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Banking Features Designed For College Students

For almost all college students, navigating the financial landscape can be a tough nut to crack. Financial stability is a major contributor to a student’s success, which is why many banks prioritize offering specialized features for students. As a college student, if you want a stress-free, financially secure, and successful academic journey, explore what features banks offer to keep students on track. Below are some top-notch banking features that you can benefit from, so let’s break them down.

1. No Monthly Maintenance Fees

Students often operate on tight budgets, and many banks understand this. As such, they provide bank accounts with no monthly maintenance fees. Securing a student banking offer for new accounts can help them manage their finances like a pro.

There’s no burden of unnecessary charges. This exquisite feature will ensure that every dollar remains saved. This financial stability (when achieved) will allow you to use money for tuition, textbooks, social activities, and other purposes.

2. Student-Friendly Mobile Banking Apps

Convenience is key everywhere, and student life is no exception. That’s why mobile banking apps are designed to provide students with user-friendly interfaces, so they can manage accounts on the go. These smartphone apps often include top-notch features, such as:

budgeting tools,
expense tracking, and
easy money transfers.

All of them combine to empower students to take control of their finances with just a few taps on their smartphones. You won’t have to visit a bank branch whenever you want to make transactions or encounter any problems, saving you more time and commuting costs.

3. Overdraft Protection and Alerts

Financial mishaps can happen to anyone, especially busy students juggling courses and extracurricular activities.

Keeping this in mind, several banks offer overdraft protection and customizable alerts that notify students when their balance is low, avoiding last-minute financial worries.

This valuable feature, if you take advantage of it, will help you avoid costly overdraft fees and foster more responsible spending habits.

4. Cash Rewards on Everyday Purchases

A variety of banks and financial institutions, such as SoFi, continue to offer cashback rewards for qualifying purchases. That’s what appeals to most college students.

Are you living in a college hostel and having to buy groceries every month? Scheduled one day per week for dining out with friends? Or need to go shopping for college supplies?

In all these scenarios, these reward programs offer a little extra incentive and help you stretch your limited budgets. Thus, you won’t have to borrow money to meet your everyday expenses during your study tenure, relieving your stress.

5. Access to Financial Education Resources

During college, it’s mandatory to grasp personal finances in detail. Several banks aim to enhance students’ financial literacy. They provide access to a variety of educational resources, including the following:

workshops,
webinars and tutorials, and
online courses.

In case you leverage such resources well, you’ll be better equipped with the knowledge required to make informed financial decisions both now and in the future.

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.