Choosing the right bank for young people can be a challenge, especially when it comes to students and young professionals with different financial needs. For some, accessibility and ease of account management are important, while others want flexible terms for international travel or favourable loan offers. It is important to consider your personal needs and goals in order to choose a bank that will be a reliable partner in your financial affairs and support you on your path to financial independence.
Students and young professionals: Different needs for a bank
Depending on your profile, one bank for young people may be more suitable than another. A young student is likely to choose a free online bank with minimal account maintenance costs. Whereas a working young person will favour a more flexible banking package that offers higher withdrawal and payment limits, as well as additional special services. These accounts are created to meet the different needs of young people, helping them to manage their finances in a cost-effective and convenient way.
Youth bank accounts are usually designed for individuals who have reached the age of majority, most commonly for people between the ages of 18 and 25, 26 and even 30. Children and teens tend to opt for youth bank accounts that offer limited features. Also, in some cases, youth banking offers are extended to students, interns or young professionals. These accounts may include favourable terms, low fees and other privileges designed to support young people in managing their finances.
Banks for young people: How to choose?
When you start working, you'll have new plans such as investing in property, buying a car or starting a life together. To do this, you'll need a bank that can support you in these endeavours. When choosing a bank for young people, it's worth looking at secondary banking products such as mortgages, personal loans, savings solutions and joint accounts. It's important to choose a bank that offers convenient and favourable terms to realise your goals.
While many young people stay with their parents' banks even after they turn 18 and start working, banks are actively competing to get young professionals on their side. To make the right bank choice, you need to consider factors such as your income, status (apprentice, student, young worker), habits, and future plans. It is important to compare the offers of banks taking into account the following parameters:
- Type of bank card (Mastercard or Visa), its cost and options;
- Permitted overdraft and its cost;
- Related insurance services;
- Bank charges abroad;
- Withdrawal fees;
- Financial products such as home, student or consumer loans;
- Welcome offer when opening an account.
Why do young people choose neobanks?
Modern and resolutely mobile, neobanks appeal to young people because of their advanced mobile services that fit their digital habits and reduced rates abroad. Free account and card offers are ideal for students on a tight budget, while paid and more premium offers are ideal for young professionals who travel regularly.
Some of the best neobanks offer a variety of favourable terms and conditions. For example, free cards with low fees for travelling abroad, instant transfers and innovative mobile apps. Offers like virtual cards with cashback and account opening bonuses attract students. Additional services such as insurance for means of payment, counsellors available round the clock and overdrafts with flexible terms and conditions are also included.
Conclusion: Ideal banks for young people
If you're not a student or salaried employee, choosing an online bank or neobank with a free account and card may be ideal. These accounts often offer minimal or no fees, making them an affordable option for those who want to save money on banking without losing out on quality of service. Most standard entry-level bank accounts are fee-free, making them a great option for young people seeking financial independence and convenience in managing their funds.
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