Student Bank Account
At college or university and need a student bank account? the following below offer you the facilities you need when it comes to banking, ranging from interest free overdrafts, cash card and discounts on the things that you really need to save money on..
Compare all Student Bank Accounts
Basically what students look for are:
• Online access
• Free cash machine withdrawals
Student bank accounts with overdrafts:
• Never go beyond the 0% overdraft limit, even if banks allow it. This is because, over the limit, the interest rate skyrockets
• Never borrow more than you need. Remember you will be clearing these dues when you graduate
• An overdraft is not part of your income. Your income is: loan+grants+money from family+employment earnings. Do not spend more than this
• Some banks might credit score you, to see how desirable you are as a customer. Make sure you find out about this before deciding on the bank
Here are some facts to compare bank accounts for students :
• The Co-operative Bank – If you deposit GBP 300 when you open your account, you can get an overdraft of GBP 1,400, 0% overdraft, if you are accepted. In the 2 nd year, you can get an overdraft of GBP 1,700, and GBP 2,000 in your 3 rd year, provided you have been in credit. Phone banking and Internet banking are possible, and your credit card limit is negotiable.
• Halifax and Bank of Scotland advertize very high interest-free overdrafts, but they have ‘up to' limits, so there is no guarantee that you will get them. In both cases phone and internet banking are possible, and credit card limit is negotiable.
• NatWest and Royal Bank of Scotland give you a free 16-25 Railcard, which cuts many U.K. rail fares by a third. Of course it also depends on where you are studying. Overdraft limits are not very high, neither are they guaranteed, so you might not get the full amount. The limits are tiered in the 1 st year: GBP 500 in term 1, GBP 750 in term 2, and GBP 1000 in term 3. In the 2 nd year, the limit goes up to GBP 1,250 and in the 3 rd year, the limit is GBP 1.500. While Internet and phone banking are free, there may be conditions on the credit card limit.
You could also compare bank accounts for students in Santander, Barclays, HSBC, Lloyds TSB, and Smile.
When you compare bank accounts for students , remember that this is an exercise that should be done every year, because every year there are revisions, and consequently more incentives and better deals on the accounts. It is also important to read the fine print.