What should I look for in a student bank account?
When you’re a student, fresh or mature, money can be tight but the good news is that banks are falling over themselves to give you a good deal. Student bank accounts differ from standard current accounts in that they offer interest free overdrafts. If this is something you need (and you’re likely too!) look for an account that offers you the biggest overdraft for the longest period of time.
Just don’t get carried away – interest free is not the same as ‘free’, you’ll be expected to pay the money back at some point, often when you graduate. And if you flout your overdraft and live well beyond your means, your bank can charge fines or withdraw your overdraft at any time and demand you repay everything at once.
Banks will also tempt you with lots of lovely freebies such as railcards or vouchers. Don’t let these sway you unless the offer will make a big difference to you – such as a four year student rail card.
You shouldn’t just choose the bank near your halls of residence either, after all we’re in the
21st century and in most cases you’ll be able to manage your account online (unless you’ve found the only branch of Ye Olde Worlde Banke).