Helping students manage finances with savings accounts

Savings accounts are the safest way to save money for people who do not want to take the risk of investing their money in CDs and stock market. Though savings account does not provide interest rates as high as certificates of deposit offers, it is undoubtedly risk free. Students should consider opening a savings account to help them sail through their university expenses without problems while the account pays some interest on the savings.

It is best for students to open an account to manage their university expenses and income too, since it is a centralized location to pool in all the money. Students will need to work in various wage payroll jobs throughout their studies, in order to manage their expenses. Putting all the money in one location not only gives them a fair idea about the total expenditure and the income they earn, but also gives them some profit in the form of interest rates. It is also easier for students to manage their student loans through a savings bank account. Transferring the loan amount to the savings account also helps students to get higher returns since the interest rates for higher amounts of balanced gives good profits.

Many banks have special students accounts designed to provide maximum benefits and have student friendly features. Usually savings accounts have a restriction on the number of withdrawals that can be made per month. But student savings accounts have lesser restrictions upon the money that can be transferred from the savings to checking accounts. Many banks offer higher interest rates than usual, to student savings accounts. Many banks offer free checks, debit cards and other facilities to help students save money and make use of their accounts.

Finding the right bank is the key to find the best savings accounts for students. Signing up with a bank that gives maximum benefits including unlimited transfers from savings to checking is ideal for students. Some banks offer free incentives and gifts to students who open bank accounts. Many useful things like laptop bags, flash memories, or even bus passes for commuting. Also, access to savings account through internet is an added bonus. Obtaining access to account through internet becomes important because a student’s busy schedule may not allow frequent visits to bank. If not internet banking, at least phone banking must be made available to students in order to make it simpler to access accounts.