Getting a student bank account is a very good idea for numerous reasons. Banks will often target students, with the belief that they can secure their life-long membership by securing a student’s bank account. There are numerous benefits offered with each account, but these differ from bank-to-bank, and it is therefore advised to choose a bank that will suit your individual needs. In this article, we take a look at the different accounts available, which can help you make an informed decision.
First of all, there are some general traps to avoid. The first temptation might be to choose the bank account which offers the best overdraft facility. Having a smaller overdraft will improve your discipline – having a huge overdraft can lead to you becoming lax about your finances. Suddenly when your studies finish – you will be in a poor situation. Moreover, don’t be taken aback by the offer of freebies or cashback rewards – while good in the short-term, in the long-run it probably won’t be worthwhile. However, it should be noted that an interest free overdraft is unique to student accounts – and therefore could be taken advantage of. Be sure to look into the repayment agreement of an overdraft and be well aware for what you are signing up for.
Opening an Account
For UK students, this process should be quite simple. Some sort of identification is necessary, while evidence of your student status – such as an acceptance letter from your institution too will help. While you can apply for a student bank account online, you will still need to utilise your local branch at some point in the process. Up next, we review some of the most popular student bank accounts, which should help you to make an informed decision.
Student Bank Accounts:
This article was written in 2017, and is therefore outdated. For your convenience, we have supplied some articles which are more up to date, below:
There are many different bank accounts to consider. There are some very good benefits available, it is just all about choosing an account which fits you well. In any case, if after your studies you want to change your account – it is easy to do so. So don’t think of this as a life-altering decision, it can be reversed.
ALSO IN THIS SECTION: