How to Use Banking to Benefit Your Student Loans

Student Loans

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Most people think of banking as something that can only really put them out of money. At best, you might think of banking as a necessary evil, or even just a necessary neutrality. However, banking can actually be a great way to get more with your money, especially if you have student loans.

Here are four ways that you can put your bank account to work for you.

1. Look for Interest Opportunities

Interest opportunities are an important part of putting your bank account to work for you. Even if you only get a small APY, like 0.25%, that’s still definitely better than getting 0% on your savings. Any amount of interest is better than no interest, and over the years, you’ll likely experience a variety of ups and downs regarding the federal interest rate. Check the national average APY for the type of account you’re interested in and aim for something that’s above that amount.

2. Check for Direct Deposit Benefits

Many companies offer benefits if you choose to switch your direct deposit to the company in question. Typically, the direct deposit must be from your employer, and it may have to be above a certain amount per month. However, if you meet these criteria, you may be able to get benefits like access to a rewards program, higher interest rates for your money, and faster access to your funds.

3. See Whether Your Bank Has a Referral Program

A bank-related referral program may seem like a very strange concept, but it can actually be a great option for many people. After all, if you end up loving your bank account, why wouldn’t you want to share it with other people? Check to see whether the bank you’re with has a referral program, and if you’re looking into something new, check their program as well. It’s also good to check the terms and conditions for the referral program.

4. Get the Best Sign-On Bonuses

When you’re looking into getting a brand-new bank account, you have the ability to get a variety of sign-on bonuses. However, with so many different sign-on bonuses available from many of the largest banking sites and institutions, how can you know which is the best? This is where Sofi bank account come into play. Use Slickdeals to make sure you know where you can get the best sign-on bonuses, as well as what you have to do for sign-on bonus eligibility.

Conclusion

Your student loans can be extremely frustrating, but it shouldn’t be frustrating to sign up for a new bank account. As a matter of fact, your new bank account should actually bolster your student loans, making it easier than ever to pay them off. If you’re looking for the best way to manage your student loans and get a great banking experience, these are four things you might want to consider. With these tips, you can get a better banking experience that really supports your student debt.

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