When it comes to certain tasks, the best way to learn is to do it yourself. Whether it’s how to cook, how to clean or how to manage your money, you can be told all day long how to do it best, but the act of doing is staunchly different from the act of listening to instructions.

Money management is a crucial life skill, yet there are few ways to safely “learn by doing.” This is where a student checking account and savings account come in. But don’t just take our word for it – we’ll let the benefits do the talking.

1) Low Risk, High Reward

The best things in life are free, and that holds true for the best student checking accounts. At Wave specifically, our student checking and savings accounts are both free of monthly fees. This means the student accountholder can use their accounts as much or as little as they want with no worry.

Parents and guardians are able to link their own accounts to their student’s accounts. When the student is younger than 18, there must be a joint owner – but even when the student heads off to college, having linked accounts makes it easy to transfer money as needed.

With minimal costs (no monthly fees at Wave!) and parental guidance on standby, student deposit accounts are a low-risk way for a teen or young adult to start managing their own money. The high reward of smart money habits takes practice – and practice makes perfect – but a student checking account provides a great safety net.

2) Convenience That Lasts

Whether heading off to college or just to high school, students need checking accounts they can take with them. Students enjoy the same online and mobile access as regularaccountholders, including mobile check deposit for those birthday checks and peer-to-peer transfers for splitting costs with friends.

And, just like regular accountholders, our student accountholders have access to all in-state credit union ATMs through the RI Credit Union Connection, as well as access to CO-OP® ATMs and Shared Branches nationwide. There are more options than even the biggest bank offers!

A student account also comes with a free debit card, and Wave debit cards can be added to cash apps for even greater convenience.

At Wave, teens as young as 15 can have a free student checking account and savings account. Even better, the benefits don’t end as soon as they become legal adults at 18. Our student accounts last through their college years! Once they turn 25, their student accountsautomatically convert to a regular checking and savings account – no extra work needed. Even the account and card numbers will stay the same.

3) Mistake Allowance

Practice makes perfect! On one hand, practice involves learning from mistakes. But on the other hand, mistakes with money can literally cost you. A student account helps mitigate those risks without also limiting the student’s financial independence and freedom.

Since the student account can be linked with a parent or guardian’s account, the parent or guardian can easily swoop in to save the day if the student gets into money trouble.

But that’s not all: At Wave, our student accounts for those 18 and up also qualify for overdraft protection. Overdraft protection helps ensure a transaction goes through in the event that the accountholder accidentally overdraws their checking account. That way, in a worst-case scenario, the student won’t find themselves in a situation where they’re unable to pay for something they need. 

We offer multiple types of overdraft coverage, including optional extended coverage that includes ATM withdrawals and everyday debit card transactions. 

Many students travel to head to college. We believe mistakes shouldn’t cost you – especially as you’re learning financial independence, and especially when you’re far from home.

4) Extra Benefits Just for Them

The best student bank accounts go above and beyond for their less financially savvy accountholders. At Wave, for example, our student accounts come with special perks including:

• New consumer loan discount for those 18 and up
• Bonus dividends on their bundled savings account with electronic statements
• A low-rate Visa® card for those 18 and up
• Waived incoming wire transfer fees
• And, as previously mentioned, overdraft protection

Students have a lot of the same necessities as fully independent adults, but have much less financial experience. So, when they need to buy their first car, start building their credit history or make up for a mistake, their account should be backing them up

5) Reliable Banking Connections and Guidance

It makes sense for a parent to want their child to bank where they bank. Staying within the same institution makes it simple and easy for parents to keep watch and help fix any mistakes even as children go off to start their own independent life.

And when they start off at the same credit union, they’re not just benefiting from that shared financial institution. They’re also getting personalized guidance from local financial experts who take the time to get to know them. Plus, they get access to free educational materials they can peruse during their own time.

We Understand Our Members' Goals

As a credit union, we strive to understand all of our members’ goals and help them build a strong foundation for their desired future.Whether you’re a parent looking for a checking account for your teen or you’re a young adult just starting out, our student account bundle is a great way to help younger accountholders start off on the right foot.