Questions about student bank accounts

Got questions about student bank accounts? Then, read on and find the answers here.

11:17 11 May 2013

Are you considering getting a student bank account but have questions in mind? Then, this information is for you. Read on and get the answers you need.

Question: Why should I get a student bank account?

Answer: The main reason why you should take advantage of student bank account is interest-free overdraft. This means that you can actually borrow money from your bank without paying the interest fee until you graduate.

You can definitely use the money to make a profit or utilize it for personal use. Just make sure that you can afford to pay it all off before you graduate to avoid interest fees.

Question: Am I eligible?

Answer: The answer is yes if you’re a full-time student in any university in the UK. While some banks only give this account to over 18, others will accept 17 years old applicants.

Question: What are the things I need to consider when choosing the best student bank account?

Answer: These are as follows;

• In-credit interest rate. You would want to get the student bank account that offer highest interest rate for obvious reasons.
• Overdraft limits and charges.
• Location
• Whether they provide internet banking
• And the freebies that they offer