How To Choose A Student Current Account

When you’re getting set to start university the last thing that you want to be messing about with is your bank account. That said, if you take just a few hours out of your day to look at the different student bank account options that you have, you could well end up saving yourself hundreds of pounds throughout your university life. Student bank accounts come with many merits, here are just a few:

Interest free overdrafts. There’s no other time in life that you’re likely to have banks offering you an interest free overdraft, so make sure you take them up on the offer. Although you’ll probably get grants and loans during your university life, you may find yourself a little hard up at times due to unforeseen expenses. An overdraft is a kind of safety net that you can employ. Just because you have one doesn’t mean you have to use it remember. A lot of the main banks operate a tiered system where they raise your limit each year during your studies.
Credit card deals. Whilst it’s advised that students stay well clear of credit cards, if you are adamant that you want one, you’ll find some student accounts come with them – and they’re a really good deal. The most common offer you’ll find on a student credit card is often just interest free purchases for X number of days (providing you pay off the balance within the timeframe).
Other perks like mobile insurance. Student accounts are known for the extra bonuses that are sometimes bundled with them. Due to the competitiveness of the student bank account market, banks try to catch your attention by offering fantastic extras. You’ll see everything from rail cards to webcams being offered as bonuses – so keep an eye out to see what’s on offer. One of the best perks you can hope for is mobile phone insurance, which can certainly come in handy for students.

Remember that you’ll need to put in a bit of time to see what account is the best for you. Don’t assume that your bank will contact you to upgrade your account for you, because they won’t. You could end up paying overdraft fees that you really don’t need to – so make sure you’re proactive in searching for a student account. Also don’t forget that the bank you’re with at present may not offer the best deal, so don’t be afraid to move in order to get a better offer.

When it comes to overdrafts and credit cards you must learn to resist the temptation to max out your limits on a shopping trip. For many university will be the first experience of budgeting on a daily basis – so make the most of it and stick to your budget. Don’t go racking up huge debts you’ll never be able to repay – and don’t forget you’ll have a student loan to pay back as well as anything you owe your bank too! Being prudent and watching your pennies is essential whilst a student.

This guest blog was provided by the good folks over at