Student bank accounts
Opening a student bank account is simple. It is just a matter of choosing the one that reaps the most benefits.
Students choose them by:
· The biggest overdraft
With a £ 2,750 overdraft limit per year for up to five years, The Halifax triumphs.
And with an interest-free overdraft of up to £2,000, Natwest declares it a student account that takes 'takes you - and your money - seriously'.
My advice: Watch your back- you don't get something for nothing.
Interest-free overdrafts and 'freebies' such as credit cards with excessive credit limits, provide a soggy plunge into life as a graduate, with an irreparable hole in your pocket.
· Freebies
Often those banks that can offer the best irrelevant-to-your-money-incentive, win, and you are left deciding whether you'd prefer a free popcorn maker, a rail card or an Mp3 player.
Remember: they are sometimes more hassle than they are worth.
You can buy a railcard for under £25 for a year, and this avoids the stress it causes when they inevitably send your rail card to the wrong address.
Or as happened to my flatmate, your first name and surname appear the wrong way round.
Is their "brilliant" choice of coloured student credit cards enough to entice you?Miriam Reissner
You may open an account with the Halifax in the hope of meeting that singing man off the Telly, but post-burst bubble, is their "brilliant" choice of coloured student credit cards enough to entice you?
'Brilliant black', 'Passionate Pink', 'Radiant Red' or 'Winning White', anyone?
· Location
Many banks with student account have branches near Universities and some like Natwest, even on University campuses.
It also might be useful to choose one that is locatable to you at home, if you are studying away at university.
That way if you have any problems during the holidays you can sort them easily.
However, it is increasingly easy to gain access to your money through minimal face-to-face contact.
If you are fleeing your hometown, set it up before you leave your home branch because the alternative is an extremely long queue when you have better things to do.
And when they say it takes about 5-7 workings days to process your account, it really means 10 at a push.
When choosing your student bank account, remember to ask yourself, what's in it for you and what's in it for them.
Be aware of the temptations, not blinded.
View student account details on individual banks, such as:
