Have you already opened a student bank account? If not, look around at what best suits your needs!
Some banks will offer students incentives (also known as freebies) for opening an account, such as 0% interest overdrafts, gift vouchers, rail-cards or cash-back. However, don’t jump at the first offer, it is always worth considering:
- What kind of freebie would help you the most?
- Is the freebie really needed? Does it outweigh any other offer with 0% interest overdraft, or does it include the 0% interest overdraft?
The decision is ultimately yours, but we recommend that you shop around to find the best option for you.
Generally, it would always be wise to go with a 0% interest overdraft, as you will more than likely need an overdraft at some point. If you have 0% interest, you know exactly what you are overdrawn by, as you will have the reassurance that there is no interest being added.
Some banks that offer the 0% interest overdraft will have conditions, theses would normally be that a fixed amount will need to be paid into the account on a termly basis to continue to take advantage of the 0% interest overdraft. Make sure that you are fully aware of any conditions before opening a student bank account.
CLICK HERE for a handy comparison of the main student bank accounts, and their freebies, from the Money Saving Expert.
Want to learn how to budget and don’t know where to start? You can book an appointment with our in-house Money Doctor to create a personalised budget and learn how to manage your money more effectively. To book an appointment simply contact the Advice and Support Centre via e-mailing firstname.lastname@example.org or calling 01707 285022.