If your student is over the age of 18, you have two options when opening their account. Your student can manage the account on their own, or you be be an owner on the account with them. Here are the advantages and disadvantages of each.
Your student is the sole owner on their account.
- Having their own account could help them to take responsibility for managing their money. It can be a great way to establish independence.
- It shows a level of confidence and trust and may pave the way for them to come to you for advice.
You and your student are co-owners of the account.
- You will have all of the same access to the account as your student including Online and Mobile banking.
- You will be able to make deposits and transfer money into the account from your other UBT accounts or link up accounts outside of UBT using Account-to-Account Transfer.
- You can choose to receive message or email alerts for things like low balance on the account.
- You will also be liable if the account is overdrawn.