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Student Banking

Smartly navigate the student banking world by discovering financial tips, advantages of mobile banking, and more with Money & Advice.

What is Student Banking?

Student banking is an umbrella term for financial services tailored to students’ financial requirements. The financial journey of a student starts with opening a student checking or savings account.
The student-friendly bank accounts offer many benefits, including low fees, an expansive ATM network, cashback options, mobile banking, and other perks.
Student banking is aimed at helping students build a credit history responsibly while managing their finances securely.

Introduction In the rapidly evolving digital age, benefits of mobile banking apps equipped with personal

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No. It is not necessary for U.S. students to have a student bank account.
However, having a student account helps you reap the advantages of mobile banking, low or no fees, minimum balance requirements, and other student-friendly benefits.

You must provide proof of enrolment, such as an acceptance letter to a school or university, and a valid ID like a passport or driving license.
Depending on the bank, other documents that may be needed include proof of residency, birth certificate, VISA/Immigration Status (For non-US Citizens), proof of address, Social Security Number or Taxpayer Identification Number, and your I-20 (for non-US Citizens).

There are numerous mobile banking advantages for students, including 24/7 access to banking services, real-time notification of account activity, convenience, budgeting tools to develop financial responsibility, student discounts, instant money transfer, online loan management, investment opportunities, reduced fees, and more. Moreover, mobile banking is highly secure in the U.S., ensuring students are at peace knowing their money is safe.

Yes, you can apply for a credit card through your student bank account. However, it also depends on your financial history with the bank.
Most banks offer credit cards designed to align with students’ lifestyles and financial requirements. It includes low fees, cashback options, and other perks.
Credit cards for students may come with lower credit limits that can be increased in due course, depending on the usage.

Yes, most banks in the United States allow parents/guardians to be the joint account holder in student bank accounts. It helps parents supervise finances and manage them efficiently together.

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