Are you a university student? Please note that you have the right to create a student bank account. However, opening one is not a hasty decision. With the management and account maintenance fees and the conditions required by the banks, you need to take your time in choosing your bank. Here are a few tips before you open your student bank account.
CRITERIA TO TAKE INTO ACCOUNT WITH REGARD TO YOURSELF
Each bank has its own conditions of membership and account opening for new members. It is therefore necessary to find out about these conditions beforehand if you intend to choose a particular bank. You could also consult “le Droit au compte”, a French regulation to facilitate the opening of a first account. The minimum deposit, bank charges, and the packages included in the account are considered in the conditions for opening a student bank account. Thus, you need to consider your sources of income, and your monthly income to choose your bank, and the amount you could pay on a regular basis. If you are still a minor, you are entitled to a bank account, but under the ownership of an adult such as your parents, or a relative if you are studying abroad.
TIPS FOR CHOOSING THE RIGHT BANK TO OPEN YOUR ACCOUNT
Apart from finding out about conditions at banks, you could also consult the online comparators to choose one. They inform you about the services included in the packages of your student bank account, in addition to the prices. However, the more services and functionalities the pack contains (manager, current account, cheque book, bank card, premium card…), the more it costs. To avoid high fees, choose the account according to your needs. To have more confidence in the reliability of a bank, consult or ask for advice on the operator of your choice. You could do the same with all banks that have offers for students. Take advantage of this opportunity to make a self-comparison before making your final choice of operator.
PRACTICAL TIPS FOR OPENING A CHEAPER STUDENT BANK ACCOUNT
Online banking is the ideal option for students. They are more flexible and cost-effective and suitable for low-income students. Indeed, the bank card, management and account maintenance are free. Moreover, they remain accessible anywhere and anytime, because of their mobility. However, online banks rarely accept the opening of a first bank account. So, you could open your student bank account with a physical bank in the first year, and join an online bank afterwards. To get a discount, you also have the privilege of opening an account at the same bank as your parents. Be sure to find out in advance to be sure.