Posts Tagged ‘Student Bank Accounts’

Student bank accounts overdraft

Student bank accounts overdraft is the most vital thing that a student needs to take care of. If this is not your prime concern, then dear friend there will be high chances that you end up building debts after your postgraduate course. Finding an entry to one of the best colleges to pursue higher education is a tough work. But finding the right bank that could help you manage your funds well is tougher than that.

After the recent economic downturn, the banking sector suffered huge losses. This has led the banks to increase their interest rates, lower down the extreme privileges in order to cut down costs. The big names in the industry reported either loss in their financial quarter, or a drop in their profit earnings. This is the present scenario with the banks in almost all countries. Although people are suggesting that the conditions are changing on the positive node, still it is advisable to know all the details related to a bank before opening any account with them.

If you are currently going for higher education and are thinking of opening a student bank account, then you must consider the overdraft facility with utmost priority. Your future depends on the decision that you take at present. If you are lured by the exciting offers of latest iPods or mp4 players, then you are in grave danger. Don’t get carried away by such offers, as they are meant to appease the young clients. These can also be covers to hide the high interest rates, which the banks intend to charge you in the long run. Banks try to attract the students more, because students are new to the banking world. Also they can be easily turned into their long term clients. Switching is generally not preferred by the budding investors. Hence, most importantly check the overdraft facility of the bank, before opening a student account.

Generally, the banks provide interest free overdraft facility to its student account holders. However this privilege is limited to a certain amount only. It however varies from bank to bank. The general range is anywhere between the range of 2000 pounds to 3000 pounds. Try to research on the maximum limits provided by the banks. After all, if you manage to get a better Student bank accounts overdraft facility, then you will be able to save yourself from ending up in high debts. This is a fact in current scenario. Many postgraduate students forget the importance of the overdraft and when they receive low amount on high interest, they end up in taking more money.

Another important factor that you need to keep in mind is that you need to repay your debt after you pass out your college. The more you withdraw, the more you are raising your own burden. This realization will also help you in assessing your requirement. You must withdraw only that amount, that you will actually require, and not the one permitted to you. In this way, you can tread the path of saving funds. Otherwise, as soon as you start your professional life, you will be paying your college debts for a few years. Many banks allow you an interest free overdraft of 500 bucks, as soon as you open an account with them. Then this limit is raised, as per your need. The interest charged by different banks after the allowed limit varies and is generally around 7 to 7.5%.

You need to be alert while selecting the correct bank for your student account. You need to check the minute details about the plan you are opting to assure that there are no hidden clause. If required, you can ask for the assistance of professionals, who are specially appointed by the banks to help the students in making their decision. You should also try to have this account in the branch nearest to your convenient area, so that you need not spend much time for the petty banking issues. Leading banks like NatWest bank, the Royal bank of Scotland are gaining popularity because of their 0% interest overdraft schemes and cordial services. They don’t cheat their young customers and in a way build their relationship for a longer term. At the end of the day, if you take the right decision, only you will be benefitted. This will help you in keeping financial troubles away from yourself.

Student Bank Accounts 2009

Various banks in the US are providing the students with various offers for the Student bank accounts 2009. Let’s review some of the hottest offers made by the topmost banks of USA. The first one that is worth mentioning is The Citibank. Although getting a student’s account in Citibank is not that easy, especially after the recent economic crisis. However, the main criterion for opening a student bank account for this bank is that you have to be enrolled in an accredited college in the US. They are giving an opportunity to apply for an FDIC-insured Citibank Student Account with only a nominal opening account deposit of $100.

The additional offers include no monthly fee, free check writing, free use of non-Citibank ATMs, as well as free access to the 26,000 Citibank ATMs. Along with it a Citibank Debit MasterCard is on the offering with all the above for making purchases, getting cashes and earning rewards. This doesn’t seem to be enough. If you make an initial deposit of $300, then you can get a $500 Checking Plus line of credit. So this ensures an overdraft protection. Rewards are galore on the offing. Having a Citibank Student account entitles you to receive Thank You Points every month with linked qualifying products or services. Citibank group boasts of Award winning online banking services, free online bill payments, paperless bank statements, online check images, extensive transfer services, and alerts via email or wireless, connection worldwide through ATM networks spread out all over the world.

Also they are ready to help you 24/7 with their customer support program that they have. You don’t have to think regarding the safety of your hard earned money. They have Citi Identity Theft Solutions and online fraud protections for solving your tensions regarding the safe keeping of your money. You can easily visit their e-mail fraud and security area to know more about their ways of protecting your money. Talking about banks and not mentioning Bank of America, is simply not possible. This bank assures the student that they can conveniently save for the future, while they earn their degree. This is an option for the students with limited funds who want to open a student savings account.

Requirements for opening an account are same as that of Citi bank with an opening deposit of $100. It is FDIC insured with an option to receive a monthly statement if you use an ATM and have transfers such as direct deposits or have a combined statement. On the flexibility side of your account, if you need then you can set up an automatic savings transfer from your checking account on a monthly basis. Other features are same as that of Citi bank with an easy account access through online banking and access to more than 18000 Bank of America ATMs nationwide and 5,800 banking centers coast to coast. For the student savings account section there are no monthly fee when you keep as less as $300 in your account each day, if that is not possible then a monthly maintenance fee of $3 is applied. Also there are no fees for first three withdrawals per month after which $3 per withdrawal if minimum balance falls below $2500.

Another bank that remained popular among the students for the year 2009 is the US Bank. They have Campus card, which enables student a smarter way to access their funds on or off campus. It has a very good option to combine your student ID with a free U.S. Bank Student Checking account, use it at any ATM or make PIN debit purchases with the amount being automatically deducted from your checking account. Thus it gives you a wide access to your account on or off campus. Opening an account in this case is also simple. First one has to make sure if his school is a campus card partner. Applying for a free U.S. Bank Student Checking account comes next. A visit next to U.S. Bank branch to link your student ID to your checking account completes all the formalities for using the Student ID at any ATM or to make PIN based purchases.

Now why should one apply for this U.S. Bank account? It is for the fact that there are no minimum balance or monthly maintenance fees, free internet banking, bill pay and online statements, four free non-U.S. Bank ATM transactions per month. Also there are unlimited free transactions per month at their bilingual ATMs. Other banks too made similar exciting offers, but these 3 ruled above all. All the above are the general plans available for the Student Bank Accounts 2009 for the respective banks. However, before opening an account one should always check each and every points and should read the terms and conditions carefully.

HSBC Student Bank Accounts

Almost every bank on the earth provides student banking facility. HSBC Student Bank Accounts are no different in this regard. The student banking facilities they provide have a number of good reasons to attract someone for opening a student account. They are there to help students to make the most of their money. This has been constant aim of their organization. It offers student a flexible banking account that will give them the support that they need to enjoy their time as a student. It also allows the student with access to their money whenever they need. They are known to provide service round the clock. But that is something that is provided by almost all banks. You may wonder why you should opt for HSBC student account.

The benefits that they are providing the students may differ from country to country but generally they provide the following facilities to the students:

● Banking: They are providing interest free overdraft of up to £2,000, with no overdraft fees and overdraft limit alerts at the banks cash machine. They are also paying 2% AER Variable Credit interest on the first £1000 that will be there in the student bank account during his first year at university.

● Traveling and Holidays: They are providing two years free world wide travel insurance along with the facility of accessing cash wherever the student may be. They also offer the facility to get local currency at over a million cash machines worldwide.

• Managing money in account: Managing money has never been much easier before. Along with 24 hours access to one’s account, the bank is also providing a free SIM card in select circle that comes with £5 preloaded credit and free calls to HSBC telephonic banking. Now you can manage your money on the move, whenever needed. Mobile banking is also possible straight from one’s mobile phone.

Confused about what to do? They also have In-Branch Student Advisor who is there to help you in case you need help and suggestions. You can ask them anything that would resolve your doubts.

What about discounts? The bank provides great discounts at their different associated outlets located at different parts of the country. If some one is planning to travel overseas, then he can receive a 25% discount off Lonely Planet travel guides with an option to choose from over 500 titles that covers every corner of the planet. This offer is only redeemable through online shopping at lonely planet. Other benefits are from CDWOW. One can get a chart CDs from £7.49. The international students can apply for their HSBC Passports. They are providing banking for students from the age of seventeen so that one may avoid the hassles of applying for a student loan.

There are also additional benefits for applying while one is seventeen. Once one is 18+ he will be entitled to have the additional features namely:-

● Unlimited access to your account.

● Access to your cash wherever you are – get local currency at over a million cash machines worldwide

● Mobile Banking straight from your mobile phone.

● Mobile top-ups at HSBC cash machines

● Talking Money student micro site.

● Online budgeting calculator

● In-branch Student Advisors.

Another option for those who already have an HSBC account or those who are going to have a new one is that they can go green.  This is to say that they can avoid unnecessary paper in their everyday banking. This also means there would be no paper statements, all statements to be delivered electronically via internet banking. There would be no more letters from the bank. All the transactions will be via a phone call or email service. There wouldn’t be check book payments for one’s current account and also no paper marketing as well.

Eligibility criteria for opening an HSBC Student Banks Accounts: -

There are two most general criteria for opening an account. First is that one has to be more than 17 and the other is that the student should not hold any student accounts elsewhere. Also one should have applied for a two years full time course in a recognized university or a part time with Disability Student Allowance. But before everything, one should always study the terms and conditions to do so from an HSBC branch.