Beware the gift that’ll eventually stop giving
If someone offered you a bag of your favourite sweets in exchange for a lift into town for the next three years you might take them up on it because you just can’t resist a peanut M&M. But after a while you might start to think you’ve got the raw end of the deal, especially when others around you might have an endless bag of sweets with countless peanut M&Ms in return for doing very little. So when a bank offers you freebies and rewards, think about what you’re actually getting out of it in the long run.
Some banks will offer you vouchers which might sound great but perhaps it’s because the main event (your interest free overdraft) isn’t that much of a big deal. On the other hand, if the freebie being offered will make a huge difference to you – such as a student railcard, then go for it.
Location, location, relocation?
Don’t get sucked into thinking that you have to bank with someone local, it might be easier to plump for one that’s round the corner but bear in mind that they might not be offering the best student account package.
When you set up your account you’ll probably need to do that in-branch but you’ll be able to make cash withdrawals at pretty much any cash machine and you can manage your account online. You may occasionally need to pay in a cheque – but seriously, cheques are so 20th century.
‘A’ for effort
Nobody wants to be the dunce in the corner so tell us a bit about you and your financial situation and start comparing the best student bank accounts on offer and be top of the class.