Why do you think as a student it’s important for you to save? Simply because it’s one of the most useful money traits you should develop. As a student, a savings account will help you inculcate the habit of saving at an early age.
With a savings account of your own, you’ll learn to manage your money efficiently. It allows you to save and earn interest simultaneously. Whether you’re a student or you’ve just started to work, opening a bank account will help you save for your future expenses.
What is a Student Savings Account?
It is a deposit account that is specifically designed for students only. Mostly, these accounts are available for young adults or children who are 18 years or below. The eligibility criteria and documents required varies from bank to bank. Apart from Singaporeans and PRs, foreigners can also open this account in Singapore.
Benefits of a Junior Savings Account
Check out some of the benefits you will enjoy with this card:
- You’ll be able to earn interest on your savings.
- You’ll have access to immediate cash via ATMs.
- You can track your online transactions via internet banking.
- Mostly, these type of accounts come with a fall-below fee waiver and you need not make any minimum initial deposit too.
- You can deposit and withdraw cash easily using an ATM card.
Things You Should Ask Before Opening a Savings Account
There are a few things that you must know when you are looking to open a students savings account in Singapore.
- Do they offer online banking?
- Can you sign up for mobile alerts?
- Will you have access to paperless statements?
- How much does the deposit account cost (minimum deposit, fee, etc.)?
- Does the account come with any special privileges, discounts, or promotions for students?
- What are the applicable interest rates?
- Do they offer an ATM card?
- Are ATM fees applicable?
- What are the account maintenance charges?
- Is the customer service available 24/7?
Learn the Importance of Opening a Student Savings Account
To Enhance Your Financial Knowledge
Convenient Way to Receive Your Salary
To Pay Your Bills
With a savings account, as a student who is still studying in college, you’ll get a chance to manage your personal finances effectively. You’ll get an early exposure to things such as online bill payments, usage of debit a card, how to issue a cheque, how to access your account via mobile app and more. This exposure will help you to handle your finances better when you start your professional life. You’ll be able to gauge easily about how much money you’re earning and how much you’re spending. When you learn to balance these two critical things, you’ll be in a better position to maintain your finances starting from the first day of your professional life.
Most of the employers prefer paying their employees via a direct deposit to their personal bank accounts. Whether you’re a student who is working as a part-time worker or you’ve just started to work full time, having a bank account will help your employer to pay your salary in a quick and a hassle-free manner. Simultaneously, you’ll also have faster access to your funds versus when you’re a paid in the form of a cheque wherein more time is required to deposit or encash your pay cheque.
Most of the transactions these days are done online. From utility bills and grocery shopping to parking bills, a huge chunk of day-to-day transactions can be done using a debit card. In order to get a debit card, you’ll need to have a savings account.