Your guide to student savings accounts

Read on and figure out how you can easily get the best student savings account.

11:18 15 May 2013

As a university or college student, one of the most important decisions that you’ll initially make is choosing the best student savings account. If you make the right choice, you could enjoy endless benefits; like interest-free overdrafts, freebies, best interest rates, etc.

Here’s how you can choose the best student savings account:

• Services offered. The first thing that you need to do is to check the various services that each bank offers. By doing so, you’ll know the best deal available to you.

You would want to consider the overdraft limit, interest rates, and freebies among others. Take the time to read and understand fine prints as brochures can sometimes be misleading.

• Bank fees. You would want to know the applicable fees and charges in using a student bank account for very obvious reasons.

Know how much you’ll be charged if you drop below the minimum deposit, if you exceed your overdraft limit, etc. By doing so, you can effectively avoid unpleasant surprises.

• Depositor’s insurance. Right now, more than ever, making sure that your savings is ensured is extremely important. This will give you peace of mind knowing that should the bank goes bankrupt, you will still get your money.