It’s really important that students learn how to save money as early as they can. This gives you the opportunity to manage your expenses, plan your savings, and helps you become more responsible with money. A student savings account is a fantastic financial tool offering the opportunity to establish savings ethics as a student. It’s a great way to learn financial management before stepping into the corporate world.

Having a student account encourages you to learn the value of money early on and also helps you to be financially independent. The reasons can be many, including setting enough money aside for emergencies, to fund your education, to purchase daily essentials, and others. And, being a college student living on a tight budget, it’s a must to have a savings account to manage your finances smoothly. The top benefits of savings accounts for students are discussed  herein.

Learn to Save Money
This is the most important benefit for students to have a savings account in their name. Having a savings account in a student’s name inculcates the habit of saving money instead of spending it for random things. Students will become more responsible for their spending habits and they will also start thinking about better savings plans to increase their savings.

Avail Scholarships
Several banks offer scholarships to deserving students, and having a savings account is the ideal way to take advantage of this opportunity. Most banks allow the easy transfer of scholarship amounts where students can use them to pursue higher education or take up advanced courses in the future.

Enjoy Freebies
Availing insurance on card holders, attractive discounts on fuel expenses are some of the top benefits of opening a student savings account. Having a savings account makes you eligible for other discounts and avail attractive cashback offers. You can also redeem points when they want to buy something.

Avail Loan Facilities
Most banks facilitate educational loans to students who have an account with them. Most students have aspirations to pursue higher education or opt for advanced courses in a specific field. When money is a concern, having a student savings account is your ticket to freedom, and the procedure to procure a student loan is very simple with minimum documentation.

Easy to Operate
Student savings accounts are very easy to operate with a host of benefits like free debit card and instant internet banking facility. While these facilities are available for any savings account, they make it convenient for students to transact and deposit money seamlessly. Parents can also deposit money from any branch across the nation.

Free to Set Up
One of the biggest benefits of opening a student savings accounts is the ability to set up an account without any maintenance fee. Most banks offer savings accounts to students without the need to maintain a minimum balance. If you have an existing bank holder who can refer you, the opening of the account is absolutely free and instant.

While these are some of the benefits of having a savings account for students, specific types of savings accounts from select banks offer better incentives and bigger benefits to students.