Tuesday, September 6, 2011

MONEY SMART: Getting more BANK for Your $BUCK$!

Many banks have YOU in mind!
Banks have college student accounts and promotions. Here are some items to consider and places to start!

Making your Money WORK for YOU!

Rewards or Points Program, does your bank have a one? (Many banks do.) This makes your debit card purchases work for you!
Interest isn’t stellar anywhere, but if you have graduation money still set aside or money from working over the summer, ask your bank about CDs. (Certificates of Deposit) CDs will earn a better interest rate while your money is in the bank. The catch is if you withdraw the money you lose the interest. You can deposit additional money as you like, but withdraws have guidelines and possible penalties.
529 Accounts- these are education savings accounts that are tax free while they grow. They are available at all FDIC banks. These accounts would be good to use with graduation money, money from your family, your parents’ college fund for you etc.
Questions to ask your Bank:

$ Will you charge me if I use another bank’s ATM?
$ Do you refund ATM charges?
$ Do I get a certain number of ATM uses for free?
Americans gave banks 7.1 BILLION dollars in ATM fees last year. Don’t give them your money just for letting you use it! So when you need to use an ATM, use your own banks’ or go to the bank during business hours. Think ahead!
Your Local Banks
PNC has a Virtual Wallet Student program is specifically geared towards college students. It can link your reimbursements and send emails; have your parents as joint account holders, savings programs to pay for tuition, books, spring break, etc. There is an iPhone app, no minimum balance, and built in overdraft protection.

US Bank has the S.M.A.R.T. program where every $1000 you save you get a $50 visa reward card. Every additional $1000 you continue to earn $50 visa reward cards. There is an iPhone app, no minimum balance, and built in overdraft protection.
5/3 Bank has a Goal Setter Savings account that doubles your interest once you reach your goal. This account would be great for saving books, next semester’s tuition, spring break, etc. 5/3 also has Student Checking Accounts with no monthly fee, just $50 to open the account, mobile alerts, and 5 non-5/3 ATM transactions allowed monthly. If you open a Student Checking Account prior to September 30th, 2011 you can be entered in a $10,000 scholarship give away.
The UK Federal Credit Union has student Smart Checking Accounts: free checks, online bill pay, discounts on loans, free financial counseling, debit cards, credit card availability, E-statements, and a free gift. They also pay the highest interest rates locally in savings and checking accounts.
Chase Bank has Chase Total Checking: Free Chase ATM usage, free mobile banking, free account alerts, free debit card, $12 monthly service fee if less than a $1500.00 daily balance is kept or less than $500 in direct deposits.
BB&T Bank has free online services & statements, free mobile banking and alerts, Free BB&T ATM usage and 4 free non-BB&T ATM transactions per statement cycle, 1 refund during the life of the account for returned item, overdraft, stop payment, money order or official check.
Check out our Twitter (@TheStudyScoop) for more Money Smart ideas and links!

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