The period following high school or college graduation can be an important financial time, because many either take out or begin repaying student loans.
Most young adults sign up for a student checking or savings account either in high school or college. Most student banking accounts offer incentives or deals that help young adults save money. But maintaining the account following graduation may also benefit young adults financially when they begin repaying their student loans.
Regardless of whether college students begin paying their loans while they are still matriculating or after they have already graduated, some lenders offer discounts on interest if the borrower allows the monthly payments to be automatically scheduled and deducted from their bank accounts, according to Westchester.com, a New York online newspaper.
When signing up for a student account, young adults should examine the terms of the agreement and any rules on minimum balances, withdrawals and transfers. Opening one of these accounts and staying with the same bank through adulthood could lead to a great deal of savings over the years.
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