HOW TO… CHOOSE A STUDENT BANK ACCOUNT
MAKE SURE THE BENEFITS ALL ADD UP
You’ve heard it all before: university is some of the best years of your life. And for once, the banks are playing ball. Their generous offering of a special bank account often comes with perks, but with so many enticing offers it can be bewildering when trying to make the right choice.
THE BANKS WANT YOU
Most people stick with one bank all their life. But, in the words of a certain dating show host — the power is in your hands! There’s no need for loyalty. Play the game.
BEWARE THE FREEBIES
There’s rarely such a thing as a free lunch. Bank freebies are the carrot to get you through the doors. Generally speaking, they aren’t worth bothering with as you’ll probably lose out on longer-term perks.
GO FOR THE LARGEST OVERDRAFT
The most notable benefit of a student account is getting your mitts on a 0% interest overdraft. Even the student loans company charges interest these days!
GRAB A MAGNIFYING GLASS
For the small print. Be wary of the phrase ‘up to’ and make sure which banks are offering guaranteed overdrafts. Just because a bank has the highest overdraft doesn’t mean you’ll get that amount.
BEWARE BANK CHARGES
Many students get stung by bank charges. Going over your agreed overdraft is the most common and can cost as much as £12 plus interest.
REMEMBER, YOU HAVE TO PAY IT ALL BACK
You won’t be a student forever! Just think of the overdraft as a safety net only