<p>DD had a savings/debit account in CA where she had accrued money from working prior to starting college.<br>
We set up three accounts -
1- a savings and a checking in our daughter’s and my name in the Boston branch of B of A
2 -A credit card in all three of our names
3 -A separate checking account for college funds (e.g. tuition, etc). </p>
<p>We have auto deposit set up to move funds monthly - 1/2 to her savings and 1/2 to her checking. She has a low balance threshold set up on her checking where she gets a message when it dips below $150. She knows that anything below $150 she has to pay back at year end - this avoids overdraft fees. By transferring 1/2 the money to her savings account, she has saved significant funds for fun trips (e.g. to NYC). Although she could transfer funds between accounts with her cell, I don’t think she bothers. We all need deterrants! </p>
<p>If you elect to set up a checking/savings, make sure you do it in their college town. There was a huge line at orientation, so try to do it at another time if possible. </p>
<p>The credit card is a mileage account, which she uses for all her flights and we use for every expense - that way she always has points to come home!</p>