What to look for in a
student account
So you’re looking for somewhere to open a student checking and savings account, and you’ve got lots of questions. One of the most important things you need to look for is a place you can trust. Make sure you find a financial institution that will always do the right thing - for their customers, their community, and their employees. Consider a credit union for your account, since that’s their focus as a not-for-profit institution. There are lots of things to think about and, depending on your age, you have different options. Many companies limit your options based on age. Wright-Patt is different, so here are some options you have and you can use this info to compare different accounts at other companies.
For more information and help setting up your account, visit www.wpcu.coop, any of our convenient Member Center locations, or call 800-762-0047.
Know Your Accounts
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What is it? A savings account is a convenient way to save money at a financial institution that lets you earn interest and grow your money while it’s in your account.
Age Limits - Savings accounts can be opened at any age. Some places put age limits on savings
Things you need - All you need is an ID card like a driver’s license or permit, military ID, or a state ID card (your parents can help you get a state ID). Without a state ID you can still get a savings account if your parent or guardian is on the account with you.
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What is it? A checking account is a convenient way to use the money you’ve saved to buy things or make payments. You need to be careful since you’ll have instant access to the money in your account.
Age limits – At Wright-Patt there’s no age limit to get a checking account. We do recommend you have a parent or guardian on the account with you, but it’s not required.
Things you need – You need the same ID as a savings account, but we also recommend you learn the basics about check writing and keeping your account balanced. You have to be careful when writing checks, so make sure you have enough money to cover the check.
We can help you figure out if a checking account is right for you.
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What is it? An ATM card lets you access the money in your savings or checking account directly from a machine to get cash without going into a branch.
Age limits – At Wright-Patt, there isn’t an age limit for ATM cards.
Things you need – You need a savings or checking account with money in the account to use the ATM card to get cash. You have to be careful and use them wisely, since they’re linked to either a savings or checking account. We recommend talking to your parents or one of our service reps before you get a card to see if it’s right for you.
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What is it? A debit card works just like writing a check, but gives you the convenience of an easy to carry card. It gives you instant access to your check account and is often able to be used as an ATM card as well.
Age limits – You have to be 18 years old since you’re held responsible to pay for any purchases made with your card.
What you need – You have to have a checking account to get a debit card. If you choose to use this as an ATM card, you’ll also need a savings account. Make sure you know the basics of checking before getting a debit card.
We can help you figure out if a debit card is right for you.
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Remember if it sounds too good to be true, it probably is. Make sure your account doesn’t have a lot of extra charges or fees. You shouldn’t get charged to open your account, and don’t fall for offers that promise you “$100 to open your account” or a “free iPod.” These are just tricks used to get you to open an account and many of those accounts have hidden fees and charges that you might not notice up front.
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You can expect to pay a fee if you write a check without enough money in your account to cover it – this is called bouncing a check. If you accidentally spend more money than you have or make a mistake, sometimes fees apply. But it’s important to know what fees your account has and how to avoid them. Just ask when you’re looking for your account.
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Make sure you know what you’re signing up for. Watch out for accounts that ask you to make a big deposit or keep a high balance. Are you really able to keep $500 in your account at all times? You need to be careful signing up for accounts that make you use them a certain amount of times per month. That can lead to extra spending and can waste your savings.
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Make sure you know where the financial institution and it’s branches are located and that they’re easy and safe to reach. You’ll also want to look for other easy ways to access your cash such as online banking, mobile account access, and convenient and free ATMs. Wright-Patt offers lots of ATMs that are free to use, and you can even visit lots of other credit unions for your basic transactions. This is called Shared Branching, which means there are thousands of locations across the country to access your money.
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When shopping for a financial institution make sure they offer free online and mobile access to your money so you can keep an eye on your saving and spending habits no matter where you are. Tracking these habits is the first step to good budgeting and the easiest place to find them is online.
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When you get your savings account, it’s important that you earn a great return on your money. Look for an account that gives you a great interest rate on the money you save. It’s especially important to look for a savings account that starts earning interest from the start without a minimum deposit. At Wright-Patt if you’re under 18, you earn our highest rate automatically, if you’re over 18, you just need to have an active checking account and eStatements or Direct Deposit. We can help you figure this part out, it’s really easy.