All checking accounts are not the same, especially when it comes to choosing the right account for your young adult. Banks like Litchfield Bancorp – A Division of Northwest Community Bank have a student checking account specially designed to meet your child’s needs.
So what sets a student checking account apart from a traditional checking account?
Aside from the basic check-writing and debit card services, there are additional features aimed at young adults between the ages of 16-26.
- No service fees. Not all banks offer this feature, some may be lower-than-normal or require a certain minimum balance or direct deposit.
- Debit card. Using a debit card is a safe and easy way to manage real money (compared to a credit card). There are no fees for using your debit card for purchases. Access to mobile/online banking. One of the easiest and most convenient ways for your child to track, manage, and see their spending is using online banking or a mobile banking app on their phone. They can see their transactions in real time and know exactly how much money is in their account.
- Text alerts. No more surprises! Your young adult can set up text or email alerts to know when their balance gets below a certain point or to monitor account activity. This can be a life saver to track and prevent fraud.
- It’s safe. Money in your child’s student checking account is much safer than a wallet full of cash. Money deposited into their bank account is FDIC insured. FDIC insurance covers depositors’ accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the insurance limit, typically $250,000.
Does my child need a student checking account?
We think so. Not only does it help protect your child’s money, but it also helps them learn strong financial habits including learning how to budget – a skill they will use throughout their lives.
As your child heads off to college, a trade school, or the work force developing a relationship with a bank is inevitable – regardless of how much money they have. Choosing the right bank and student checking account is important. At Litchfield Bancorp – A Division of Northwest Community Bank, we know worrying about a checking account shouldn’t be in the equation. No matter the college or career path, our Student checking account offers a convenient solution that’s FREE of fees and available to students ages 16 to 26.
- Up to $50 in ATM fees refunded monthly from other U.S. banks.
- No Monthly Maintenance Service Charge plus free online banking, access to our mobile apps, email and text alerts, and estatements.
- Unlimited point-of-sale transactions with no-fee debit card.
The best part about our Student Checking account – mom and dad are not required to open the account. You can learn more about opening an account today by CLICKING HERE.
Litchfield Branch Manager, Vice President