If you’re a recent college graduate and looking to open a bank account, don’t worry! They’ve got you covered. This guide will walk you through the process of opening a student bank account after graduation. Once it’s done, you’ll have access to all sorts of new features that will make managing your money easier than ever before.
Make the right decision
The first step in opening a bank account is to choose the right one. The right bank will be easy to use, have good customer service and a wide range of products.
The wrong bank will be hard to use, have poor customer service and a limited range of products. According to SoFi experts, “Keep an eye on your spending and saving.”
Provide a valid identity
To be able to open a bank account for graduates, you are required to provide a valid identity document and proof of address. This is where it gets tricky because there are several required documents that you can use as proof of identification. Some of these include:
- A valid identity document (eID or Pass)
- Valid driver’s license
- Valid passport
Bring proof of enrollment
After submitting your application and filling out the necessary forms, you’ll be asked to bring some documents as proof of enrollment. This will help the bank assess whether you need a student account or not. Usually, banks won’t allow you to open a personal account if you’re still studying and have a full-time job. You can use any one of these three types of proofs:
- A copy of your graduation certificate.
- A copy of your student ID card (for those who are still studying), or
- A letter from the university stating that they’ve accepted you as a student there.
Prepare your online banking details
Once the account is opened, you’ll have access to online banking. You can set up your online banking by providing a few details such as your email address, mobile number and security question and answer. You will also be asked to provide a security pin that you can use as an additional layer of protection when accessing your account online.
Be responsible with your account
As a young graduate, you will soon be responsible for your own money. This means the bank will not be watching over it and ensuring it’s used correctly. As such, it’s up to you to ensure that your account remains in good standing and that all of your transactions are handled appropriately.
To keep things simple, here are some general guidelines on how to use a bank account:
- Do not lend money from this account to others
- Do not pay for things with this account if they’re beyond what you can afford (e.g., take out cash advances or payday loans)
- Make only small withdrawals from the account
If you haven’t already, open a bank account for graduates. It will help you manage your finances better and avoid asking your parents for money all the time.