Student banking; we do that
Written by: Andrea Zapf | Financial Advisor | Ailsa Craig Branch
Whether you are just finishing high school, deciding to finally go back to school after an extended break, or maybe you are looking for a much-needed career change, Mainstreet has you covered. We offer a wide range of student services to help- from daily banking, student line of credit, and low-fee credit cards.
Did you know that if you are under the age of 26, you qualify for a choice between two different entirely free Mainstreet personal chequing accounts. Whether you primarily bank online or prefer to come see us in-person, we have accounts that would work best for whatever type of banking you prefer.
A student line of credit is a great way to be able to pay for tuition, books, or just regular living expenses. Mainstreet can loan up to $10,000 per year, up to a maximum of $40,000. With this line of credit, you only need to pay the interest while you are enrolled in school.
Once you are finished your schooling, you get 12 months of interest only payments to allow for you to get out into the workforce and establish yourself. After a year, your line of credit is converted to a loan. You can take up to 10 years to pay it off, or pay it off early with no penalty.
Mainstreet also offers low interest, no annual fee, credit cards. It’s very important to understand credit, especially when you are first venturing out on your own. By establishing good credit, you can set yourself up for your future. Having good credit will help if you are ever looking to buy a car or purchase a home. An easy way to establish credit is to use a credit card to make everyday purchases, groceries, gas, etc. and then pay it off every month when it’s due, or before the monthly deadline. By having a low-interest credit card, should you be unable to pay off the card in full each month, you won’t be paying so much in interest charges.
Mainstreet is a huge believer in supporting communities and investing in higher education. Right now, Mainstreet is offering an opportunity to win a $3000 scholarship
(applications for 2021 are due by July 31, 2021), as well as additional giveaways.
As you can see, Mainstreet has a lot to offer students! Going to school can be daunting, so let us help you make it easier. Visit our Student Resources page to learn more. If you are wanting to speak with an advisor about student banking, book a meeting today!