We're in the Money: Opening a Bank Account for Your College Student?

With Lineage Bank

Going to college is a big step in a young adult’s life. They finally get their first taste of ‘freedom’ and being on their own while getting the opportunity to meet new friends in a new place – very exciting things. However, it can be challenging to adjust to life away from home without a solid banking relationship.

So, whether you are sending yours off to college for the first time or helping them pack after a summer back home, here are a few tips you should consider when selecting a bank account for your college student:

Limited Fees/Low Minimum Opening Balance

Monthly fees that come with having a bank account can be a burden, especially for a college student with little funds. Therefore, ensuring the checking account you select has limited monthly fees is essential. Additionally, a low minimum opening and daily balance are important because, let’s face it, graduation money will not last too long.

Online Banking/Direct Deposit

Proper financial management is crucial as the transition into adulthood is made, and your student’s first bank account is a great starting point. They will likely get a job to have additional funds, so setting them up with an account with direct deposit enabled will allow them to begin saving for the future. Proper online banking is also essential, as this can help prevent overdrafts on the account.

Excellent Customer Service

No matter how hard we try to prevent them, things come up that require extra funds (broken down car, last-minute spring break, etc.). Therefore, it is necessary to have a caring, compassionate bank customer service team at your disposal – A team who will help you get your college student the money they need when they need it. Hence, when selecting a bank for your student, customer service quality should also be at the top of your list!

If you need help building a banking relationship for your young adult, call Lineage Bank at 629.248.9085. We look forward to assisting your family!