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2021-09-02
Digital Banking
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What Do College Students Need for Back-to-School Banking?

a young woman calculates how much she needs to save to retire early
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For college students, this chapter of life represents new experiences. They may be in a new city as well as at a new school, and there’s the first time living in the dorms, first time living with a roommate, and first time eating at the college dining hall. And for many students, it may be their first time choosing a bank as an adult.

Whether you’re setting up your first account or making a switch to a bank that meets your needs better, here are some banking considerations that college students should keep in mind.

What Do You Need From Your Bank?

When choosing a bank, there’s one question you should ask yourself first: What do you need from your bank? This can help you establish a set of criteria with which you can compare different banks and services.

For example, is it important to you that you are able to withdraw cash easily and without a fee? In that case, you may want to choose a bank that has a local branch in or near your college campus.

But your sources of income and expected expenses may also play an important role in the bank you choose. If you won’t be picking up a part-time job, you may only need a simple bank account. But if you’re planning to work and expect to see more cash flow, you might consider a different account type.

Also, depending on your situation, you may want to think about starting to build credit. While many college students won’t need to lean on their credit score for anything, four years can go by in the blink of an eye. A secured credit card (Subject to credit approval) could be a good choice for getting started with credit building in preparation for the “real world".

Do It All With Digital Banking

Today’s college students are more familiar with technology than generations past. And many students have a high comfort level with online institutions and processes.

If you’re a college student and you’re choosing a bank, there’s no need to go to a brick-and-mortar building and wait in line in the lobby to open an account. Just as many businesses have moved online, the same is true for banking. You can open an account easily with a few clicks of a mouse or taps on the screen of your smartphone.

At Academy Bank, our online & mobile banking offers a convenient digital banking experience. Bank as you go and access your account 24/7 from anywhere.

Benefits of digital banking include:
  • Streamlined Access: More intuitive experience that works similarly across all devices -- mobile, tablet or desktop.
  • Enhanced Alerts: Set up, customize and manage alerts the way you want with ease.*
  • Mobile Deposit: Deposit checks for free in a snap – safely and securely from a mobile device.** Available on iPhone or Android.
  • New Payment Tools: Move money to your other accounts through account-to-account transfers. Use bill pay to schedule and send payments. Plus, we’ve partnered with Zelle® so you can easily send and receive money from friends, family and others you trust.***
  • Secure Messaging: Reach us for questions about your account on any device through secure messaging.*

Moving Money With Ease

Academy Bank offers new payment tools, like account-to-account transfers. These are also sometimes known as peer-to-peer payments or P2P payment services. And these are increasingly becoming a necessity for college students.

For many students, gone are the days of using cash. For friends who share a pizza, it’s easier to just electronically transfer your half through your favorite P2P payment app than it is to track down the cash you need and remember to pay your friend. P2P payments can also be used for splitting bills such as utility or rent.

So when you’re a college student choosing a bank, be sure it integrates seamlessly with a trusted, secure P2P service.

Get Started With Saving

Saving money isn’t easy when you’re in college. There are so many things that require spending money, not saving -- from textbooks and lab supplies, to social experiences with friends, to the basics like food and rent.

But the earlier you get started with saving, the more time your money has to grow. And starting good financial habits when you’re young can help set you on a path of financial success throughout the rest of your life.

At Academy Bank, we make it easy for college students -- and anyone -- to save money. In fact, you don’t even have to think about it. Thanks to our Saving Cents program, you’ll end up saving money any time you make a purchase. We’ll round up your debit card purchases and transfer that amount to savings automatically.
  • Choose: Choose how much you'd like to round up your debit card purchases from your Academy Bank checking account. Options range from the nearest $1 to $5 increment.
  • Save: Every time you make a purchase, we’ll round it up. Each night all the extra change is transferred automatically from your checking to your savings.
  • Track: See what you saved on your bank statement each month.
To sign up for the Academy Bank Saving Cents program, login to Digital Banking and send us a message. Or, call or visit a branch for assistance.

Academy Bank Has Options for You

At Academy Bank, we offer banking solutions for the whole family. For college students, we’re happy to offer a Student Checking account that is sure to fit your new lifestyle. And for new homeowners, business owners, and more, we invite you to explore our variety of banking services and products.

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* Message and data rates charged by your mobile phone carrier may apply.
** Deposits are subject to verification and not available for immediate withdrawal . Deposit limits and restrictions apply.
*** Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.