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The Benefits of a College savings account
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Opening a savings account early in life will help your child learn the value of money and in saving for the future. Banks encourage this practice of opening an account early on by promoting accounts that have low initial deposits that are especially meant for children or for those who are studying in college.
Opening an account poses several benefits and advantages. Here are some of them:
1. Convenience in money transfer
Most college students do not actually use bank accounts to save money but as a form of money transfer portal. Remember that most college students will be studying in universities away from their home and will be needing constant money support from their parents. Allowances and tuition fee payments are often deposited in bank accounts, which the college student will then withdraw when payment period comes. This provides endless convenience when compared to money wires and money transfers which can have very expensive service fees.
Still, not all banks have branches all over the country so make sure that the bank that you will be opening an account in has a branch in the state where you will be studying. This will make the transferring of money all the more easier.
2. Early training
Having a bank account will also train a college student to manage his or her own finances especially when he or she is away from home. With a bank account, they are able to monitor their expenses and savings through their deposits and withdrawals. This will teach them to save for the future.
Plan a weekly or monthly deposit scheme. For instance, tell yourself that you will be setting aside a portion of your monthly allowance or your paycheck from part-time work to the bank. You can even open another account for personal use and keep the other account for your money transfers. Besides, having money on hand will only tempt you to spend and spend. With your money tied up in some scheme, it will be less likely for you to use it in expenses that you do not really need.
3. Keeper of money
Bank accounts are also useful for college students who have part time work. Some establishments and companies pay their employees through banks and ATMs. That is why they require their employees to open up their own accounts. It will also be convenient for you because the lesser money on hand that you have, the better will you be able to save.
4. Lesser risk of thievery
With your money safe inside a bank account, there is less likely for it to be robbed or stolen compared to keeping it inside your dormitory drawer. Remember that there are people who just come and go inside your room, not to mention roomies that may also need money. You will never know who will be tempted with the money that you keep. Another convenience is that you don’t have to bring cash with your when you go out. You just need your ATM card and you only have to withdraw when you need it.
5. Interest earning
There is a sense of accomplishment when you see your money growing. This is especially true with college students who have part time jobs and are therefore earning on the side. In banks, your money will earn interest compared to when you just keep them in your wallet.
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