Can I still have a student account if I’m a mature student?
Yes, you can. It doesn’t matter how old you are, you can have a student account if you’re taking a qualifying higher education course (it’s best to check that yours is included by the bank as some university courses don’t qualify).
The even better news is that there’s big competition between banks to snare you whilst you’re a student. If they get you now, chances are you’ll end up sticking with them for years to come, so you’ll be inundated with offers of free stuff or vouchers.
But just make sure you choose your student account carefully. The one unique point about student bank accounts is the interest free overdraft on offer. Having an overdraft means you can spend more money than you have in your account, up to an agreed amount, without charge. But remember, this is only supposed to help you out in a tight spot so it’s a good idea not to abuse this and you’ll always need to pay it back at some point. However, if the freebie on offer outweighs any benefits of having a large overdraft for you, then go for it.
You’ll also need to be mindful of the wording on overdraft limits, some banks will give you a ‘guaranteed’ amount and others will be ‘up to’. In most cases, banks will also increase your level of interest free overdraft for each year that you remain in higher education – which might come in handy if you move into private rented accommodation or need to fund a work placement.