If you have student debt, you know that it impacts all sorts of choices, even in areas of your life that you wouldn’t expect. Student debt is definitely a complicated and confusing thing to navigate, and when you go to make a bank account, student debt is going to factor into play even if you didn’t think it initially would. Here are five things to look for if you’re signing up for a bank account with student debt.
1. As Few Fees as Possible
You want your bank account to have as few fees as entirely possible. If you can find an account without overdraft fees, monthly maintenance fees, and ATM fees, that’s going to be an ideal account. This is true in general, but it’s especially true for those with student debt, who often have even less disposable income to spend on fees.
2. No Minimum Monthly Balances
A minimum monthly balance is a concept that basically means you need to have a certain amount of money in your account at all times, or you could end up with a monthly fee. Most students want to avoid minimum monthly balances; again, you’ll likely have less disposable income than others, and you may not be able to meet a minimum in your bank account.
3. A Decent Interest Percentage
Even though you’ll want to put as much of your money as possible toward paying off your student loans, it’s still a good idea to have a bit of a buffer in your savings. Putting those savings in an account with a decent interest percentage can allow you to put your money to work for you in a very simple and easy way.
4. Insurance for Your Funds
You never want to put your money into a bank that’s not insured by some kind of regulatory system, whether it’s SIPC-insured or FDIC-insured. Check for insurance and the exact amount of money that’s insured so you can have a bit of peace of mind when it comes to your funds.
5. A Good Sign-On Bonus
Sign-on bonuses can be surprisingly helpful for a lot of people. Although you may not think of bank sign-on bonuses as being especially useful, they can be a great way to get a bit of extra cash in your account, and free money definitely isn’t anything to sneeze at. Just make sure you check for a Sofi bank account before you sign on; you’ll be able to see the best sign-on bonuses and promotions overall.
Those with student debt definitely need to think about their bank accounts a bit more critically than those without student debt, but that doesn’t mean it’s inherently incredibly difficult to open a bank account if you have student debt. You just might want to think a little more carefully about the process overall. With these five elements to look out for, however, you can be sure that it’ll be easier than ever to open up your next bank account.