A student savings account may not bring a lot of rewards, but it is an uncomplicated financial tool that can help them get accustomed to basic banking processes. These are easy to open and offer a safe place to store money when living away from home. There are many more benefits of saving accounts for students, here are some of these.

• For parents and students both
  Parents save for children’s university fees or other future expenses with a student savings account. This can come in handy for the students when they are in university and do not have any scholarships or grants to cover their fees.
• Easy maintenance
  Unlike the savings accounts for others, there are some special benefits of savings accounts for students. One of them is that it is the easy maintenance of the student savings accounts. Most of these saving account offerings have either a very low balance requirement or no requirement at all. This means the account holders do not attract penalties for not maintaining a minimum balance.
• Get into an early habit of saving
  Savings account for a university student is the best way to get them into the habit of saving money. This can help them understand the importance of money even before they begin their career and start earning significantly. This is especially ideal for students who may be preparing for university life or are already living away from the family, to understand what expenses need to be prioritized. Additionally, parents teach benefits for saving accounts for students by teaching them how to avoid credit and debts in the future with the help of savings.
• Interest rates
  Some of the banks offer interest on the amount in the student saving accounts, irrespective of the amount in it. This also helps in understanding how interest rates work for saving accounts as well as for credit. The interest earned acts as a motivator for the students to save more.
• Ease of setting up
  Student savings accounts are easy to set up with most banks, not requiring a minimum deposit when opening an account. This is ideal for those students who do not have a lot of money at hand but would like to start saving.
• Low charges and fees
  The charges for making transactions through student accounts are very low or nominal than the other kinds of savings accounts. Some banks may just offer these low charges or transactional fees for the initial period only.
• Sense of independence
  Students who are able to manage their finances, even at a very basic level, develop a sense of independence. It can cultivate discipline when it comes to spending and saving habits, which can be rewarding overtime for the students.