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At the start of a new school year, college students likely receive a flurry of offers for credit cards and checking accounts geared toward individuals new to managing their finances.
Opening new financial accounts involve more than just signing on the dotted line — although you can expect to do that a few times during the process. Here are some tips on what to expect so you can be prepared when paperwork or applications start to trickle in.
Opening a checking account
Many financial institutions offer checking accounts geared toward students that feature low or no fees and minimum balance requirements. The process for opening a student checking account is typically like opening a traditional checking account with a few key differences. You may need to provide proof of your student status in addition to the standard identification documents. This could include a school ID, enrollment verification or class schedule.
Student checking accounts may also have specific age requirements, and a minimum deposit. If you have a social security number and are 18 years or older, you may be able to open your student bank account online. If you are under 18 or are an international student studying in the U.S., you may have to open an account in a branch.
Savings accounts
You might wonder why you need a savings account when a checking account offers so many benefits. First, most checking accounts usually pay no or minimal interest so your money doesn’t grow while it sits in your account. Second, because it’s easy to access your money in a checking account, it’s just as easy to spend it.
Savings accounts live up to their name – to save, so you put money in the account and then aim to leave it alone. Over time, your savings balance can earn interest.
Because saving is an important part of your financial life, many banks make it easy to save automatically. Simply indicate how much and how often you’d like to save, and consider it done.
Savings accounts generally have more restrictions than checking accounts, such as fees for withdrawals and transfers. Remember, the goal of a savings account is to help you hold on to your money to grow your balance.
Opening a credit card
Most credit card applications require your full legal name, social security number, street address, gross annual income, employment status, housing costs and phone number. You can submit your application online, in person or over the phone — online applications typically take the shortest amount of time for a response, sometimes it’s within seconds.
If you’ve just started a job or don’t have a credit history yet, you may still qualify for a card – many financial institutions have credit cards for students with lower credit limits. Following the passage of the Credit CARD (Card Accountability, Responsibility and Disclosure) Act of 2009, applicants under 21 will need a co-signer or proof of income as part of the application process.
If you’re applying online for a checking account or credit card, make sure your web browser and operating system are up to date. Consider filling out the application on a mobile data connection or a safe, private network to prevent the risks of someone intercepting your personal information. If you have any doubt about the legitimacy of an email from a card issuer, go directly to the issuer’s website rather than click on links in the email.
The bottom line
College is a time when many young adults begin establishing independence, which includes taking charge of their finances. Knowing what to expect when completing financial paperwork related to bank accounts and credit cards can help simplify these first steps on your financial journey.
For more financial health tips, visit chase.com/students.
Credit cards and bank deposit accounts, such as checking and savings, are subject to approval.
Deposit and credit card products provided by JPMorgan Chase Bank, N.A. Member FDIC.
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