Four accounts to open after college

CampusCrowd
Mon, 14 Apr 2025 16:20:36 +0000
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Graduation signals new beginnings. After you collect your diploma, you might be moving to a different location, entering a graduate program or starting a new job. Even if you haven’t finalized your post-graduation plans yet, you’re closing a major life chapter.

During this next stage of your journey, it’s also time for a fresh financial start. Your student accounts might not be the right fit anymore for your new financial needs, wants and wishes, and you might want to start adding investments to the mix.

If you’re ready to graduate to new financial responsibilities, here are four types of accounts to consider.

Checking account
You might have opened your first checking account in college and used a student-focused account with low or no fees, and other benefits for those new to banking. Depending on your bank, your student account could convert automatically to a basic checking account once you graduate or reach a certain age.

If you’ve never had a checking account or want to switch to a non-student account, look for features that would appeal to many younger adults, like ATM reimbursements or low fees for non-network transactions. Accounts without monthly fees can be helpful if you’re worried about maintaining a minimum balance or having a regular direct deposit to avoid fees – common scenarios if you don’t have a full-time job yet or have gig jobs that don’t offer a regular paycheck.

Savings account
It’s never too early to build good budgeting habits, and putting money in a savings account on a regular basis is the simplest way to start. As with your checking account, look for a savings account with low or no fees to keep costs down – you don’t want to hamper your savings goals by losing your money to monthly fees.

A savings account connected to your checking account can make it easier to save as well, as you can set up transfers to move your money automatically at regular intervals. You can also look for high-yield savings accounts, money market accounts or CDs, which will offer higher interest rates than a basic savings account. In the case of a CD, keep in mind that there may be penalties for withdrawing money before a specific date.

Credit card
Many students take advantage of the numerous credit card offers that abound on college campus to get their first card. If you’ve made your monthly payments on time and used your card responsibly, your credit limit might have risen and you might not need to get an additional card after graduation.

If you are in the market for a new card, look for ones with benefits like cash back, airline miles or points for your routine purchases. You might qualify for cards with a lower interest rate as well if you have a good credit history.

Even if you’re ready for a new credit card, don’t be so quick to close your student card. The length of time you’ve had an account open plays a significant role in your credit score, and you want those years to count.

Retirement accounts
It can be difficult to think about planning for your 60s when you’re in your early 20s, but this is likely a good time to begin saving for your future.

If your job offers an employer-sponsored retirement plan, consider enrolling and contributing money from each paycheck. Your employer might match up to a certain percentage of your contribution, giving you money to put toward retirement. Even if you change jobs, you can likely rollover the money you’ve saved into another retirement account with your new employer or into a retirement account you open on your own separate from your employer.

The bottom line
As you plan for life after college, think about what’s important for your financial future so you can spend, save and live according to your values, and have the right accounts to help achieve your short and long-term financial goals.