Consumer Reports: Options for students managing money

Consumer Reports: Options for students managing money

Your kid is at college and you've dealt with all the big money issues, like tuition.

Did you figure out how your young scholar will pay for everyday expenses?

Your child can open a checking account alone or you can have a joint account that lets you monitor spending.

Many banks and credit unions offer "student" accounts with lower minimum balance requirements.

Chris Fichera with Consumer Reports says you should be able to find a free checking account.

"Look for one with no monthly maintenance fees and hopefully one that has ATMs that are close to campus so that they won't be hit with any charges when they withdraw money," Fichera says.

That checking account will most likely come with a debit card, but what about a credit card?

Does your child understand how a credit card works? Are they responsible enough to use it without running up a tab they can't pay?

Some issuers offer student credit cards with a low credit limit.

Maybe a prepaid debit card is a better choice. It limits spending, but there can be steep fees. Be sure to check before you buy one.

More Info from Consumer Reports: How to Handle a College Students Money Needs