or hostel is also important to save on withdrawal charges that different banks charge when you withdraw money from their automated teller machines. Furthermore, you can also opt for nationalized banks of the country as these generally have ATMs located all around the country.

• Analyze the benefits offered by the bank

Savings account is mostly utilized to undertake long-term deposits so figuring out which bank offers a higher interest rate becomes important to maximize your earnings. Furthermore, checking on the service charges of the bank will also aid in better management of finances. Moreover, many banks also provide several perks like free ATM cards, online banking, and ATM transactions so that users get to comfortably withdraw money and keep track of their bank balance and spending. Even several banks send in free alerts through mobile or email to keep you informed about an upcoming payment or insufficient balance.

• Gather all documents required by the bank

There are several types of documents needed to open a savings account, and this list changes from bank to bank as well as when you are an international student. This includes your full name, residential address, telephone number, campus telephone number, university address, passport number, An I-20, or I-797 approval notice to determine the status of the student. Additionally, you require a second form of identification, a letter of acceptance from the college, and the amount of money you intend to deposit.

After you have come to know about how to apply for a student savings account, it is important to manage your account well and stay alert while undertaking financial transactions so that savings remain secure. Furthermore, comparing several banks before making the final decision helps in reaching your financial goals in a swift manner.