Being a student is tough enough. Add to that managing daily finances. But, one of the things that make it easier to handle finances is having a bank account. That being said, opening a bank can be confusing, even daunting, for first-timers. So, here are some things that you need to know before choosing from the different types of bank accounts that are available for students.

When it comes to opening a bank account, you need to first understand the common types of accounts that are available across banks. The two most common ones are mentioned below:

• Checking account

A checking account is an on-the-go account that allows you to withdraw and deposit money freely, whenever you like. This kind of account is best for day-to-day expenses but not for savings, as it can be tempting to spend the money that you may have saved up. Upon opening a checking account, you will receive a debit card and checkbook. If you are an international student, then you can open a checking account that will allow you to handle your living expenses in the country. Many banks offer checking accounts that come with a variety of benefits, which are specifically tailored to the needs of students.

• Savings account

Another type of bank account that is available to students is a savings account. A savings account is specifically used for saving and storing money for longer periods of time. This is a great way for students to start building wealth early on. That said, it is often a difficult territory to navigate as many savings accounts have low interest rates and minimum balance requirements

Now, before you get to the part of actually opening an account, you need to first carry out some research and choose a bank and type of account that best suits your needs. It is also important to remember that there are hundreds of banks. Some of the top banks that offer student bank accounts are TD Bank, U.S. Bank, HSBC Bank, Wells Fargo, Santander, Bank Of America, and Chase, among many others. Apart from these, there are also banks that are state-specific and those that partner with a few universities. Not to mention the scores of online-only banks that are also great for students.

Many of the above-mentioned banks and bank accounts offer a range of benefits to students. Some of them are:

• Some bank accounts waive off monthly fees for a certain amount of time
• Some accounts reduce the monthly fee for certain age groups
• Other features that are provided by certain banks include signing-up bonus, 27/7 fraud monitoring, overdraft protection, mobile and internet banking, no minimum balance maintenance, thousands of ATMs across the country, and online bill payment options, among others.