Lay Good Financial Foundation for College Students

College is a major milestone—not just for students, but for parents, too. As your teen learns to navigate life on their own, it’s a great opportunity to teach smart money habits and set them up for long-term success.

Opening a checking or savings account gives students firsthand experience managing deposits, tracking expenses, and building responsible financial habits. It’s an opportunity to talk about vital topics like budgeting, avoiding overdraft fees, and the importance of monitoring account activity for security.

Many financial institutions offer accounts designed for students, with low fees and mobile tools to make banking easier on the go. Here are some points to ponder that apply to both credit unions and banks.

Before you go – what to know

It’s not a bad idea to accompany your college kid and ensure they have a few key documents ready. Most financial institutions require a government-issued photo ID, such as a driver’s license or passport, along with proof of your student status—think student ID, a recent transcript, or a college acceptance letter. Some banks may also ask for your Social Security number and a minimum opening deposit.

The process is easier than ever: visit your credit union or bank’s website or stop by a local branch to review requirements and options. Many student accounts can be opened online in just a few minutes if you’re 18 or older.

Yours, Mines, Ours?

When opening a bank account for a college student, deciding between a joint and an individual account is an important step. A joint account is typically shared between the student and a parent or guardian, making it easier for families to manage finances together—parents can oversee transactions, transfer funds quickly, and help monitor spending habits. This can be especially helpful for students learning to budget for the first time or handling tuition and living expenses from afar.

On the other hand, an individual account gives the student sole control and responsibility over their finances, promoting independence and financial literacy. It’s an opportunity for them to learn firsthand how to track balances, avoid overdrafts, and build money management skills.

Take time to consider which account type best matches your student’s needs and readiness. No matter which route you choose, setting expectations and discussing good financial practices up front can build a strong foundation for confident, responsible banking.

Ways to Get Money from Home

There are several tried-and-true ways to send money—options that have stood the test of time for their reliability and security.

Cash is the most direct for in-person exchanges, perfect for quick or small transactions, though it isn’t always secure or practical for larger amounts. Writing a personal, cashier’s, or certified check allows you to send funds through the mail or deliver them face-to-face, and checks offer a paper trail for recordkeeping. Money orders, available at banks, post offices, and many retail stores, provide a secure, prepaid option—ideal when the recipient doesn’t have a bank account or you need extra confidence that funds will clear.

Wire transfers make it easy to move larger amounts quickly and securely, whether you’re sending funds within the U.S. or internationally, with transactions often completed the same day. Bank drafts add another level of reassurance, providing guaranteed funds issued by your financial institution.

Other Popular Ways to Send Funds

• Zelle
• Venmo
• PayPal
• Cash App
• Apple Pay / Google Pay / Samsung Pay
• Mobile Banking Apps (bank’s own app transfers)
• Western Union / MoneyGram (in-person or online transfers)

Choosing the right method depends on how quickly the money needs to arrive, the recipient’s access to banking, and your security preferences. Each of these traditional channels offers a unique balance of convenience, speed, and peace of mind.

Parents should not be afraid to provide guidance and assistance with first accounts. By starting early, your student can develop confidence in handling their finances—skills that will benefit them throughout college and beyond.