Student Account

It’s well documented that the life of a twenty first century student can become a draining financial affair. With top-up fees and crippling student debt in the public eye, it can be hard to work out; just what exactly is the best option for a student during those university years?

Banks have been offering student accounts for a while now, and they come with several perks designed to attract the highly lucrative 18-21 market. Some of these perks are unspeakably evil and cruelly catered for the gullible bunch. Others can be of genuine assistance.

Students are likely to face financial difficulty as they step out in to the big wide world, and student bank accounts are designed with this in mind. They come with interest-free overdrafts for the peace of mind. If you’re studying and you find yourself with more outgoings than you have coming in, the overdraft will help to pay off any extra bills or piled expenses.

The fact that the overdrafts are interest-free make them a good choice for students, and it’s a nice gesture on the part of the bank to waive such a money-making foundation.

If you find yourself in a whole heap of bother, you can borrow additional money with a student account. It won’t be interest-free, but you can expect low rates which the rest of the adult world can only dream of.

In terms of accessing your account, you shouldn’t have too many problems. Most student banks come with a debit card of some sorts. This will enable you to make payments in stores and draw money out through an ATM. Don’t get confused though. Some banks will very sneakily offer an additional credit card plan in the hopes that greed might get the better of you. Don’t take money that you don’t need.

In order to open a student account, you’ll need to be over the age of 18 and in higher education. This usually means a university course. The account will serve you until you graduate, and even then, some banks will offer a post-graduation service which lasts for an additional year or two.

Make sure that you choose a service which you’re going to be able to access on campus. There’s no good in a student bank account where your money is stored on the other side of town. Many banks will register your details in advance and find the nearest branch, but as you’d expect, they’re not likely to tell you if there’s a rival bank closer to home!

So what are those dastardly peaks to watch out for? Most obviously, we’re talking about incentives. The 18-21 market is so lucrative for banks that they’ll do almost anything to attract new customers. Don’t be fooled by freebie offers. Some will wave free CDs and store vouchers in your face, but ask yourself how valuable they really are as opposed to, say, lower interest-rates on the overdraft?

Student accounts can be of great benefit to those enjoying the university years. But be careful what you sign up to, you’re seen as money-on-legs by the banks!