Although it is not as important as selecting a university or college, choosing a student bank account can be crucial. Making the right choice can save you a lot of money over the years, as well as make your banking experience a lot easier. When you are going to school you already have enough to worry about so why make going to the bank harder than it has to be?
Student Bank Accounts
Why should you choose a bank account specifically designed for students rather than a regular account? There are many advantages, as these accounts have been crafted to make the financial side of going to school easier for students just like you. They will often offer special incentives, features, and benefits for students. They also might include free gifts, special discounts and student financial advisors.
How to Choose the Right One
When you are choosing a student bank account, what are the things that you should consider?
- How do you use your bank account?
What are the most common banking transactions that you perform each day? If you use your debit card to make purchases, try to find an account that will not charge you each time you use it. If you are using your bank account to save money, look for a bank that will offer you a no-fee savings account with a high interest rate.
- What special perks does the bank offer?
Many banks will offer sweet incentives such as cinema vouchers, free products, or cash for opening a student bank account with them. Don’t let these freebies sway you into getting a bank account which is not suited to your needs, but if you find one that works for you these little extras can be a great bonus.
- Will you need to borrow money?
Sometimes you will need a little extra to help you get by in addition to your student loans. In this case, it is a good idea to consider the overdraft when choosing your bank account. How much of an overdraft will you get, and will it be interest free?
- Does the bank account change when you graduate?
Ask about what will happen to your account when you finish college. Sometimes, you will have student account with a no interest overdraft but as soon as you graduate you will be required to pay it off with interest. You can also ask if there are other perks or special services that you will receive when you are a graduate. If your bank account suits you well as a student but doesn’t fit after you graduate, you can always switch later on.
- How convenient is it?
Is the bank located near to your campus, and do the hours fit well with your class schedule? Do they offer internet and telephone banking? The perfect bank account is no good if it is a pain to reach your bank and perform any transactions!
When you consider all of these factors, you will be able to choose a student current account that suits your needs and that will serve you well during your time at college or university.
Simon Grant is a writer and blogger who contributes to food blog Amateur Gastronomy.
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