Online Banking Access
  Personal eCorp Enroll
User ID:
Application Center
We're centered around life stages
Life Stages

Student: Teen & College Aged

Learn to manage money and prepare for the cost of higher education


You may still rely on financial help from your parents or other family members, but it’s not too early to start cultivating sound money-management habits.  Many financially sound adults accomplished their goals through careful financial planning that began when they were students. 


How can you start on the path to sound money management?


  • Become a “Star Saver” –  Learning to save money in your teens and college years is an excellent habit that will train you to be a good money manager for the rest of your life.  Set goals for your money and start saving NOW.  If you have no immediate goals, your goal can be to have a “money cushion” for when that important need for cash occurs.

    Raccoon Valley Bank offers saving accounts specifically designed for students:
  • Start a Checking Account – A checking account provides a means to learn how to responsibly handle cash, make smart financial decisions and keep track of your spending records.  Whether you use a debit card or paper checks, your checking account can help you manage your budget, including paying your bills on time and balancing your checkbook.  With these good habits, you can start building a good credit reputation NOW.
  • Plan in Advance for College  –  It’s never too early for pre-college students and their families to identify and earmark the financial resources they have available to fund a college education—whether from savings, loans, grants, scholarships or work income.
    Here are some sources to help you and your parents plan how you will finance a higher education:
    • College Savings Plans - Raccoon Valley Bank recommends several options to help you fund the cost of a higher education. It’s OK to start small, but start now with a college savings plan that both you and your parents can contribute to:
      • Coverdell Education Savings Account  –  A tax advantage way to save for college. Offers tax free earnings growth and tax free withdrawals for educational expenses. Open one at Raccoon Valley Bank today.
      • US Government EE and I Savings Bonds –  EE and I Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events. These are available through Raccoon Valley Bank and also may be purchased online. 
    • Federal Financial Aid for Higher Education (FAFSA)  –  All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and deadlines which can be found at  Applications for federal student aid may also be available from your high school counselors, public library or college financial aid office.


For help determining the best practices and products for sound and productive money management during your Student Life Stage, please contact us at 515-465-3521 or


When you are 18, you may open a savings account on your own.  Younger students may open checking accounts with a qualified co-applicant.

Making Life Easier with FREE:


Get started today!

Tips for Effective Financial Management

  • Set a savings goal and keep track of your progress.
  • If you have a job, don’t spend everything you make.
  • Record ALL your transactions daily for your checking and savings accounts, whether they are made with debit or credit cards or paper checks and deposit slips.
  • Know your account details such as overdraft charges, interest rates,
    withdrawal restrictions, minimum balances, etc. 

Doubling Your Money

When it comes to finances, it’s usually safe to say that the longer you invest your money, the more you’ll have.  You can figure out how long it will take to double your money with the “Rule of 72,” by dividing your interest rate into 72.


EXAMPLE:  Savings interest rate =  3% ~ 72 ÷ 3 = 24 ~ Money in a savings account earning 3% interest takes 24 years to double.

Raccoon Valley Bank