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Southbridge-based Cornerstone Bank has introduced a new checking account for students ages 16 to 25.
A student can open a checking account, which the bank calls RITE Student Checking, with only $25. It has no monthly balance requirement and can do unlimited ATM surcharge reimbursements.
“We are big proponents of financial literacy, so we wanted to create an account that makes it easier for students in high school and college to start banking on their own,” Cornerstone Bank CEO Todd Tallman said in a statement. “Our RITE Student Checking Account is free for students until they’re 26 and comes with many benefits and money-saving perks they will really appreciate.”
Students who are minor require a parent or guardian as joint account owner. Monthly maintenance service charges are waived until the student reaches age 26, at which time a $6 monthly maintenance service charge will be assessed.
“We know today’s students have a lot of expenses and stress, so we wanted to offer them a checking account that provides the services and security they need,” Cornerstone Bank EVP, Retail Banking, Altaf Ahmed said in the same statement. “For example, if they pay their cell phone bill through their RITE Student Checking Account, the phone is covered for repair or replacement up to $400 per claim. It’s extras like these that can help provide peace of mind for students and parents, especially when students are leaving home for college.”
The checking account comes with other non-banking features such as discounts from local and national retailers, cell phone protection, roadside assistance, buyer’s protection and extended warranty, a health savings card and others.
