What Are Senior and Student Checking Accounts?
Many banks offer special checking accounts to senior citizens and students. These are different depending on the bank; however, all have similar services. To find which offers the best services for you, check into different banks. Don't forget the Internet; you can now open an account without leaving your home, and this includes a senior or student checking account. Therefore, although you may find a local bank that meets your needs, you may also find a better deal on the Internet.
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Age Requirements
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A big requirement for a senior checking account is age. This usually starts at 50 for some banks while others are 60 and even 65. For a student checking account, some banks require you to be 16, yet others you must be 18. Some banks put an age cap of 23 on student accounts and of course, to qualify for a student account, you must register as a part- or full-time student.
Deposit Requirements
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Banks differ greatly in the amount required to deposit in either senior or student checking accounts. Some are free while others require a deposit of $1, and still others may require $25, $50 or more. Check banks for their requirements.
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Fees
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Although many banks offer free checking for students and seniors, others charge a small fee for the services. Each bank is different in whether it charges for checks or for writing checks, but most don't charge students and seniors. However, they may limit the number of checks you can write a month.
Check Cards
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Check cards are usually a benefit that goes along with a checking account. These may be free with the senior and student checking accounts or not depending on the institution. The number of ATM withdrawals and transfers you can make and whether there is a charge for these services will also vary depending on the bank you choose to use.
Interest
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Some banks give interest on the student or senior checking account. However, this applies more often to a senior checking account than a student checking account. Even for a senior checking account to get interest, it usually involves fees or a minimum amount to maintain.
Other Considerations
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Students sometimes get better options from a bank if they open a student checking account in the same bank where their parents bank. Seniors sometimes get better options if they have more than one account at the bank or if they have direct deposits made into their account on a monthly basis. Some banks even offer free traveler's and cashier's checks as well as discounts on things such as travel and prescriptions.
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