Opening a student bank account is a very essential part of the student life. Essentially most banks offer the same basic service. The difference between these accounts lie within the fact that they offer different perks and benefits.
What service do you require from a bank account?
It’s really important to make sure you find a bank that offers you the services which you value the most. Such as digital banking, contactless cards, a checking account, and many more features. Make a list of services which matter to you and list them by priority and choose accounts which offer them to you.
How much money will you be transferring each month?
In many countries like the US, the bank’s charges apply based on the quantum of money transferred and the minimum amount you wish to keep in your account. It’s very important to understand the criteria as if you fail to maintain it may incur a fine. In the UK most accounts don’t charge for transferring money to another the account within the UK. However it can be different for international students, so make sure you check beforehand.
Is there a bank branch in your residential vicinity or your university vicinity?
I can’t stress enough how important this is to have an easy setup process for your bank account and in-branch customer service can often be invaluable so keep this in mind.
Does it have a dedicated university account for international students?
Many banks may offer international student accounts instead of regular ones which may have benefits that would appeal to you such as great exchange rates and free/cheap international transfers.
Does it offer any perks to you?
Many banks offer freebies and benefits such as discount cards. Many banks will even give you a welcome deposit of up to $150. You can get a lot of services for free and may raise a bank accounts appeal for you. While in the UK bank often free services, such as a railcard and more.