Important facts on student savings account

Thinking about getting a student savings account? Then, read this article first so you’ll make well-informed decision.

08:56 10 May 2013

Choosing the best student savings account could be one of the biggest decisions you’ll ever make when you start going to a university or college. Below are some important facts that you must consider in order to make a sound decision.

• Look for the best 0per cent overdraft deal. As a student, you’ll be eligible to 0per cent overdraft. This means that you’ll be able to borrow money from your bank without paying interest while you’re still studying. Look for a student savings account that offers the biggest 0per cent overdraft.

 

• Stay within your overdraft limit. Be very careful when borrowing money from your bank. Although you will not be charged any interest for your overdraft, you’ll incur ridiculous fees if you exceed your limit. The charges and interest fee can be enormous.

 

• You’ll be credit scored. As a standard policy, anyone who apply for a debt product will be credit scored by the lender. This score is being considered by other lenders when they’re deciding if you’re a desirable customer. So, ensure that you properly handle your finances. Again, stay within your overdraft limit and ensure that you’ll be able to pay off all your debt in full after your graduate.