Good Morning Green Panda Readers.  Today we are discussing all of the things that your bank can do for you and all of the things that your bank can help you with.  Very often people dread going to their bank just as much as they dread going to the dentist.  Many people feel that their bank is working against them instead of working for them.  Many years ago going to the bank was an all day prestigious event, nowadays people feel like going to the bank is as painful as having their teeth pulled out.  However, this does not have to be true.  There are many things that our bank can help us with, we just have to know what they are and how our bank can help us.

1. Young Savers Accounts.  Most banks offer a savings account that is designed specifically for children who are under the age of majority.  This helps young children and teenagers start saving money for their college education as well as their future financial well being. Young Savers accounts usually have no monthly fees and eventually they allow the teenager to have a debt card so that the teenager can learn to manage their own money.

2. Student Bank Accounts.  Many banks have programs and bank accounts that are specifically designed for high school and college students.  If you are travelling abroad for school it is a good idea to ask the local bank if they have a bank account designed for students or international students.  Student Bank Accounts are usually offered with a very low monthly fee or with no monthly fee at all.

3. Student Credit Cards.  It is a very smart financial idea for students to get a student credit card as soon as possible. Student Credit Cards usually have a limit of $500 or $1000 so that students independently learn financial responsibility.  After graduation students have the option to remove the student status on their Credit Card and also apply for a larger credit limit. A Student Credit Card is a great way to learn how to manage a budget, learn to become financially responsible, and also to build a solid credit history.

4. Student Loans or Lines of Credit.  A student Loan or a Line of Credit is a great way for students to establish their credit history and get money for their education at the same time.  Student Loans or Lines of Credit have a higher available limit than Student Credit Cards, and they may be given to students based on their program of study.  Student Loans or Lines of Credit may also require a co-borrower or guarantor (such as a parent) in order for the Student Loan or Line of Credit to be approved.

5. Buying Your First House or Your First Car.  Once we have established our credit history through a Student Credit Card, a Student Line of Credit, or a Student Loan and once we have established a responsible financial relationship with our bank through opening and maintaining a bank account, we can start to reap the benefits of being a financially responsible young adult. When we are buying our first home and applying for our first mortgage loan having an established financial relationship can definitely help us get our loan approved.  Of course having a stable job with a steady income will also help our loan application get approved, but having a good credit score, a solid credit history, and some savings in our bank account will definitely also help get our Mortgage or Car Loan approved.

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Tahnya Kristina

Tahnya Kristina

Tahnya is 30 years old and lives in Montreal Quebec. She graduated in 2005 from Concordia University, and she currently works for a major International Financial Institution. She recently launched You can follow her on Twitter @TahnyaP.