5 Benefits of a Student Checking Account
One of the most essential components of money management is a checking account. It gives you the ability to keep your money safe while being able to access it whenever you need it—using a check, debit card or electronic transfer.
Opening a checking account is an important first step to establishing your finances. If your child has a summer or part-time job, or they pay some of their own bills (like cell phone, gas or entertainment), then it’s probably a good idea for them to have a personal checking account.
Consider these five benefits of opening a student checking account for your kids:
1. Establish a financial foundation
A checking account is an important step for your child to learn how to be responsible with money as they enter adulthood. It helps them gain full control of their spending, better understand and evaluate their wants and needs and learn how to save for the future. Establishing these healthy habits early on will lead to greater peace of mind and confidence on their financial journey.
2. Enjoy simple and instant account access
Your child can easily access their account anytime through online and mobile banking. This free service makes keeping track of spending a breeze. Whether they are out with friends or just picking up some necessities, digital banking gives your child convenient access to view their account activity and current balance right from their phone.
Enjoy the convenience of online shopping with a student checking account. Securely link the account’s debit card to online platforms and retailers for a quick and easy checkout.
3. Automate payments and savings
If your child has a job, direct deposit offers an easier way for them to receive their paycheck directly into their account. By setting up direct deposit, they can enjoy faster access to their funds.
A teen savings account is a fantastic tool to start saving money at an early age. By automating savings through regular transfers from their student checking account, your child can easily build a financial cushion for their future.
While it's always important to pay bills on time, a checking account makes this process much more efficient. If your child is starting to contribute to their own bills, they can easily set up alerts for due dates, or use our free bill pay service to make one-time or recurring electronic payments.
4. Develop a financial relationship
Opening a checking account will allow your child to develop a relationship with a financial institution so, in the future, they will have a trusted place to seek guidance for auto loans, mortgages and many more financial services.
As your child gets older, they can meet with a financial advisor from Mountain America Credit Union and learn how to:
- Maximize savings
- Create a budget
- Pay off debt faster
- Boost their credit score
- Plan for their financial future
5. Earn rewards
A MyStyle® Checking account from Mountain America offers all of these features and also comes with a debit card, no minimum balance to open the account and an extensive rewards program. Children and young adults automatically qualify for a maintenance fee waiver with this checking account if they are 24 years old or younger.
Rewards aren't the only perk with this account! Interested in loan rate discounts? How about cell phone protection or entertainment savings? Check out the full list of MyStyle® Checking benefits here.
Get started
To open a student checking account, apply online, at a nearby branch or by calling our service center at 1-800-748-4302.
Open your account
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