#Adulting

You're on your own now and over the next few years, your needs, priorities, and plans will change. The Volt Student Spending & Savings Account will change and evolve along with you while helping you build a solid financial foundation with savings you’ll be glad to have.

What can the Volt Student Savings Account do for me?

Plenty. In addition to giving you more control over your money, the Volt Student Savings Account will help you learn how money management works, provide you with FREE easy access to over 37,000 ATMs and help protect you against costly fees.

We've also baked in some great benefits, such as:

• Earn a competitive annual APY- It Pays to Save with Volt - Volt members will see their savings add up quickly by earning 3.00% APY* on savings balances up to $1,000.
• It's mobile-friendly - Check balances, deposit checks, load accounts into Apple Pay, Samsung Pay, and Android Pay with mobile banking. You live life on the go, so let your Volt Savings Account live it with you.
• Pay friends with ease - The ability to pay your friends through the Arbor Financial mobile app. There's no need to download any other software or third-party app; we've got it all right there for you.
• Set up quick balances -  With quick balances, you can see what's in your account without having to log in.
• Free ATM Access  - Your Volt debit card will let you use over 37,000 CO-OP ATMs anywhere, or Fifth-Third Bank Jeanie ATMs for free. And if you're really stuck, fees for out of network ATMs are reduced to just $1.
• MobiMoney - The ability to turn your debit card on and off. Designate time and usage while optimizing protection.

Other important stuff

• It Pays to Save with Volt: Volt Account members will see their savings add up quickly by earning 3.00% APY* on savings balances up to $1,000.
• No Fees: We mean it. The Volt Spending account for members age 13-18 is more than totally FREE checking. There are no overdraft fees or ATM fees. Really.
• Volt Credit Card: At age 16, Volt members can qualify for a Visa Rewards Card! This card will have a sensible credit limit, and a low interest rate, and will let you start building up rewards points that never expire, but just so your parents aren't worried about it, we do require a co-signer until age 18.

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Volt Credit Card

At 18, Volt members can qualify for a Visa Rewards Credit Card. It starts with a credit limit up to $1,000 and a low interest rate while letting you build rewards points that don’t expire.

There are many benefits to getting a credit card early such as having time to build your credit, and learn the difference between a credit and debit card in action.

Here are some tips to keep in mind for using credit cards for beginners:

• Pay your bill before it’s due so you don’t incur interest charges.
• You can use it to cover minor emergencies as long as you make your monthly payments on time if you can’t pay it off in full.
• If you don’t use it correctly, you can get in trouble with your account which isn’t a good way to start your credit foundation.
• A credit card is different from a debit card because you borrow against your balance and have to repay it vs. a debit card which deducts from the cash you have in your account. You want to practice spending using both and experience how they impact your finances.

Other Financial Products and Services for Students

• Visa Rewards Credit Card - At age 16, Volt members can qualify for a Visa Rewards Card! This card will have a sensible credit limit and a low-interest rate and will let you start building up rewards points that never expire, but just so your parents aren't worried about it, we do require a co-signer until age 18.

• Volt Checking Account - For the Volt Spending Account for members age 19-24, we've seriously reduced fees. We get sometimes things happen and we’re here to protect you from expensive fees while reminding you that it does pay to keep track of your account.

  For instance:

  • Overdraft Transfer Fee - $2 (instead of $5)
  • Out of Network ATM Fee - $1 (instead of $2)
  • Courtesy Coverage Fee - $15 (instead of $35)
• Financial Counseling -  Our partners at GreenPath Financial Wellness offer free coaching to members of Arbor Financial. Whether you need help with creating a budget or preparing for life after college, these pros can put you on the winning path.

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Student Financial Resources

• Preparing to Pay for Higher Education Blog
• 8 Tips to Winning College Scholarships Blog
• Savings Goals Calculator
• College Savings Calculator
• Member Discounts

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Student Spending & Savings Account Frequently Asked Questions

How do student savings accounts work?

Student savings accounts allow college students to build their savings while earning interest on the balance. You can make deposits manually or set up automatic deposits and withdraw funds to manage your financial needs.

Should I open a savings account as a student?

Yes, savings is a valuable and necessary financial skill that should be practiced in high school, while in college and beyond. Since many college students are already on a tight budget, having a small emergency fund to handle unexpected expenses that pop up can keep you from calling your parents for the money or seeking out a credit card or payday loan to cover the costs.

What makes a college student savings account different?

College student savings accounts are different because they tend to be more flexible to fit college students' lives. This means potentially coming with extra benefits, such as having no minimum balance requirements and no monthly fees.

Are student savings accounts worth it?

Yes.  Student savings accounts are a great way to build an emergency fund, safely store extra cash, and practice good financial habits while in college.