College can be extremely expensive for students at a time when you most likely have very little money if any at all. We all remember being on a tight budget that mostly consisted of mac and cheese or ramen noodles. At BHCU, we understand saving money can be difficult, but with the right plan, we can help set you up for the future.
Why You Should Open a Savings Account
To Pay for Student Loans
Most students today need to take out some sort of loan to help pay for their college tuition. Even with pending loan forgiveness programs and payment pauses, it is assumed that at some point, payments will return in some fashion. It is a good idea to take advantage of the pauses and the grace period while you are in school and begin to save money now so that you can eventually pay back your student loans quickly and accrue as little interest as possible.
In Care of an Emergency
It is always smart to start putting away money early so you have a nest egg to fall back on in case of an unforeseen emergency. Medical emergencies, car repairs, or loss of income are all circumstances where it might require you to have available funds when you need them.
You’re in college, you’re supposed to have fun. Maybe you want to save to spend money on a new car, an apartment, or a fun vacation with your friends. Sure saving for an emergency is the more-responsible move, but there is nothing wrong with saving for spring break, too.
Get Into the Habit of Saving
The earlier you start saving, the better prepared you will be for the future. You start accruing interest sooner to grow your savings, and you get used to putting money away consistently so when you begin to earn a regular income, you are already in the habit of saving.
Student iSave Accounts
Another reason to open a savings account as a student is to take advantage of special perks and discounts often available to students. The BHCU Student iSave Account is the best college savings account for students because it is a high-yield savings account that is designed to be a long-term savings account.
The Student iSave Accounts offer a 2.00% APY with interest compounded daily and credited monthly. It comes with no fixed terms, fees or minimum balance requirements, and no monthly deposit required. You have 24/7 account access, and your account is insured for up to $500,000 in case of theft.
BHCU is committed to supporting our members’ long-term savings goal and their financial independence. iSave accounts are designed to “pay yourself first” and give you complete financial freedom with no fees or minimum balance. Don’t wait another day to start saving, contact us today to open your student savings account.