Student bank accounts: what to look for

Make a well-informed decision when choosing the best student bank account by knowing exactly the features and benefits you need.

12:54 13 May 2013

Several banks are offering special accounts for students. Although students do not usually bring a lot of money to these institutions, banks are hoping that after they graduate and make good money, they’ll be loyal to the first bank they’ve used.

As a student, you need to take time when choosing the best student bank account for you. There are certain features and benefits that you need to look for in order to ensure that you’re getting the best deal.

Overdraft facility. One of the most important things that you need to look for is a good interest-free overdraft facility. As a student who is more likely not to make a lot of money while you’re still in school, you are more likely to need money from time to time. Having a bank account that does not charge overdraft fee will surely become a huge help.

Interest rate. If you need a bank account where you can put your money, you need to find a student bank account that offer the highest interest rate so you can earn extra pounds every year.

Freebies. A lot of banks are offering different freebies in order to entice more students to sign up. While others offer travel discount cards and coupons, others offer exciting free items.